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South Korea's FSS outlines stricter crypto market monitoring and penalties after Bithumb error
South Korea's Financial Supervisory Service announced on Monday an annual policy plan to intensify oversight of cryptocurrency trading and introduce harsher sanctions on financial institutions for IT-related incidents. The measures, which follow a mistaken transfer of 620,000 BTC by Bithumb to hundreds of users, target activities such as price manipulation, rapid price-pumping schemes and the spread of false information. The watchdog is also setting up a task force to prepare rules under the Digital Asset Basic Act, including disclosure standards and licensing guidance for digital asset service providers and stablecoin issuers.