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<ul><li>South Korean crypto exchanges are mandated to allocate 3 billion won in reserves from September.</li><li>Korean giants Upbit and Bithumb adopt guidelines, reserving 3B KRW or 30% daily deposits for user interests.</li><li>South Korea takes a proactive stance, ensuring investor security and setting a global standard for responsible crypto regulation.</li></ul>In the ever-evolving realm of cryptocurrencies, South Korean crypto exchanges find themselves navigating fresh regulatory terrain as authorities introduce steps to bolster consumer safeguards. Colin Wu, a reporter from the trusted Wu Blockchain, tweeted that starting this September, these exchanges are obliged to set aside a minimum of 3 billion won (about $2.28 million) in bank reserves, a strategic move to strengthen the sector against potential uncertainties.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/372b5c2e0d674292bd7ef53aa0674429.png" />According to a recent <a href="https://www.news1.kr/articles/5149406" rel="noopener noreferrer nofollow">report</a>, prominent Korean crypto platforms, including giants like Upbit and Bithumb, are already on a trajectory to embrace these changes. The Korea Federation of Banks <a href="https://www.kfb.or.kr/news/info_news_view.php?idx&#61;1712&amp;col&#61;&amp;sw&#61;&amp;pg&#61;1&amp;gubun&#61;&amp;orderby&#61;&amp;code&#61;&amp;data_year&#61;&amp;SearchOffice&#61;&amp;SearchOpinion&#61;&amp;cate_idx&#61;&amp;BankAll&#61;" rel="noopener noreferrer nofollow">unveiled</a> these guidelines in July under the moniker &#34;Virtual Asset Real-Name Account Operation Guidelines&#34;, which requires exchanges to earmark at least 3 billion won or 30% of their daily average deposits to safeguard against potential liabilities. This reserve is designed to provide a safety net for users should unforeseen risks materialize. According to these guidelines, the maximum reserve size is capped at 20 billion won.This development is part of a broader legislative move by South Korean policymakers to bolster investor security in the crypto realm. The enactment of 19 cryptocurrency-related bills in June <a href="https://biz.sbs.co.kr/article/20000124984#:~:text&#61;%EA%B0%80%EC%83%81%EC%9E%90%EC%82%B0%20%EC%9D%B4%EC%9A%A9%EC%9E%90%20%EB%B3%B4%ED%98%B8%EB%B2%95%EC%9D%80,%EC%8B%A0%EC%84%A4%ED%95%9C%20%EA%B2%8C%20%EA%B3%A8%EC%9E%90%EC%9E%85%EB%8B%88%EB%8B%A4." rel="noopener noreferrer nofollow">grants</a> significant authority to the Financial Services Commission and the Bank of Korea. Their roles encompass oversight of crypto operators and asset custodians, coupled with the power to impose penalties in cases of unfair trading of digital assets.Read full article at <a href="https://cryptotale.org/south-korea-enforces-stricter-crypto-regulations-exchanges-to-secure-reserves/" rel="noopener noreferrer nofollow">CryptoTale.</a>

South Korea Enforces Stricter Crypto Regulations: Exchanges to Secure Reserves

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