Now the interest rate on cryptocreding in South Korea should not exceed 20%, and lending with external financing is prohibited. Loans can be issued only in crypto actes included in the first twenty on market capitalization of cryptocurrencies, or in tokens trading at least three exchanges, which in turn work with Korean state currency, a volume.
If borrowers first apply for a crypto-base, they will have to go through online learning and vocational tests in accordance with the requirements of the Cryptocurrency Exchange of South Korea (DAXA). In case of compulsory elimination of assets, users must be notified in advance. In addition, exchanges must use their own capital to provide lending services. Indirect lending through third -party organizations or outsourcing is prohibited for the sake of preventing control from regulation, FSC explained.
The agency said that it is forced to introduce more strict rules in connection with the increasing requests of financial companies to protect investors, since in the country cryptocreditation is weakly regulated. Recently, the candidate for the post of chairman of the FSC Lee Eok Won criticized cryptocurrencies for their high volatility, saying that they do not perform monetary functions and have no internal value.
In June, the FSC introduced a new guide to regulate non -replaced tokens (NFT). Recently, the Ministry of Economics and Finance of South Korea reported that it would soon exchange data on cryptotransications with international tax authorities.
Source: Bits
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