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South Korean regulator proposes strict new rules for token issuers
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South Korea’s Financial Services Commission (FSC) has issued a report outlining its new definition of cryptocurrencies, along with proposed procedures for token issuers and punishments for non-compliance.
The mooted rules could impose onerous regulations on individuals or platforms that mint non-art NFT’s intended for trading, as well as decentralized finance projects among others.
The Nov. 23 report by the FSC details items it proposed in the Act on the Protection of Cryptocurrency Users that
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