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Home » Crypto Exchanges In South Korea Should Have Reserves Of At Least $2.3 Million

Crypto Exchanges In South Korea Should Have Reserves Of At Least $2.3 Million

Hania by Hania
August 29, 2023
in Crypto Exchanges
Reading Time: 2 mins read
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Regulatory Update: South Korea Mandates Declaration of Overseas Crypto Holdings
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The law should take effect from September 1.

The Korea Federation of Banks (KFB) is apparently planning to make it mandatory for local crypto exchanges to have at least 3 billion won (about $2.26 million) in reserve. The local authorities have been strict with such firms lately, pressing them to set up adequate digital asset listing and delisting procedures to protect clients.

The Upcoming Requirement.

As reported by a Korean news source, the changes are anticipated to take effect at the beginning of September. They require crypto exchanges with “real-name accounts” to have $2.26 million to $15 million in reserves. If something unfortunate happens, like a hacking attack, the money will serve as an emergency reserve.

The minimum reserve of $2.26 million applies only to smaller cryptocurrency exchanges. Giants like Upbit, Korbit, and Bithumb must keep 30% of daily average deposits.

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Leading exchanges have begun complying with the new law. A spokesperson for Upbit stated that they are following the requirements of the Korea Federation of Banks and are preparing smoothly.

Another executive from an unnamed trading venue says the obligation would not be a problem for any of the Asian country’s bitcoin exchanges.  The KFB aims to increase KYC and collection transfer authentication. Those changes will commence in 2024. 

The Terra Meltdown Draws More Scrutiny

South Korea’s FIU ordered all domestic crypto exchanges to comply with AML in 2021. It required such organizations to work with banks to get real-name verification accounts. More than 60 markets failed to register with the FIU and closed.

The spring 2022 meltdown of Terra’s native token, LUNA, and algorithmic stablecoin, UST, was another reason South Korea’s monetary regulator kept an eye on the crypto business.

The collapse of both assets to near-zero left investors broke and tarnished the digital asset market. Thus, Korean lawmakers met with the country’s top crypto exchanges to establish proper listing and delisting guidelines to protect customers.

Also Read: Do Kwon, The Founder Of LUNA, Has Been Sentenced To 4 Months In Prison

Tags: crypto newscrypto regulationssouth Korea
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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