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The Korea Good Trade Commission (KFTC) is reportedly scheduling to designate community crypto trade Upbit operator Dunamu as an organization subject matter to constraints on mutual expense, which would add additional restrictions to the entity.
See linked short article: Two crypto exchanges access unicorn status in South Korea
Rapid details
- A organization with whole assets in excess of 10 trillion Korean received (about US$8.07 billion) is issue to constraints on mutual investment to stop the concentration of financial energy to key organizations, with additional polices including limits on mutual investment, credit card debt assures and voting rights in shares of affiliated corporations.
- As of 2021, Dunamu’s total property volume to 10.15 trillion received (US$8.19 billion) according to its small business report uploaded on Economic Supervisory Service’s Data Investigation, Retrieval and Transfer Method (DART) — the prior yr it scored 1.38 trillion won.
- Dunamu reportedly insists that because it is a money organization, shopper belongings should be excluded when counting total property. Nonetheless, the KFTC can not exclude customer assets in calculating overall property as South Korea does not classify blockchain-dependent crypto asset providers and expert services as economical enterprises.
- Koh Seung-beom, chairman of South Korea’s Monetary Products and services Fee, vowed to scrutinize Upbit’s monopolistic position in the community cryptocurrency market at last year’s parliamentary inspection of the administration.
- Dunamu’s Upbit trade experienced about 78% sector share amongst South Korean exchanges in trade quantity the previous 24 hrs in accordance to CoinMarketCap — the KFTC says it is a monopoly when a marketplace chief has a share of more than 50%.
See relevant article: Upbit turns into South Korea’s first newly registered crypto exchange
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