The post South Korean Regulatory Crackdown Might Delay Global Crypto Market Recovery appeared first on Coinpedia Fintech News
The Financial Supervisory Service of South Korea on July 4 stated that a system to increase oversight and monitor unusual crypto trading activity is on the way. Crypto exchanges are notified to feed data and details into the system as the Virtual Asset User Protection Act goes into effect on July 19. While mass delisting is denied by South Korea’s Digital Asset Exchange Alliance (DAXA), the crypto body launched a 6-month review of over 1,300 digital assets to ensure compliance with the legislation. South Korean regulatory crackdown against crypto has put significant pressure on crypto trading and crypto exchanges.