2 months ago
Asia Business Law Journal
After months of clamping down and chaos, South Korea is taking a hard look at how to create a safe space for cryptocurrency to flourish while safeguarding investors. The same month, the Korea Financial Intelligence Unit, the country’s money laundering watchdog, flagged 16 crypto firms for operating without registration. Regulators are especially sensitive to negative issues arising from virtual assets, such as fraud, illegal fundraising and hacking. In January, the dramatic plunges in cryptocurrency Wemix and the shares of South Korean video game developer Wemade have highlighted the insufficient protection for Korean investors. Lee notes that since many more virtual assets might be classified as securities, previous business models may need to be adjusted.
Continue reading...
