(Financial Services Commission)
The Financial Services Regulatory Commission said Thursday that it would add detailed measures to cryptocurrency exchange legislation to tame its attempts to fix prices.
Cryptocurrency exchanges will be banned from handling digital tokens issued by themselves or related persons, following an advance notice of the Enforcement Decree revisions for the specified financial transaction information. Executives and employees of a stock exchange are prohibited from trading on their own platform, as the revision revealed.
The FSC said these measures are being taken to clarify certain clauses in the Enforcement Ordinance as tax authorities shape regulations for an emerging industry like digital assets.
The revision of the enforcement order also provides that financial institutions must carry out risk assessments for all customers. Previously, the law was interpreted in such a way that financial institutions only had to conduct risk assessments of customers in order to identify high-risk investors.
These measures were first introduced at a meeting of several government agencies last month that aimed to devise a range of measures for exchanging cryptocurrencies.
Local cryptocurrency exchanges are working hard to register with the tax authorities by September 24th, when the grace period for the financial transaction information provided ends. However, the changes and updates to the regulations make it difficult for them to predict and prepare for the registration process, a cryptocurrency exchange official said.
“It is difficult to predict and proactively prepare the regulatory framework within a short period of time. Even so, we will do our best to comply with the new laws and prepare for registration step by step, ”said the official.