South Korea To Introduce VDA Distribution & Listing Rule
South Korea’s Financial Supervisory Service (FSS) is set to release comprehensive guidelines for virtual assets, marking a significant step in regulating the burgeoning digital asset market.
The guidelines address concerns around issuance, circulation, and listing standards, aiming to establish a robust framework for the burgeoning digital asset market.
This development aligns with global efforts towards crypto regulation, underlining South Korea’s commitment to fostering transparency and preventing illicit activities in the crypto space.
The guidelines encompass issuance volume, circulation, and listing standards, and are the result of in-depth research commissioned by the National Assembly.
The move to unveil the listing and distribution guidelines is part of a broader trend in South Korea’s evolving crypto landscape, as the Financial Services Commission (FSC) recently amended the Credit Finance Act to restrict credit card use in crypto transactions to curb potential fund misuse and speculative activities.
The primary focus of this move is to prevent citizens from purchasing cryptocurrencies on foreign exchanges, citing concerns over illegal fund outflow, money laundering, and speculative behavior.
(With inputs from Shikha Singh)
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