The Fair Trade Commission of the Republic of Korea (FTC) has notified 12 crypto-exchange exchanges that they must change user agreements – contracts whose terms are not subject to negotiation by customers. This step was taken to protect clients from crypto-exchange exchanges, Ryonhap reports.
Restricting User Freedom
The FTC reports that contracts in their current form do not allow users to withdraw their deposits, limit the receipt of services by customers, and also limit the financial freedom of users when they terminate their membership in the crypto exchange.
South Korea’s Core Currency Market
At the moment, the South Korean crypto-currency market is the third largest in the world, after the markets of the US and Japan. Since last autumn, the government of South Korea has issued a number of regulatory standards relating to this area. Thus, anonymous crypto-currency trade was banned in the country, it was completely banned by the ICO, and a ban on the storage and trade of crypto-currencies was imposed on government officials.
Also in late March, the Korean authorities announced that in June they will issue official recommendations and regulations on crypto-taxation.