Coin-Only Exchanges In South Korea Face Extinction As Government Cracks Down On Crypto

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South Korean cryptocurrency exchanges are gearing up for tighter regulations as the country mandates a minimum reserve of 3 billion won ($2.3 million) for those with bank-issued real-name accounts. This move is part of South Korea’s efforts to bolster consumer protection in the rapidly evolving digital asset industry. The requirement, set to be announced by financial authorities, aims to ensure exchanges can compensate users in case of unforeseen events like hacking or system failures, a local media outlet reported. Exchanges supporting transactions between the Korean won and cryptocurrencies,…

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