A group of major cryptocurrency exchanges in South Korea have launched a system that alerts users of abnormal changes in cryptocurrency prices. The alliance called Digital Asset exchange
exchange
An exchange is known as a market that supports the trading of derivatives, commodities, securities and other financial instruments, and in general, an exchange can be accessed through a digital platform or sometimes at a physical address where investors organize to perform trading. Among the main responsibilities of the stock exchange is to support honest and fair trading practices. These are useful in ensuring that the distribution of subsidized security rates on this exchange is effective
An exchange is known as a market that supports the trading of derivatives, commodities, securities and other financial instruments, and in general, an exchange can be accessed through a digital platform or sometimes at a physical address where investors organize to perform trading. Among the main responsibilities of the stock exchange is to support honest and fair trading practices. These are useful in ensuring that the distribution of subsidized security rates on this exchange is effective
Read this term The Association (DAXA), consisting of Upbit, Bithumb, Coinone, Korbit and Gopax, said the new system will prevent information asymmetry.
DAXA explained that the system notifies users when cryptocurrency prices suddenly go up or down within a day. In addition, the system notifies users when there is a sharp increase or decrease in trading volumes or daily deposits, Korean times mentioned.
This latest development follows DAXA’s announcement of ethical standards for its members last month. Standards: The DAXA Standards for Internal Controls, the Code of Ethical Conduct for Virtual Asset Operators, define how virtual asset service providers must conduct their business.
Among the guidelines set out in the standards is that cryptocurrency exchanges that are members of the alliance must include a third-party legal expert when listing or delisting cryptocurrencies. In addition, it states that a legal expert must not have a conflict of interest.
Besides, the South Korean National Assembly recently passed legislation that would allow the creation of a legal framework for regulating cryptocurrencies. The new law stipulates that digital asset service providers must separate users’ funds from their own and insure customers’ deposits.
In addition, the Virtual Asset User Protection Act, which will be implemented in the year, stipulates that VASPs must keep crypto reserves in cold wallets and keep records of all transactions. Furthermore, the legislation mandates the Korea Financial Services Commission to scrutinize VASPs, and the Bank of Korea to supervise data handled by service providers.
South Korea regulates encryption
Finance Magnates reported in April that South Korean lawmakers were pushing for systems
systems
Like any other high net worth industry, the financial services industry is strictly regulated to help curb illegal and manipulative behavior. Each asset class has its own set of protocols in place to combat their respective forms of abuse. Who are the leading regulators in the industry? Regulatory bodies such as the UK Financial Conduct Authority (
Like any other high net worth industry, the financial services industry is strictly regulated to help curb illegal and manipulative behavior. Each asset class has its own set of protocols in place to combat their respective forms of abuse. Who are the leading regulators in the industry? Regulatory bodies such as the UK Financial Conduct Authority (
Read this term Digital assets to protect investors from fraudulent activities in the sector. The regulations, which affect virtual assets, cryptocurrency exchanges, and the financial technology sector, are in response to the growing adoption of digital assets in the country.
South Korea has been working to prevent fraud in the digital asset sector since the collapse of Terraform Labs and its cryptocurrency projects, TerraUSD and Terra LUNA, costing investors billions in losses. The project’s founder, Do Kwon, is currently serving a prison sentence in Montenegro.
A group of major cryptocurrency exchanges in South Korea have launched a system that alerts users of abnormal changes in cryptocurrency prices. The alliance called Digital Asset exchange
exchange
An exchange is known as a market that supports the trading of derivatives, commodities, securities and other financial instruments, and in general, an exchange can be accessed through a digital platform or sometimes at a physical address where investors organize to perform trading. Among the main responsibilities of the stock exchange is to support honest and fair trading practices. These are useful in ensuring that the distribution of subsidized security rates on this exchange is effective
An exchange is known as a market that supports the trading of derivatives, commodities, securities and other financial instruments, and in general, an exchange can be accessed through a digital platform or sometimes at a physical address where investors organize to perform trading. Among the main responsibilities of the stock exchange is to support honest and fair trading practices. These are useful in ensuring that the distribution of subsidized security rates on this exchange is effective
Read this term The Association (DAXA), consisting of Upbit, Bithumb, Coinone, Korbit and Gopax, said the new system will prevent information asymmetry.
DAXA explained that the system notifies users when cryptocurrency prices suddenly go up or down within a day. In addition, the system notifies users when there is a sharp increase or decrease in trading volumes or daily deposits, Korean times mentioned.
This latest development follows DAXA’s announcement of ethical standards for its members last month. Standards: The DAXA Standards for Internal Controls, the Code of Ethical Conduct for Virtual Asset Operators, define how virtual asset service providers must conduct their business.
Among the guidelines set out in the standards is that cryptocurrency exchanges that are members of the alliance must include a third-party legal expert when listing or delisting cryptocurrencies. In addition, it states that a legal expert must not have a conflict of interest.
Besides, the South Korean National Assembly recently passed legislation that would allow the creation of a legal framework for regulating cryptocurrencies. The new law stipulates that digital asset service providers must separate users’ funds from their own and insure customers’ deposits.
In addition, the Virtual Asset User Protection Act, which will be implemented in the year, stipulates that VASPs must keep crypto reserves in cold wallets and keep records of all transactions. Furthermore, the legislation mandates the Korea Financial Services Commission to scrutinize VASPs, and the Bank of Korea to supervise data handled by service providers.
South Korea regulates encryption
Finance Magnates reported in April that South Korean lawmakers were pushing for systems
systems
Like any other high net worth industry, the financial services industry is strictly regulated to help curb illegal and manipulative behavior. Each asset class has its own set of protocols in place to combat their respective forms of abuse. Who are the leading regulators in the industry? Regulatory bodies such as the UK Financial Conduct Authority (
Like any other high net worth industry, the financial services industry is strictly regulated to help curb illegal and manipulative behavior. Each asset class has its own set of protocols in place to combat their respective forms of abuse. Who are the leading regulators in the industry? Regulatory bodies such as the UK Financial Conduct Authority (
Read this term Digital assets to protect investors from fraudulent activities in the sector. The regulations, which affect virtual assets, cryptocurrency exchanges, and the financial technology sector, are in response to the growing adoption of digital assets in the country.
South Korea has been working to prevent fraud in the digital asset sector since the collapse of Terraform Labs and its cryptocurrency projects, TerraUSD and Terra LUNA, costing investors billions in losses. The project’s founder, Do Kwon, is currently serving a prison sentence in Montenegro.