The South Korean government has obliged cryptocurrency exchanges operating within the country to maintain a reserve of at least 3 billion won (about 2.3 million dollars) in bank accounts from next September, the purpose of the reserve requirements is to ensure that the exchanges have sufficient funds to cover any losses or liabilities that may arise.
The move comes at a time when the Financial Services Commission of South Korea (FSC) aims to strengthen oversight of the cryptocurrency market within the country and curb illegal practices such as money laundering and other illegal activities.
However, due to the country’s important role in the global cryptocurrency market, the new regulations may have wide-ranging implications for the cryptocurrency industry, and the country’s regulator has also announced that it will continue to monitor the cryptocurrency market and take further measures if necessary.
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