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South Korean Encryption Exchanges With Bank Real-Name Accounts Need To Prepare at Least 3 Billion Won in Reserves From September

According to the guidelines, South Korean cryptocurrency exchanges that have obtained real name accounts from banks will need to establish a reserve of at least 3 billion won and a maximum of 20 billion won from September. This is to fulfill the compensation responsibility to users in the event of accidents such as hacker attacks and computer failures.

According to the guidelines, cryptocurrency exchanges must accumulate 30% of daily deposits or 3 billion won (whichever is higher) as reserves. In addition, the guidelines also include multiple standards such as enhanced customer authentication (KYC) and additional authentication during transfers. The operating guidelines were originally planned to be implemented from January 2024, but only the "reserve accumulation" rule will be implemented ahead of schedule from September this year among the multiple standards. 

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