Upbit’s Transparency Report
One of the significant crypto exchanges, Upbit has come up with its first transparency report in South Korea. This is in line with their commitment to adhere to the soon-to-be-implemented Virtual Asset User Protection Act (VAUPA) which will kick off as of July 19th. The reason behind this publication was to make sure that crypto trading would remain honest and credible.
Crypto Trading Restrictions Implemented
Upbit exchange has tightened its internal rules to prevent insider trading and ensure transparency in preparation for VAUPA. Using the platform for trading virtual assets is prohibited for employees, executives or their immediate family members. Thus, the self-regulatory measure in line with Specific Financial Information Act Article 17 contains provisions aimed at preventing price manipulation as well as promotion of fair trading practices.
South Korea’s Regulatory Landscape
Upbit’s initiative comes because South Korea is trying hard to regulate the crypto industry better. VAUPA mandates that exchanges must set up tough monitoring systems that can be used to stop cheating in trade or market manipulation through cryptocurrencies. This law was made in 2020 in order to make trading fairer like they do globally for digital money exchanges are concerned during an age that is rapidly digitalizing in terms of financial services.
Also Read: Guide On Crypto Regulations In The US & In Canada
Lee Seok Woo, the CEO at Upbit emphasized the importance of trading safety and market Stability, he said to Compliance with VAUPA. Other Crypto Companies in South Korea are also preparing for VAUPA compliance, bearing witness to a larger move towards tougher regulation on the part of the government over business dealings in cryptocurrencies.
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