South Korea tightens crypto rules ahead of institutional market entry

South Korea is tightening rules around digital asset transactions as it prepares to allow institutional players into its crypto market, introducing new guidelines for nonprofit crypto sales and stricter listing standards for exchanges. On May 20, the Financial Services Commission (FSC) of South Korea said it had finalized sweeping new measures during its fourth Virtual Asset Committee meeting. Set to take effect in June, the updated rules allow both nonprofit organizations and virtual asset exchanges to sell cryptocurrencies but under new compliance standards. Nonprofit entities must have at least five years of audited financial history to be permitted to receive and sell virtual asset donations source: https://cointelegraph.com/news/south-korea-tightens-kyc-rules-ahead-of-institutional-crypto-entry?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound