South Korean crypto exchanges prepare for $2.3 million reserves requirement

The move reflects South Korea's commitment to investor safeguarding in the dynamic crypto industry, bolstered by recent legislative changes.

released in July by the Korea Federation of Banks, indicating the crypto industry’s increasing engagement with regulatory authorities.

This financial buffer is intended to ensure that exchanges can fulfill their obligations to users in the event of any risk incidents. However, there’s a cap set on the size of these funds, limiting them to 20 billion won in accordance with the provided guidelines.The heightened scrutiny over the cryptocurrency industry in South Korea is a result of legislative efforts aimed at bolstering investor protection.

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