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SOUTH KOREA IS CRACKING DOWN ON UNREGISTERED CRYPTO EXCHANGES - JUST AS THE
'BITCOIN KIMCHI PREMIUM' HITS A 4-MONTH LOW




Sophie Kiderlin
Jul. 23, 2021, 06:57 AM









Eun Sung-soo, the chairman of the South Korean Financial Services Commission.

Reuters

 * South Korean regulators are cracking down on unregistered foreign crypto
   exchanges.
 * Foreign virtual-asset providers must register with the regulator if they
   'target' South Koreans.
 * South Korean regulators have been reining in crypto exchanges and trading.
 * Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

South Korea is cracking down on unregistered foreign crypto exchanges, just as
the so-called 'bitcoin kimchi premium' has hit a four-month low.

In a statement issued on Thursday, the South Korean Financial Services
Commission urged foreign virtual-asset service providers to register with them
or risk being shut down by September for conducting illegal operations. The
regulator said it had sent warnings to 27 such providers.

"For foreign VASPs that continue to operate without registration beyond the
September 24 deadline, the KoFIU will notify them of their illegal activities
and take actions such as blocking access to their websites to inhibit their
illegal business operations," the statement said.

Additionally, criminal investigations and charges could be brought against
providers that break the rules, the regulator said. Should crypto exchanges keep
operating without registration after the September deadline, operators could
face prison sentences or fines as high as 50 million South Korean Won (around
$43,500).






New regulations that aim to stop cryptocurrencies being used to fund illicit
activities came into effect in March of this year. They require crypto exchanges
to register with the regulator and meet other requirements by introducing
anti-money laundering strategies, tracking real names of customers, and
establishing partnerships with local banks.

In April of this year, the chair of the South Korean Financial Services
Commission said all of the country's crypto exchanges risked being shut down as
none of them had registered with the regulator at the time.

The South Korean regulator has now reminded foreign crypto exchanges that the
new rules also apply to them.

"The Act requires VASPs to register with the KoFIU as the law equally applies to
foreign VASPs that conduct activities outside Korea but have domestic
consequences within Korea," the statement said.

South Korea's crypto market has been increasing in popularity and size
consistently, in part due to the so-called 'kimchi premium', which is the gap
between dollar-traded bitcoin and tokens traded in Korean won. Some investors
use this to increase their profits through arbitrage - they buy and sell the
asset in different currencies or on different exchanges with the aim of making a
profit from the price difference.






According to data analytics site CryptoQuant, the premium is currently at just
2.14% - a four-month low. Earlier this year, the premium was as high as 21.55%.
A bigger premium often translates to higher trading volumes, as it entices
investors. Should exchanges - and therefore the South Korean crypto market - be
shut down, the 'kimchi premium' may no longer exist.

Read the original article on Business Insider





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YOUR MARKET VIEW

Name Price +/- % Date TSLA 1,116.00 6.97 0.63 Official Close 11/24/2021 AAPL
161.94 0.53 0.33 Official Close 11/24/2021 MSFT 337.91 0.23 0.07 Official Close
11/24/2021 NFLX 658.29 4.23 0.65 Official Close 11/24/2021 SPOT 249.50 6.32 2.60
Official Close 11/24/2021













INDICES IN THIS ARTICLE



Dow Jones 35,804.38 -0.03% NASDAQ Comp. 15,845.23 0.44% S&P 500 4,701.46 0.23%
NASDAQ 100 16,367.81 0.37% NASDAQ Fut. 15,839.00 0.41%




RELATED EXCHANGE RATES



BTC/USD 57,197.4688 -438.58

-0.76% BTC/EUR 51,063.8984 -172.56

-0.34% BTC/CHF 53,414.1406 -372.57

-0.69% BTC/JPY 6,602,057.0000 -32,379.00

-0.49% GBP/BTC 0.0000 0.00

0.39% EUR/BTC 0.0000 0.00

0.32% JPY/BTC 0.0000 0.00

0.98% CHF/BTC 0.0000 0.00

0.71% USD/BTC 0.0000 0.00

0.77% BTC/GBP 42,916.3516 -170.52

-0.40% ETH/USD 4,271.5410 -71.68

-1.65% ETH/EUR 3,813.4824 -47.46

-1.23% ETH/CHF 3,989.1689 -63.98

-1.58% ETH/GBP 3,205.0186 -41.83

-1.29% ETH/JPY 493,045.5625 -6,898.53

-1.38% EUR/ETH 0.0003 0.00

1.25% JPY/ETH 0.0000 0.00

1.41% CHF/ETH 0.0003 0.00

1.60% USD/ETH 0.0002 0.00

1.68% GBP/ETH 0.0003 0.00

1.31% ETC/USD 48.2483 -0.01

-0.02% USD/ETC 0.0207 0.00

0.02%





CURRENCY EXCHANGE RATES



Name Price Value % EUR/USD
1.1206
0.0004
0.04
EUR/GBP
0.8405
-0.0001
-0.01
EUR/CHF
1.0466
0.0003
0.03
EUR/JPY
129.314
0.0240
0.02


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