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Search results for Virtual Asset User Protection Act

Crypto

South Korea financial regulators to check crypto exchange user assets every five minutes

South Korea\'s financial authorities will build an always-on system to monitor user assets at digital asset exchanges and sharply strengthen internal controls to financial-institution standards. The steps follow a recent mistaken payment incident at Bithumb and aim to fix structural problems and restore market trust. Regulators will require five-minute balance reconciliations, set automatic trade blocks for large discrepancies, shorten external audit checks to monthly from quarterly and expand disclosures.

Crypto

Lee Chan-jin says Bithumb mispayment case confirms internal controls flaws, sanctions review begins

Lee Chan-jin (이찬진), head of South Korea\'s Financial Supervisory Service, said the watchdog has completed inspection procedures into Bithumb\'s bitcoin mispayment case and will pursue sanctions after additional legal review of possible violations of the Virtual Asset User Protection Act. He said inspectors found flaws in internal controls and that broader institutional improvements for the digital asset market are being prepared. He added checks were also conducted at four other exchanges.

Crypto

FSC holds first virtual asset committee meeting of 2026 to discuss Digital Asset Framework Act draft

South Korea\'s Financial Services Commission met on Tuesday for its first virtual asset committee meeting of 2026 at the Government Complex Seoul. The meeting reviewed the status and plans related to a mistaken virtual asset payment incident on Feb. 6 and discussed a government review draft of the Digital Asset Framework Act. Officials also considered strengthening exchange internal controls, IT and security standards, safeguards including no-fault liability, and standards for stablecoin issuance and ownership dispersion.