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.
The mooted rules could impose onerous regulations on individuals or platforms that mint non-art NFT’s intended for trading, as well as decentralized finance projects among others.
The Nov. 23 report by the FSC details items it proposed in the Act on the Protection of Cryptocurrency Users that has been sent to the National Assembly for consideration.
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