South Korea's Crypto Crackdown

BY: Sandeep Bishnoi

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South Korea Tightens Crypto Grip: Credit Card Ban & Cold Wallet Mandate

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8 Key Points About the FSC's Regulatory Proposals

No Swiping for Crypto: Credit Card Purchases Banned

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– FSC proposes prohibiting credit card purchases of cryptocurrency in South Korea.

Protecting Crypto Assets: 80% Cold Wallet Storage Rule

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– New regulation requires crypto exchanges to store 80% of customer deposits in cold wallets.

Fees for Deposit Usage

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– New rules propose compensating customers for exchanges using their deposited funds.

User Protection Focus

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– Proposed regulations reflect growing focus on protecting crypto investors.

Crypto Exchanges Facing Increased Costs and Adaptability Challenges

– Cold wallet implementation and deposit usage fees may raise operational costs.

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South Korea Joins Growing Trend of Crypto Market Regulation

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– Regulatory landscape for crypto evolving worldwide.

Uncertain Impact on Crypto Market and Investor Behavior

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– Effectiveness of proposed regulations yet to be tested.

Mortgage Rate Predictions 2024

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