Upbit Tightens Internal Crypto Trading Ahead Protection Act Implementation
Highlights
- Upbit rolls out its first transparency report in South Korea.
- The exchange restricts trading for employees, blood relatives, and executives.
- This is in line with the implementation of VAUPA to promote fair trading.
Digital asset exchange, Upbit published a financial transparency report to provide fair and trustworthy crypto services. This aligns with the Virtual Asset User Protection Act (VAUPA) to be implemented on July 19. South Korea and other global regulators continue ramping up crypto regulation efforts.
Upbit Tightens Crypto Rules
Upbit has tightened crypto trading rules for certain scenarios through Dunamu, the exchange operator. In a recent release, the company announced its transparency report for the first time. According to the statement, self-regulation would be applied to prevent the use of undisclosed information.
In line with Article of the Specific Finance Information Act, employees and executives of the exchange cannot trade virtual assets through the service. Furthermore, Upbit restricts crypto trading to blood relatives or immediate family of employees to maintain fair and balanced trading services. An overview of the report shows directives to prevent insider trading, promotion of fair trading, risk assessment through Know Your Customer (KYC) Regulations, prevention of price manipulation, etc.
“The report also includes Dunamu’s efforts to prohibit price manipulation within Upbit. A representative example is the ‘Upbit Market Oversight (UMO)’ system.UMO was built to fulfill the market surveillance obligations of virtual asset exchanges, which are being strengthened by the enforcement of the User Protection Act.”
Upbit disclosed that the transparency report will be released every year to maintain policies. Lee Seok Woo Dunamu’s CEO noted that user safety and market stability are top priorities for the exchange stating steps to achieve same.
South Korea Ramps Up Rules
This announcement comes on the heels of the VAUPA implementation on July 19. The rules mandate crypto exchanges to create monitoring systems to prevent fraudulent transactions and price manipulation in South Korea. VAUPA was passed into law last year setting a new standard to promote fair trading standards among digital asset exchanges. Like Upbit, other crypto firms in South Korea have also begun VAUPA implementation. This is in line with global regulatory efforts to curb digital asset fraud in the financial market.
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