Want to buy cryptocurrency in South Korea? Learn about the regulations for virtual asset service providers and how exchanges must comply with licensing requirements to protect consumers and prevent illegal activities.
. However, in light of the country’s digital paradigm shift, the issuance of securities tokens has been enabled, proving that laws can be flexible where regulators and executives are aligned.
The so-called Digital Asset Basic Act will be a comprehensive legal framework that will provide regulatory guidelines for the South Korean cryptocurrency sector. The act creates a favorable environment for digital assets as the country seeks to preserve its spot as a regional leader in adopting and regulating cryptocurrencies.
South Korean cryptocurrency exchanges are subject to several regulations to ensure their safe and secure operation. A few large centralized exchanges dominate the South Korean cryptocurrency market, with enforcement bodies closely monitoring them to ensure they comply with the relevant regulations and guidelines.
Concerning the scope of said regulation, VASPs are defined as entities that provide services related to virtual assets. The definition of “virtual asset service provider” under the act is vast. The broad scope of implementation has resulted in most entities offering digital asset solutions falling within the scope of regulation, even if they are not considered exchanges.
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