Crypto Exchanges In South Korea Roll Out Volatility Monitoring System

2023-7-5 22:30

A consortium of leading cryptocurrency exchanges in South Korea has introduced a system designed to notify users about price volatility and fluctuations in cryptocurrency prices.

This initiative aims to provide users with timely information and alerts regarding the dynamic nature of cryptocurrency markets, helping them make informed decisions and manage their investments effectively.

The newly implemented system sends out messages to users in various scenarios and these messages are triggered when there is a significant surge or decline in the price of coins within the previous 24 hours.

Additionally, it also informs about a notable increase in trading volume over the past 10 days, a sudden spike in deposit volume within the past 10 days, larger disparities between actual coin prices and the coin market cap, and accounts engaged in heavy trading activities.

Related Reading: Justin Bieber’s NFT Investment Crashes By Over 95%: Here’s More!

The alliance, known as the Digital Asset Exchange Association (DAXA), consists of major South Korean cryptocurrency exchanges such as Upbit, Bithumb, Coinone, Korbit, and Gopax. The primary objective of this alliance is to address information asymmetry within the cryptocurrency market.

DAXA Sets Standards For Exchanges

Following DAXA’s recent announcement of ethical standards for its members, the alliance has taken another significant step forward. The introduced standards, known as the DAXA Internal Control Standards and the Code of Ethical Conduct for Virtual Asset Operators, lay out the guidelines that virtual asset service providers must adhere to in their business operations.

These standards serve as a framework for ensuring responsible and ethical practices within the virtual asset industry, aiming to enhance transparency, consumer protection, and overall integrity in the market.

As outlined in the standards set by DAXA, one of the guidelines specifies that member cryptocurrency exchanges must engage the services of a third-party legal expert when making decisions regarding the listing or delisting of cryptocurrencies.

Importantly, the standard also emphasizes that the chosen legal expert must not have any conflicts of interest, ensuring an impartial assessment of the legal implications and considerations involved in such decisions.

South Korea Enacts New Crypto Legislation

The South Korean National Assembly has recently approved legislation aimed at establishing a legal framework for the regulation of cryptocurrencies. Under the new law, digital asset service providers (VASPs) are required to implement certain measures.

These include the separation of user funds from their own, as well as the obligation to provide insurance coverage for customer deposits. This is intended to enhance the security and protection of user funds within the cryptocurrency ecosystem.

Another notable development is the forthcoming implementation of the Virtual Asset User Protection Act which will enforce additional regulations. Under this Act, VASPs will be required to store crypto reserves in cold wallets, ensuring a higher level of security against potential hacking or theft. They must also maintain comprehensive records of all transactions for transparency and regulatory purposes.

The legislation mandates the Korean Financial Services Commission to conduct inspections of VASPs, ensuring compliance with the regulations and safeguarding the interests of users. Additionally, the Bank of Korea will supervise the data handled by service providers, adding another layer of oversight to ensure data management practices are in place.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Global Cryptocurrency (GCC) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0034358 (-100%)

cryptocurrency users system korea south volatility exchanges

cryptocurrency users → Результатов: 126


Cyber criminals are now stealing directly from cryptocurrency users

Hackers are now targeting cryptocurrency investors directly, after the exchanges increased their security measures, as they see the users as softer targets. HypnoArt / Pixabay See below fro a comment from Ilia Kolochenko, CEO and founder of web security company High-Tech Bridge on this topic: “There is nothing substantially new or unexpected in the skyrocketing […]

2018-7-14 03:12


Creator OF Javascript Records Over 3 Million Users On His Crypto Sponsored browser Brave

Brendan Eich is not a new name the the world of digital technology. The brain box behind JavaScript and co-founder of Mozilla has once again recorded an impressive customer feedback as Brave, the latest cryptocurrency sponsored browser created by the tech genius has reached a huge milestone as it garners over three million active users […] The post Creator OF Javascript Records Over 3 Million Users On His Crypto Sponsored browser Brave appeared first on ZyCrypto.

2018-7-14 01:09


Фото:

PoWx Seeks to Change Bitcoin Mining with “Optical PoW”

Nonprofit organization PoWx has launched this week with the goal of boosting the idea behind proof of work (PoW) through more innovative algorithms. The company is seeking to decentralize Bitcoin mining and make it more accessible to consumers through a new technology that executives have dubbed “optical PoW” — a new type of hardware that utilizes a more advanced and energy-efficient form of laser technology as the cornerstone of mining.

2018-7-14 01:04


Best Binance Cryptocurrency Trading Exchange Platform Alternatives to Try

Binance is one of the world's most popular cryptocurrency exchanges because it is easy to use, allows a great deal of liquidity due to the large number of cryptocurrencies that it supports, and offers a significant discount for users who pay their transaction fees with the platform's internal currency. However, as all cryptocurrency users should […]

2018-7-13 07:09


Cryptocurrency Giant Coinbase, Affected By The Staggering Cryptocurrency Market

Cryptocurrency firm, Coinbase experienced a dip in their performance in the cryptocurrency market as report witnessed a sharp decline in the download of its application. The American blockchain firm was the darling of Apple users as it was the most downloaded on Apple play store and even reached the top of the American finance app, […] The post Cryptocurrency Giant Coinbase, Affected By The Staggering Cryptocurrency Market appeared first on ZyCrypto.

2018-7-13 21:05


CoinEx Crypto Exchange Upgrades to Trade-Driven Mining For Higher Yields

The CoinEx cryptocurrency exchange has decided to upgrade the terms of the trade-driven mining model. CoinEx Tokens (CET) are issued to users instead of giving back transaction fees. The company, a subsidiary of ViaBTC, told the community in an announcement on Wednesday that their ‘trade-driven mining’ feature received important popularity and reviews among global users […]

2018-7-12 00:37


20% of All Bitcoin Is Permanently Lost and Unrecoverable, According to Researchers

A Wall Street Journal investigation and analysis suggested that users have misplaced a fifth of all Bitcoin. While this has not much in the way of ramifications for the technology, considering how it is designed to be deflationary and is divisible to a very low denomination, it has created a new industry of wallet hunters who […] 20% of All Bitcoin Is Permanently Lost and Unrecoverable, According to Researchers was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-7-10 17:59


Фото:

Find Out If You’re Addicted To Crypto Investment, Here

A few months ago, a hospital in Scotland broke headlines for being the first medical establishment to recognise cryptocurrency addiction. The gambling addiction unit at Castle Craig Hospital now include addiction to cryptocurrency investment as a part of their treatment programmes after realising that the industry can nurture some potentially damaging addictive behaviour.

2018-7-9 17:30


Leading Payments Solution Provider UTRUST Announces Implementation with Global Blockchain DigiByte

Bitcoin Press Release: Leading payments solution platform UTRUST has announced a technology integration with the most secure, most decentralized, scalable and fastest Blockchain: DigiByte. July 8th, 2018, Zug –  The integration between UTRUST and DigiByte offers users a secure payments solution through which they can safely use multiple cryptocurrencies.

2018-7-8 19:50