Read

<div class="cryptonews">
 <p class="is-style-lead">Financial authorities in South Korea have established a period for users to <a rel="noopener noreferrer nofollow" title="report" href="https://thebittimes.com/tag/report.html">report</a> any <a rel="noopener noreferrer nofollow" title="unlicensed" href="https://thebittimes.com/tag/unlicensed.html">unlicensed</a> <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency <a rel="noopener noreferrer nofollow" title="exchanges" href="https://thebittimes.com/tag/exchanges.html">exchanges</a> operating within the country.</p>
 <p>According to the Dec. 4 update, this latest initiative is a collaborative effort between the Digital Asset Exchange Association (DAXA) and South Korea’s Financial Intelligence Unit (FIU). DAXA encompasses five major virtual asset <a rel="noopener noreferrer nofollow" title="exchanges" href="https://thebittimes.com/tag/exchanges.html">exchanges</a> in the country: Upbit, Bithumb, Coinone, Korbit, and Gopax.</p>
 <p>The primary objective is to identify domestic and foreign virtual asset business operators targeting Korean citizens without complying with article 7 of the Specific Financial Information Act.</p>
 <p>The process for handling these <a rel="noopener noreferrer nofollow" title="reports" href="https://thebittimes.com/tag/reports.html">reports</a> involves an initial review by DAXA, followed by a detailed examination by the FIU. The FIU will then communicate its findings back to DAXA to determine the operational status of the <a rel="noopener noreferrer nofollow" title="report" href="https://thebittimes.com/tag/report.html">report</a>ed entities and decide on the necessary actions.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> South Korean exchanges double market share in 2023
 </div>
 <p>An official from DAXA highlighted the seriousness of the situation, stating that if operators persist in conducting undeclared business activities, the FIU will consider taking appropriate measures, which may include involving investigative agencies.</p>
 <p>DAXA has provided a dedicated tip email address to facilitate this reporting process. They encourage the public to submit detailed information about the suspicious business, including reasons for suspicion and any evidence of undeclared activities.</p>
 <p>This move is part of South Korea’s broader strategy to increase its regulatory oversight in the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> sector. In a notable development on Nov. 14, the Democratic Party of South Korea required its parliamentary candidates to disclose their <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> holdings, aiming to enhance transparency in political circles.</p>
 <p>The South Korean digital asset market has also witnessed significant growth in 2023. As reported earlier in October, the market’s total capitalization reached $21.1 billion in H1 2023. This growth was accompanied by a substantial 82% increase in operating profits for virtual marketplace operators, totaling $168 million.</p>
 <p>Meanwhile, on Nov. 23, South Korea’s central bank announced plans to involve 100,000 citizens in testing its upcoming central bank digital currency (CBDC) in 2024.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> DPRK hackers impersonate South Korean officials to steal crypto
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/south-korean-regulators-call-for-public-reports-on-unlicensed-crypto-exchanges-tbt72540.html">https://thebittimes.com/south-korean-regulators-call-for-public-reports-on-unlicensed-crypto-exchanges-tbt72540.html</a></p>

South Korean regulators call for public reports on unlicensed crypto exchanges

TheBitTimes

Other articles published on Dec 4, 2023

Bitcoin’s Ascent: Continued Growth Amidst Market Optimism

Can Somebody Guess Your Wallet’s Seed Phrase?

Artificial Intelligence (AI): Is It Capable of Transforming The Crypto Industry?

11 Exercises You Can Do While Playing Video Games to Stay Fit

Rebel Satoshi draws Dogecoin holders

Blockstream’s Adam Back bets Bitcoin could reach $1m after 2024 halving

Join our free newsletter for daily crypto updates!