New Rules in Korea: Crypto Exchanges to Maintain Up to $15 Million in Emergency Funds

New Rules in Korea: Crypto Exchanges to Maintain Up to $15 Million in Emergency Funds



The Korea Federation of Banks (KFB) is reportedly planning to mandate that local cryptocurrency exchanges maintain a minimum reserve of 3 billion won (about $2.26 million). This move comes as local regulators are increasingly tightening oversight on these platforms, pushing for more robust rules around the listing and delisting of digital currencies to better protect consumers.



According to Korean media, these new rules are slated to kick in starting this September. Exchanges that have "real-name accounts" will be required to hold emergency funds ranging from $2.26 million to around $15 million. This fund is intended to act as a financial cushion in case of unexpected events like hacking incidents.



It's worth noting that the $2.26 million minimum reserve requirement applies primarily to smaller exchanges. Big players like Upbit,


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#Blockchain, #Cryptocurrency, #Cryptomarket, #Cryptonewstoday, #Regulations

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