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<ul class="wp-block-list news-points">
 <li>FSS begins on-site inspections of South Korean crypto exchanges, starting with Bithumb.&nbsp;&nbsp;</li>
 <li>Bithumb under scrutiny for compliance with new Virtual Asset User Protection Act guidelines.&nbsp;&nbsp;</li>
 <li>FSS to evaluate Bithumb’s security, customer protection, and anti-fraud measures post-Chuseok.&nbsp;&nbsp;</li>
</ul>
South Korea’s Financial Supervisory Service (FSS) has announced the launch of on-site inspections of crypto asset exchanges, with Bithumb being the first platform under review. The inspections will commence after the Chuseok holiday, marking the regulator’s first in-depth examination of virtual asset service providers (VASPs) under the new legal framework.
<a href="https://coinedition.com/south-korea-probes-upbit-exchanges-under-new-crypto-laws" rel="noopener noreferrer nofollow">Read also: South Korea Probes Upbit, Exchanges Under New Crypto Laws</a>
The inspection will primarily focus on Bithumb’s compliance with the recently established Virtual Asset User Protection Act. This regulation, which seeks to improve the safety and openness of the crypto market in South Korea, outlines several rules that VASPs must adhere to.&nbsp;
The FSS will evaluate Bithumb’s adherence to these regulations, paying particular attention to its efforts to safeguard customer funds and ensure transparent operations. Additionally…
The post <a href="https://coinedition.com/south-koreas-fss-initiates-on-site-inspections-of-crypto-exchanges/" rel="noopener noreferrer nofollow">South Korea’s FSS Initiates On-Site Inspections of Crypto Exchanges</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

South Korea’s FSS Initiates On-Site Inspections of Crypto Exchanges

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