A new set of rigorous regulations for token issuers proposed by South Korean regulator.

  • South Korea’s Financial Services Commission has issued a report outlining its new definition of cryptocurrencies, along with proposed procedures for token issuers and punishments for non-compliance.
  • The report first addresses token-issuing businesses, which include ICO operators, Decentralized Autonomous Organizations, and nonfungible token minting services.
  • The FSC would require these entities to submit a white paper, obtain a favorable rating from a recognized token evaluation service, obtain a legal review of the project, and disclose regular business reports to users.

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