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South Korean regulator proposes strict new rules for token issuers

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CoinTelegraph

Fri, Nov 26, 2021

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South Korea’s Financial Services Commission (FSC) has issued a report outlining its new definition of cryptocurrencies, along with proposed procedures for token issuers and punishments for non-compliance.

It lays down rules for token issuers who wish to have their tokens traded on Korean exchanges and suggested punishments for those the FSC has deemed to be making “undue profit through market manipulation or trading on undisclosed information.” The report first addresses token-issuing businesses, which include ICO operators, Decentralized Autonomous Organizations (DAO), and nonfungible token (NFT) minting services (and potentially others.) The FSC would require these entities to submit a white paper, obtain a favorable rating from a recognized token evaluation service, obtain a legal review of the project, and disclose regular business reports to users.

These punishments echo those from the existing Capital Market Act. The new proposals are in response to what the FSC has evaluated to be deficiencies in the ability of the Special Reporting Act to thoroughly protect investors.

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