Cryptocurrency executives in South Korea that fail to register their exchanges with the country’s regulator could soon be facing time behind bars.
The financial regulator of Mauritius has issued a fresh warning to investors, highlighting concerns over two alleged crypto Ponzi schemes in the country.
The new proposals announced Wednesday clarifies the Financial Services Commission’s regulatory position for cryptocurrency exchanges in South Korea.
A total of 105 companies had applied to take part in the program since its launch in January 2018, according to South Korea’s Financial Services Commission.
The South Korean government will have an official position on initial coin offerings (ICOs) by November.
The Financial Services Commission has detailed new requirements for account monitoring by South Korean banks.
Employees at three cryptocurrency exchanges in South Korea have been taken into police custody for alleged embezzlement of their clients’ funds.
The ban could be lifted in some as-yet undefined circumstances, allowing some token issues to go ahead where they meet new criteria, according to reports.
Investors in South Korea will be required to use real-name accounts for trading in cryptocurrencies by Jan. 30.