news 
Here is the article:
South Korea Blocks 17 Overseas Crypto Exchange Apps in Registration Crackdown
In a recent move to strengthen its regulatory grip over the cryptocurrency space, South Korea has blocked the registration of 17 foreign cryptocurrency exchange apps. This development comes amidst growing concerns over the misuse of funds by some exchanges.
The announcement was made by the Financial Intelligence Unit (FIU) of South Korea’s Ministry of Economy and Finance, which stated that it would not approve the registration of these overseas exchanges due to their lack of compliance with local regulations. The FIU emphasized that only cryptocurrency exchanges registered with the Korean government can operate legally in the country.
The move follows a recent probe into Bithumb’s financial governance after an estimated $2.3 million fund misuse was reported. This incident highlights the need for stricter oversight and regulation in the industry.
Meanwhile, Bank of Korea is planning to give 100,000 users access to its central bank digital currency (CBDC) as part of a real-world pilot project. The CBDCs will be used for transactions with participating merchants. Additionally, Project Hangang has been launched to evaluate real-world CBDC transactions in collaboration with seven major banks and merchants.
The development is significant, especially considering the country’s stance on cryptocurrency adoption. While South Korea has been exploring the potential of blockchain technology and digital currencies, its central bank has also emphasized the need for a cautious approach to ensure financial stability.
In related news, it appears that South Korea has rejected the idea of holding Bitcoin reserves due to North Korea’s alleged hoarding of BTC through cybercrime activities. This move underscores the complexities surrounding the cryptocurrency landscape in the region and highlights the need for vigilant oversight.
The exchange between Upbit’s owner and South Korean regulators continues, with no end in sight to their legal battle over regulatory compliance issues.
Source: https://cryptoslate.com/south-korea-blocks-17-overseas-crypto-exchange-apps-in-registration-crackdown/
