Korea to investigate Paycoin, Wemix and 40 other platform coins to prevent a "second FTX event"

Nov 14,2022
KingData News: The Financial Intelligence Unit (FIU) of the Korea Financial Services Commission will conduct a comprehensive investigation into the risks associated with 40 cryptocurrency companies' self-issued tokens (platform coins). The aim is to prevent a "second FTX incident" by examining the current status of self-subscribed coins listed on domestic exchanges and each exchange's risk management measures. Tokens issued by companies with issuance platforms such as Paycoin (PCI) and WEMIX (WEMIX) of Danal, a large Korean payment company, are expected to be included in the investigation. The financial authorities believe that a regulatory system for self-issued coins should be established first after this FTX bankruptcy.
This index tracks global regulatory move targeted at cryptocurrency and blockchain industry.
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