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S. Korea Bans Virtual Asset Services Staff From Trading Their Platform’s Tokens
Just days after the registration deadline for VASPs, South Korea announced another regulatory requirement.
South Korea banned virtual asset services providers (VASPs) and their staff from trading tokens they issue, the country’s Financial Services Comission (FSC) said in a Wednesday statement.
- Crypto services providers must set up internal processes for the conflict of interest rules within a month. Those that don’t will be facing suspension of business and up to KRW 100 million (US$85,000) in penalties.
- VASPs that serve South Korean customers had to register with the FSC’s anti-money laundering arm by this past Friday. Most crypto exchanges did not make that deadline and suspended operations. Only four managed to fulfill all the criteria so they can offer trading in Korean won.
- The conflict of interest rule was passed at a cabinet meeting on Tuesday, and seeks to prevent damage to users as well as increase transparency in the industry, the FSC said.
Read more: Hours Before South Korean Registration Deadline, Only 10 Exchanges Have Applied
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Eliza Gkritsi
Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.
