Korea seeks tighter control over digital coins, mulls mandatory disclosures

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The story "Korea seeks tighter control over digital coins, mulls mandatory disclosures" was covered 2 hours ago by Korea Economic Daily, a news publisher based in South Korea.

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Korea seeks tighter control over digital coins, mulls mandatory disclosures - Korea Economic Daily

Quick Summary:

Some industry officials have expressed concerns that more stringent regulations could drive cryptocurrency investors out of Korea, or a “crypto exodus.”GLOBAL TRENDSAs virtual assets become popular, crypto exchanges have sprung up globally, coming under scrutiny by regulators to ward against the new asset class emerging as a haven for money laundering and financial crimes.

Sources said Bitcoin and some other major virtual assets functioning as de facto reserve cryptocurrencies will likely face less stringent regulations, while already listed coins will be given a grace period before new rules are introduced.

South Korea plans to tighten its control over trade in cryptocurrencies in the country by mandating information disclosures for listed virtual assets and requiring reserve assets for riskier stablecoins.