CryptoMediaClub
Saturday, August 9, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

Japan and South Korea Strengthen Control Over Crypto Sector

20.02.2024
A A
0
125
VIEWS
ShareShare

Financial regulators in Japan and South Korea are systematically enhancing control over the connection between the cryptocurrency sector and the traditional financial system. The formal reason is to bolster user protection.

Japan and South Korea Strengthen Control Over Crypto Market

The Financial Services Agency (FSA), Japan’s primary financial regulator, required local banks to implement measures to strengthen control over transactions involving cryptocurrencies. Specifically, banks must reject transactions if the sender’s name differs from the account holder’s name.

The proposed measures are advisory in nature, but if they become mandatory, the operations of local crypto peer-to-peer (P2P) exchanges could become illegal. The FSA representatives justify their recommendations by citing user protection concerns. They reference data from the National Police Agency (NPA), which indicates a recent surge in crypto-related fraud and illicit money transfers.

Moreover, the Japanese government actively supports the development of the Web3 industry in the country, hailing decentralized technologies as “a new form of capitalism.” The FSA also plays a pivotal role in government initiatives, such as organizing Japan Fintech Week.

The Financial Intelligence Unit of South Korea (KoFIU) also proposed tighter control over the cryptocurrency sphere. According to a press release, the regulator aims to enhance supervision and inspection of crypto exchanges in 2024, which can lead to the prohibition of certain platforms from operating in the local market. Additionally, efforts are underway to establish a system for monitoring suspicious transactions. This will enable the preemptive blocking of trades during preliminary investigations.

The KoFIU press release cites data indicating that in 2023, over 16,000 crypto transactions potentially linked to illicit activities were recorded in South Korea, representing a 90% increase compared to 2022. Besides, South Korean regulators identified the operations of approximately 100 unregistered cryptocurrency organizations. The heightened control aims to safeguard user interests and lay the groundwork for the enactment of local legislation governing the crypto market.

The cryptocurrency market in South Korea will be regulated by a legal framework set to take effect in 2024. As preparations for its implementation proceed, local regulators are refining and toughening various rules. For instance, South Korea’s Financial Services Commission (FSC) plans to ban citizens from purchasing cryptocurrencies with credit cards.

Сообщение Japan and South Korea Strengthen Control Over Crypto Sector появились сначала на CoinsPaid Media.

Share10Tweet6ShareSharePin2

Related Posts

New ChatGPT Predicts the Price of XRP, Pepe and Dogecoin by the End of 2025
All news

New ChatGPT Predicts the Price of XRP, Pepe and Dogecoin by the End of 2025

09.08.2025
0

OpenAI just launched its newest iteration of ChatGPT, ChatGPT-5, and the world-famous intelligent chatbot predicts some major price appreciation for...

Read moreDetails
Pump.fun Buys Back $6.68M PUMP in SOL Blitz – Bid for Solana Meme Leadership?

Pump.fun Buys Back $6.68M PUMP in SOL Blitz – Bid for Solana Meme Leadership?

09.08.2025
Dogecoin Price Prediction: Biggest Whale Buy Since 2024 – Could This Be the Smart Money Signal?

Dogecoin Price Prediction: Biggest Whale Buy Since 2024 – Could This Be the Smart Money Signal?

09.08.2025
WNBA Games Disrupted by Meme Coin Crypto Protest Over ‘Toxic’ Culture

WNBA Games Disrupted by Meme Coin Crypto Protest Over ‘Toxic’ Culture

09.08.2025
Core Scientific’s Largest Active Shareholder to Vote Against CoreWeave Acquisition

Core Scientific’s Largest Active Shareholder to Vote Against CoreWeave Acquisition

08.08.2025
Load More
Next Post
Top Crypto Gainers Today on DEXTools – BABYSORA, Spider, VEIL

Top Crypto Gainers Today on DEXTools – BABYSORA, Spider, VEIL

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Breaking: SHIB Cold Wallet Launches Soon

Breaking: SHIB Cold Wallet Launches Soon

2 years ago
Breaking: Shytoshi Kusama Updates on SHIB Metaverse

Breaking: Shytoshi Kusama Updates on SHIB Metaverse

2 years ago
Bitcoin Treasury Strategy: Unleashing Growth with The Blockchain Group’s $3.52M Boost

Bitcoin Treasury Strategy: Unleashing Growth with The Blockchain Group’s $3.52M Boost

1 month ago
86 Million Active Solana Wallets are Empty: Data Shows

86 Million Active Solana Wallets are Empty: Data Shows

10 months ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Dogecoin Price Prediction: Biggest Whale Buy Since 2024 – Could This Be the Smart Money Signal?

Ripple’s RLUSD stablecoin hits $600M supply milestone in July

WNBA Games Disrupted by Meme Coin Crypto Protest Over ‘Toxic’ Culture

Ethereum rallies above $4,000 following blistering 50% surge in a month

Core Scientific’s Largest Active Shareholder to Vote Against CoreWeave Acquisition

Shiba Inu Price Prediction: Burn Rate Explodes 3,465% in 24 Hours – Is $1 SHIB Now in Play?

Trending

New ChatGPT Predicts the Price of XRP, Pepe and Dogecoin by the End of 2025
All news

New ChatGPT Predicts the Price of XRP, Pepe and Dogecoin by the End of 2025

09.08.2025
0

OpenAI just launched its newest iteration of ChatGPT, ChatGPT-5, and the world-famous intelligent chatbot predicts some major...

Pump.fun Buys Back $6.68M PUMP in SOL Blitz – Bid for Solana Meme Leadership?

Pump.fun Buys Back $6.68M PUMP in SOL Blitz – Bid for Solana Meme Leadership?

09.08.2025
Majority of America’s top 25 banks now signal crypto plans

Majority of America’s top 25 banks now signal crypto plans

09.08.2025
Dogecoin Price Prediction: Biggest Whale Buy Since 2024 – Could This Be the Smart Money Signal?

Dogecoin Price Prediction: Biggest Whale Buy Since 2024 – Could This Be the Smart Money Signal?

09.08.2025
Ripple’s RLUSD stablecoin hits $600M supply milestone in July

Ripple’s RLUSD stablecoin hits $600M supply milestone in July

09.08.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz