6 Rules of South Korea

Moving in step with the times, the authorities of South Korea decided not to prohibit the cryptocurrency in the country, but to subordinate it to clear rules, which leads to criminal liability according to the current legislation.

The first condition for the implementation of exchange activities is the storage of customer funds separately from the exchange.

The investor, on the part of the exchange, should be provided with a clear explanation of the possible risks of investment in the cryptocurrency.

All users of the trading platform must be identified.

The schemes for combating the laundering of criminal capital must be developed and improved by the trading platform.

On the part of the exchanger or exchange, a proper security system should be developed to protect assets.

The accounting documents of orders and proposals should be open to ensure the transparency of the site.

For violation of one of the listed rules, the defendant receives 100 million won as a fine and 10 years of imprisonment. In the future, the authorities plan to monitor the actions of market participants and adjust the laws for the competent tracking of all operations on the cryptocurrency, in order to avoid the spread of fraud.

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