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South Korea’s Financial Services Commission (FSC) is getting ready to announce its decision on possible sanctions against Upbit. The decision comes after findings that Upbit didn’t fully meet customer verification requirements meant to prevent money laundering. The FSC’s Chairman, Kim Byoung-hwan, stated that the review process would soon wrap up , addressing concerns about delays raised by lawmaker Kim Jae-seop. During a National Assembly session, Chairman Kim assured the public that the FSC is working to resolve the matter quickly, pointing out it could affect market dynamics. He clarified that the review process has taken longer than initially thought because of multiple meetings to gather input from all parties involved. Despite the process taking time, Kim indicated that a resolution would be reached soon, given the possible effects for the crypto market in South Korea. Related: South Korea Accelerates Crypto Regulations as U.S. Policies Shift The Financial Intelligence Unit (FIU) conducted an inspection as part of Upbit’s application to renew its virtual asset service provider (VASP) license and discovered several suspected breaches of anti-money laundering (AML) regulations, including problems in the exchange’s Know Your Customer (KYC) procedures. It is common law that financial institutions in South Korea must verify their customers’ identity using government-issued ID cards to prevent illicit activities. However, Upbit’s processes were found to be incomplete, leading to the discovery of hundreds of thousands of suspected violations. Alongside this matter, the FSC has also announced plans to lift the ban on institutional cryptocurrency trading, which has been in place for nearly eight years. This policy shift, planned to happen in two phases throughout 2025, will align with the increasing demand for blockchain-based financial products while keeping in step with global trends. Related: South Korea Reverses Course: Institutions Get Green Light for Crypto Trading From the second half of 2025, organizations such as universities and charities will be permitted to sell crypto donations. Additionally, the FSC will introduce new guidelines to prevent market manipulation, including stronger listing standards and minimum supply requirements for new crypto assets. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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South Korea’s Financial Services Commission (FSC) has announced plans to gradually lift the ban on institutional cryptocurrency trading, which has been in place for the last 8 years. This policy shift aims to align with global trends and address the growing domestic demand for blockchain-based financial products. Turns out, they’re doing this in two stages, split into the first and second half of the year. In the first half of the year, nonprofits like charities, universities, and law enforcement agencies, will be permitted to open real-name verified accounts on cryptocurrency exchanges. This will enable the said institutions to manage and liquidate crypto donations more effectively. In the second half, a few thousand listed companies and professional investors gain access to the crypto markets through a pilot program. These entities will be allowed to open real-name accounts for investment and financial purposes, marking a notable shift from the previous restrictions. Speaking of the old ban, in 2017, South Korea put a ban on corporate crypto trading due to concerns over market speculation and potential money laundering. However, with the global surge in blockchain adoption and the maturation of the crypto industry, the FSC has now decided to rethink its stance. Related: South Korea Accelerates Crypto Regulations as U.S. Policies Shift Furthermore, in late 2023, South Korea proposed the Virtual Asset User Protection Act . The new law introduced stronger investor protections, allowing regulators to enforce fair trading practices, prevent fraud, and clear up legal gray areas. This laid the groundwork for safely integrating institutional participation in crypto, with the act coming into effect in mid-2024. Despite the recent regulatory changes, traditional financial institutions, like banks and brokerages, remain prohibited from engaging in cryptocurrency-related activities. These include buying, selling, and offering crypto-backed ETFs. There are likely a few reasons why FSC decided to do this. For instance, many South Korean corporations, universities, and charities had already received cryptocurrency donations or held crypto assets but faced legal barriers in liquidating or managing them. It’s also no secret that South Korea wants to be a global financial hub, but countries like Hong Kong, Singapore, and the UAE have already created favorable environments for crypto businesses (not to mention the US and the EU). Looking at it this way, this move could be South Korea’s way to stay competitive by updating its policies. Related: South Korea’s Jeju Island Leads Blockchain Tourism Push In addition, allowing institutional players to enter the crypto space could drive new blockchain projects, investments, and economic growth, boosting the country’s fintech and Web3 ecosystem. No matter the reason(s), it looks like South Korea is heading toward a more mature and structured crypto market driven by institutional demand, global trends, and new legal frameworks. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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The post Trump Plans to Appoint Pro-Crypto Brian Quintenz as CFTC Chair appeared first on Coinpedia Fintech News At a time when the crypto community is discussing the importance of establishing a crypto-friendly regulatory environment in the US for the growth of the cryptocurrency industry in the country, an official document, which suggests the possibility of the appointment of a pro-crypto executive by US President Donald Trump to lead the US Commodity Futures Trading Commission, has been published by a prominent media outlet. According to the document, the Trump administration is planning to appoint Brian Quintenz, the head of global policy at a16z crypto, as the new chairman of the CFTC. Trump’s Plan to Nominate Brian Quintenz The official document, sent by the White House to Capitol Hill, confirms that Donald Trump Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President is preparing to appoint Quintenz as the new chairman of the Commodity Futures Trading Commission. It is not the first time that Quintenz has had a chance to play a key role in the commission. Notably, during the first Trump administration, he was the commissioner of the commodity futures regulatory agency. Undoubtedly, Quintenz is a pro-crypto executive. The company where he works right now, a16z crypto, is a venture capital fund that invests in crypto and web3 startups. Significance of Appointing a Pro-Crypto Leader as CFTC Chair The Commodity Futures Trading Commission regulates derivatives markets, including crypto futures and options. Crypto companies prefer the CFTC over the SEC, as the commission has a more open approach and sees cryptos as commodities, not securities. Appointing a pro-crypto leader as the chair of the CFTC is a big deal because it could bring clearer, fairer and more supportive regulations for the crypto industry. Also Read : SEC’s Peirce Says Most Memecoins Aren’t Securities: Was Gensler Wrong All Along? , Support to Quintenz from Key Leaders CFTC Acting Chair Caroline Pham expresses her happiness and excitement about the Trump administration’s plan to appoint Quintenz as the chair of the community futures regulator. She recalls crucial projects that she successfully completed with the support of Quintenz while he was working as the commissioner of the CFTC. Meanwhile, expressing his extreme happiness about the plan, Blockchain Association CEO Kristin Smith projects Quintenz’s real experience in the crypto industry as a key reason why he is highly suitable for the position. In conclusion, Brian Quintenz’s potential appointment as CFTC chair could shape the future of crypto regulation in the US. His pro-crypto stance may create a more favourable regulatory environment, benefiting crypto companies and investors alike. Never Miss a Beat in the Crypto World! Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more. Subscribe to News