South Korean crypto exchanges with “real-name” bank accounts must hold $2.3 million in reserve funds according to new mandates to improve customer protection.
Starting in September, South Korean cryptocurrency exchanges must comply with a new mandate that states they must reserve a minimum of three billion won ($2.3 million) to safeguard consumers.
Exchanges With “Real-Name” Bank Accounts to Comply with Reserve Requirements
According to the “Virtual Asset Real-Name Account Operation Guidelines” published by the Korea Federation of Banks (KFB) in July, the reserve requirement applies to crypto exchanges that have been issued with accounts from “real-name” local banks. These accounts refer to clients that comply with Know-Your-Customer (KYC) requirements and use the same name with the exchange as they do with the banks.
Under the KFB’s guidelines, exchanges are to set aside 30% of their daily average deposits or three billion won – whichever amount is more signi
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