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The Korea Truthful Trade Fee (KFTC) is reportedly preparing to designate regional crypto trade Upbit operator Dunamu as an company subject to limitations on mutual financial investment, which would include a lot more rules to the entity.
See associated write-up: Two crypto exchanges reach unicorn position in South Korea
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- A enterprise with whole property more than 10 trillion Korean gained (about US$8.07 billion) is matter to constraints on mutual financial investment to prevent the concentration of financial electrical power to significant organizations, with further laws such as limitations on mutual expenditure, financial debt guarantees and voting legal rights in stocks of affiliated businesses.
- As of 2021, Dunamu’s total belongings quantity to 10.15 trillion received (US$8.19 billion) according to its company report uploaded on Monetary Supervisory Service’s Info Investigation, Retrieval and Transfer Procedure (DART) — the preceding 12 months it scored 1.38 trillion won.
- Dunamu reportedly insists that because it is a economic company, customer assets should really be excluded when counting complete belongings. Having said that, the KFTC can’t exclude client assets in calculating overall property as South Korea does not classify blockchain-dependent crypto asset providers and services as economical organizations.
- Koh Seung-beom, chairman of South Korea’s Money Companies Commission, vowed to scrutinize Upbit’s monopolistic status in the neighborhood cryptocurrency market at last year’s parliamentary inspection of the administration.
- Dunamu’s Upbit trade had about 78% market share amongst South Korean exchanges in trade volume the very last 24 several hours in accordance to CoinMarketCap — the KFTC states it is a monopoly when a marketplace leader has a share of above 50%.
See similar posting: Upbit turns into South Korea’s initially freshly registered crypto trade
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