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South Korean crypto exchanges met with the Financial Services Commission in a closed-door meeting

Twenty crypto platforms had the chance to air their grievances with the government in the meeting held on Thursday, June 3.

Image by: Wikimedia Commons

Sun, 06 Jun 2021, 09:41 am UTC

South Korea’s Financial Services Commission (FSC), which was recently tasked to oversee the crypto industry, had a closed-door meeting with some of the country’s crypto exchanges. Twenty crypto platforms had the chance to air their grievances with the government in the meeting held on Thursday, June 3.

The Financial Services Commission met with 20 small and medium-sized exchanges in the country to discuss the crypto environment, according to Bitcoin.com. Among those who attended the meeting are representatives from Bithumb, Coincoin, Coinone, Flybit, Korbit, Kordax, Poblegate, Tennten, and Upbit.

All of the virtual asset providers (VASPs) that attending the closed-door meeting already possess ISMS (Information Security Management System) certification, according to the South Korean news outlet D.Street. The meeting was called “Report Registration Guidance Consulting.”

Insiders say that the FSC’s Financial Intelligence Unit (FIU) decided to meet with the crypto exchanges to express the government’s desire to implement the virtual asset service provider (VASP) report, according to Cointelegraph. The FSC said on May 28 that it plans to strengthen its oversight of the crypto industry to combat illegal activities.

For instance, crypto exchanges and VASPs are given up to six months to register with the agency. Crypto firms are required to secure Information Security Management System certifications and open real-name trading accounts as part of the registration process.

Only Bithumb, Coinone, Korbit, and Upbit, also known as the “big four,” have completed the real-name trading accounts requirement. The sixteen other exchanges said that it’s difficult for them to satisfy the requirement.

The FSC promised not to interfere with smaller exchanges' relationships with banks as banking partnerships are required for the real-name trading requirement. However, obtaining banking partnerships come at a high price. For instance, Upbit’s fee payment to K Bank rose 10 times in the first quarter of 2021 compared to the previous quarter.

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