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Cryptocurrency The regulations governing cryptocurrency exchanges in South Korea are strict, including government registration and other procedures monitored by the Financial Supervisory Service (FSS) of South Korea. The South Korean government imposed restrictions on the use of anonymous accounts in cryptocurrency trading in 2017 and prohibited local financial institutions from hosting Bitcoin futures contract transactions, raising concerns about an outright ban. The Financial Services Commission (FSC) also tightened reporting requirements for banks with accounts at cryptocurrency exchanges in 2018. The new laws restrict cryptocurrency trading to "customer-named bank accounts," meaning that the trader (customer) must open an account in their name at the same bank where the cryptocurrency merchant operates to deposit or withdraw funds from their electronic wallet. According to standard anti-money laundering and counter-terrorism financing rules and organized reporting requirements for transactions, both the bank and the merchant must verify the identity of the trader. In 2020, the South Korean government amended existing legislation, expanding the scope of mandatory anti-money laundering and counter-terrorism financing obligations to include all South Korean exchanges and requiring companies to obtain a license to operate from the unit.
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#SouthKoreaCryptoPolicy Cryptocurrency The regulations governing cryptocurrency exchanges in South Korea are strict, including government registration and other procedures monitored by the Financial Supervisory Service (FSS) of South Korea. The South Korean government imposed restrictions on the use of anonymous accounts in cryptocurrency trading in 2017 and prohibited local financial institutions from hosting Bitcoin futures contract transactions, raising concerns about an outright ban. The Financial Services Commission (FSC) also tightened reporting requirements for banks with accounts at cryptocurrency exchanges in 2018. The new laws restrict cryptocurrency trading to "customer-named bank accounts," meaning that the trader (customer) must open an account in their name at the same bank where the cryptocurrency merchant operates to deposit or withdraw funds from their electronic wallet. According to standard anti-money laundering and counter-terrorism financing rules and organized reporting requirements for transactions, both the bank and the merchant must verify the identity of the trader. In 2020, the South Korean government amended existing legislation, expanding the scope of mandatory anti-money laundering and counter-terrorism financing obligations to include all South Korean exchanges and requiring companies to obtain a license to operate from the unit.
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#CryptoFees101 This coin has been behaving like a traffic light. I took the photo moments ago when it was green and now it’s red again. Not worried though. I am holding this for a week or so. The fee might be my biggest headache otherwise I think I am good. I checked the funding fee, it's not a lot (At least for now). Will have to keep an eye on that.
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#CryptoSecurity101 #CryptoSecurity101 Security is essential in Knowing how to store assets safely, protect private keys, and navigate wallets is essential for long-term participation in crypto. Whether Cold or hot wallet , Safety of the users funds is sacrosanct
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#TradingPairs101 In other words, the currency pair shows how much quoted currency can be obtained by selling the base currency. Or vice versa: how much quoted currency needs to be paid to buy the base currency. For example, by selling the USD/RUR pair, the investor receives rubles (money) for selling dollars (goods). And when buying this pair, they buy dollars (goods) for rubles (money).
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