Crypto Updates 107

$SOL #CircleIPO $XRP #SouthKoreaCryptoPolicy South Korea's crypto policy is focused on establishing a comprehensive regulatory framework for digital assets. Here are the key aspects # Regulatory Framework - The Financial Services Commission (FSC) is the primary regulatory body responsible for formulating policies and supervising Virtual Asset Service Providers (VASPs). - The Korea Financial Intelligence Unit (KoFIU) receives Suspicious Transaction Reports (STRs) from financial institutions and analyzes them. # Requirements for VASPs - *Registration*: VASPs must register with the KoFIU before commencing business operations. - *Anti-Money Laundering (AML)*: VASPs must comply with AML regulations, including: - *Customer Due Diligence*: Conducting risk assessments and verifying customer identities. - *Transaction Monitoring*: Monitoring transactions for suspicious activity. - *Reporting*: Reporting suspicious transactions to the KoFIU. - *Security Measures*: VASPs must implement robust security measures, including: - *Information Security Management System (ISMS)*: Implementing an ISMS to protect customer assets. - *Insurance*: Having an insurance plan or setting aside reserves to cover potential losses. # Protection of Virtual Assets - *Segregation of Assets*: VASPs must separate customer assets from their own assets. - *Cold Wallet Storage*: VASPs must store a certain proportion of virtual assets in cold wallets. # Unfair Trade Practices - *Prohibited Activities*: VASPs are prohibited from engaging in unfair trade.