The Korea Honest Commerce Fee (KFTC) is reportedly planning to designate native crypto change Upbit proprietor Dunamu as an enterprise topic to limitations on mutual funding, which might add extra laws to the entity.
See associated article: Two crypto exchanges reach unicorn status in South Korea
Quick details
- An organization with complete property over 10 trillion Korean gained (about US$8.07 billion) is subject to limitations on mutual funding to stop the focus of financial energy to main firms, with further laws together with restrictions on mutual funding, debt ensures and voting rights in shares of affiliated corporations.
- As of 2021, Dunamu’s complete property quantity to 10.15 trillion gained (US$8.19 billion) in response to its business report uploaded on Monetary Supervisory Service’s Knowledge Evaluation, Retrieval and Switch System (DART) — the earlier yr it scored 1.38 trillion gained.
- Dunamu reportedly insists that since it’s a monetary enterprise, buyer property must be excluded when counting complete property. Nevertheless, the KFTC can’t exclude buyer property in calculating complete property as South Korea doesn’t classify blockchain-based crypto asset corporations and providers as monetary companies.
- Koh Seung-beom, chairman of South Korea’s Monetary Companies Fee, vowed to scrutinize Upbit’s monopolistic standing within the native cryptocurrency market eventually yr’s parliamentary inspection of the administration.
- Dunamu’s Upbit change had about 78% market share amongst South Korean exchanges in commerce quantity the final 24 hours in response to CoinMarketCap — the KFTC says it’s a monopoly when a market chief has a share of over 50%.
See associated article: Upbit becomes South Korea’s first newly registered crypto exchange
