South Korea tightens crypto regulations: Fiu introduces sanction procedures against unenclourned stock exchanges and starts pilot project for digital central bank currency

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Südkorea verstärkt Regulierung im Krypto-Sektor: Finanzaufsicht FIU und die Einführung einer digitalen Zentralbankwährung Die koreanische Finanzaufsichtsbehörde, die Financial Intelligence Unit (FIU), hat ein Sanktionsverfahren gegen unregistrierte ausländische Kryptobörsen eingeleitet. Zu den betroffenen Plattformen gehören prominente Börsen wie BitMEX, KuCoin, CoinW, Bitunix und KCEX. Diese Börsen sollen in Südkorea ohne die erforderliche Genehmigung operiert haben, was nun Konsequenzen nach sich ziehen könnte. Die FIU hat in dieser Angelegenheit nicht nur Verwarnungen ausgesprochen, sondern plant auch empfindliche Strafen, die bis zur vollständigen Sperrung der Zugänge zu den Webseiten dieser Exchanges führen können. Dies würde de facto einem Betriebsverbot gleichkommen. Ein zentrales Ziel …
South Korea increases regulation in the crypto sector: Financial supervision FIU and the introduction of a digital central bank currency The Korean financial supervisory authority, the Financial Intelligence Unit (FIU), has initiated a sanction procedure against unregistered foreign crypto exchange. The affected platforms include prominent exchanges such as Bitmex, Kucoin, Coinw, Bitunix and KCEX. These stock exchanges are said to have operated in South Korea without the necessary approval, which could now lead to consequences. The FIU not only pronounced warnings in this matter, but also plans sensitive punishments that can lead to the websites of these Exchang until the access is completely blocked. This would de facto a ban on operating. A central goal ... (Symbolbild/KNAT)

South Korea increases regulation in the crypto sector: Financial supervision FIU and the introduction of a digital central bank currency

The Korean financial supervisory authority, the Financial Intelligence Unit (FIU), has initiated a sanction procedure against unregistered foreign crypto bears. The affected platforms include prominent exchanges such as Bitmex, Kucoin, Coinw, Bitunix and KCEX. These stock exchanges are said to have operated in South Korea without the necessary approval, which could now lead to consequences. The FIU not only pronounced warnings in this matter, but also plans sensitive punishments that can lead to the websites of these Exchang until the access is completely blocked. This would de facto a ban on operating.

A central goal of the FIU is the protection of Korean citizens from companies that cannot have a legal operating license and therefore do not guarantee investor protection. To implement these measures, the FIU will work with the Korea Communications Standards Commission, which acts as a digital security authority.

pilot project for digital central bank currency (CBDC)

in parallel to these regulatory measures, South Korea plans to start a pilot program for a digital central bank currency (CBDC) in April. As part of this financial experiment, around 100,000 participants will have the opportunity to shop in selected shops, convert their bank credit into digital tokens and test a real-time payment system. With this initiative, South Korea wants to increase its competitiveness in the global market for digital currencies so as not to fall behind.

ambivalent attitude towards Bitcoin

Despite this progress, not every kind of cryptocurrency in South Korea has come to love. The Bank of Korea classified Bitcoin as unpredictable and explained on March 17 that the cryptocurrency was not suitable for admission to the country's foreign exchange reserves. The strong volatility of the Bitcoin course in particular is considered an essential obstacle. Interestingly, just two weeks earlier, some officials and financial experts took an opposite view by advising the government to include Bitcoin in the national reserve and to consider the development of a stable coin covered by the Won. The overarching goal here is to strengthen South Korea's negotiating position in the increasingly competitive digital economy.

The current debates about dealing with cryptocurrencies in South Korea are complex and reflect different opinions. While some actors advocate a stronger integration of digital currencies, others see the need for stricter regulations to protect consumers.

conclusion: balance between regulation and innovation

The situation illustrates the complex attitude of South Korea compared to the crypto world. The government pursues the goal of protecting its citizens from potential fraud and risky offers, but at the same time is aware of the disruptive power of technology, which the financial system could fundamentally change. The upcoming pilot project on the digital central bank currency shows that it is not only about bans. Rather, it is about finding a balance between regulation and technical progress in order to use the opportunities of the cryptocurrencies.