South Korea seeks to gain more control over exchanges

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Representative Yoon Chang-hyun of the People's Power Party is proposing an amendment to the cryptocurrency regulation bill.

South Korean lawmakers are preparing to amend crypto regulations to give them more power for exchanges.

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The media reported that Representative Yoon Chang-Hyun of the People's Power Party plans to propose amendments. 

The revised content focuses on strengthening the authority to protect investors and supervise and inspect business operators.

Currently, the bill requires exchanges to keep user deposits in segregated accounts with their account, “virtual asset operators cannot arbitrarily seize user deposits.”

Summary, Financial Services Commission (FSC) has more power in monitoring cryptocurrency exchanges. 

FSC has also emphasize that they are considering other changes to exchanges, they are considering exchanges to cover investor losses and pay penalties for abrupt suspension of withdrawal services.

South Korean authorities continue their investigation into Terraform Labs. Prosecutors have recently frozen over 100 million dollars belongs to Terraform Labs co-founder Shin Hyun-Seong. 

According to Korean prosecutors, Do Kwon is said to be live in Europe.


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