Tag: FSC

South Korea’s Financial Services Commission (FSC) is preparing to announce its decision on potential sanctions against Upbit, the country’s largest cryptocurrency exchange, following extensive customer identity verification regulations violations. According to The Korea Times, an investigation into Upbit’s business license renewal uncovered over 700,000 instances of non-compliance with key anti-money ...

South Korea’s Financial Services Commission (FSC) has announced a significant policy shift, allowing institutions to sell digital asset donations and expanding banking services for cryptocurrency firms. Under the new regulations, charities and universities will be permitted to sell their crypto donations starting in the second half of 2025. This marks ...

Taiwan’s Financial Supervisory Commission (FSC) is set to unveil a draft law in June 2025 that will allow local banks to issue stablecoins pegged to the New Taiwan Dollar (TWD). The proposal is part of a broader framework aimed at regulating virtual asset service providers (VASPs), according to a report ...

South Korea’s Financial Services Commission (FSC) is taking a cautious stance on digital assets amid growing calls to establish a national Bitcoin reserve.  Speaking to Newsprime on November 24, FSC Chairman Kim Byung-hwan described the idea of a Bitcoin reserve as “a distant story at the moment.” Kim acknowledged the ...

Taiwan's Financial Supervisory Commission (FSC) has approved professional investors to utilize local brokers to access foreign crypto exchange-traded funds, according to a press release on September 30, 2024. The latest policy revision allows professional investors to invest in foreign virtual asset ETFs by delegating their investment decisions or management to ...

The Financial Services Commission (FSC) of South Korea has announced the establishment of a new nonprofit organization designed to safeguard virtual assets in case a cryptocurrency exchange goes out of business.  The organization, tentatively called the Digital Asset Protection Foundation, will be tasked with securing the return of virtual assets ...

South Korea is set to introduce a supervisory fee for cryptocurrency operators, calculated based on their operating revenue.  The Financial Services Commission (FSC) of South Korea has implemented the 'Virtual Asset User Protection Act' as of July 19. The act mandates that local crypto exchanges pay a regulatory fee of ...

Binance is currently facing challenges in its business endeavours in South Korea due to legal issues with financial regulators in the United States. The U.S. SEC recently filed a lawsuit against Binance; it accused the crypto exchange of commingling user funds and violating multiple securities regulations. The regulator brought 13 ...