According to the leading principles of the FSC, presented at the fourth meeting of the Committee on Virtual Assets, non -profit organizations will be allowed to receive donations in virtual assets if these institutions have a five -year proven financial history. Public organizations will also need to create domestic committees that will evaluate the feasibility of every donation in cryptoactives, to develop strategies for their sale.
To reduce the risk of illegal activity and money laundering, all donations should be sent through registered financial intermediaries. Responsibility for checking the legality of each cryptocurrency donation will be assigned to banks, cryptocurrencies and non -profit organizations. The latter can only take cryptocurrencies trading at least three large internal exchanges to filter risky and unverified tokens. Immediately after receipt, non -profit institutions must convert the donated tokens to Korean Vons – to store donated cryptocurrencies and speculate with them.
The financial regulator of South Korea also tightened the standards of listing digital assets on the exchanges. For accommodation on the exchange, crypto projects must have a minimum number of tokens in circulation. This will give a guarantee that only stable assets will be presented on the exchanges. With cryptocurrency listing, exchanges should temporarily limit market orders so that traders could not make large purchases and sales with these cryptocurrencies in the first hours of trading. This should prevent harsh courses and technical malfunctions on the platforms.
The so-called “zombies-tokens” (coins with a low volume of bidding and small market capitalization), as well as memcoirs will be subjected to enhanced control. Exchange will have to exclude tokens from leaflets if they do not correspond to the necessary liquidity indicators.
FSC also launches a system of verified accounts with real user names. This measure is aimed at increasing the transparency of the crypto and its compliance with regulatory requirements. Each cryptotrazacy will be associated with a confirmed personality, which should prevent the attackers from using anonymous wallets. Since June, non -profit organizations and cryptocurrencies will be able to apply for such accounts. In the future, FSC plans to expand this program to public companies and professional investors.
Last year, the financial supervision service of the Republic of Korea (FSS) allowed cryptocurrencies to block suspicious transactions with digital assets. In May, Korea Bank announced the need to strengthen the regulation of stablecoins based on Vona.
Source: Bits
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