Korean exchanges freeze suspicious wallets but have nowhere to put assets; industry calls for legal custody framework

Summary

According to Korea Herald Business, starting October, Korean cryptocurrency exchanges will be required to proactively detect and suspend transactions suspected of voice phishing, as per the revised Telecommunications Fraud Victim Compensation Act. This change extends victim relief to virtual assets…

Key points

Understanding the impact of Korean regulations on exchange operations and gaps in handling suspicious assets.
Korea's regulatory expansion to virtual asset fraud lacks clear asset handling mechanisms, affecting industry operations.
Korean exchanges need to strengthen detection and freezing processes and advocate for a legal custody system to manage suspicious assets.

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Editorial note

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