South Korean Regulator Selects Bithumb for On-Site Inspections Following New Virtual Asset Regulations

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BitcoinWorld 13h ago

South Korean Regulator Selects Bithumb for On-Site Inspections Following New Virtual Asset Regulations - BitcoinWorld

Quick Summary:

South Korean Financial Supervisory Service (FSS) has selected cryptocurrency exchange Bithumb as the first candidate for on-site inspections of virtual asset service providers (VASPs), according to a report from Newsis.

The FSS notified Bithumb on September 10, 2024, about the inspection, which is set to begin after the upcoming Chuseok holiday.

With the Virtual Asset User Protection Act now in effect, exchanges will need to ensure they are fully compliant with the law’s stringent requirements to avoid penalties or reputational damage.