CandleFocus South Korea’s FSS Initiates On-Site Inspections of Crypto Exchanges
2024-09-11
Author: Content Editor
South Korea’s Financial Supervisory Service (FSS) is set to conduct on-site inspections of cryptocurrency exchanges, starting with Bithumb. These inspections are the first in-depth examinations of virtual asset service providers (VASPs) under the new legal framework. The focus of the inspection will be on Bithumb’s compliance with the Virtual Asset User Protection Act, which outlines rules VASPs must adhere to in order to improve the safety and openness of the crypto market in South Korea. The FSS will evaluate Bithumb’s efforts to safeguard customer funds, ensure transparent operations, protect user funds, prevent fraud, and combat market manipulation. This comes after the FSS launched an investigation into other major crypto exchanges like Upbit, aiming to identify and address any illicit practices. The new regulations also require VASPs to implement stricter anti-money laundering (AML) and know-your-customer (KYC) measures.
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