An Upbit representative stated that the company did not intend to violate regulations. He explained that was difficult to determine in advance whether overseas exchanges were unreported due to the nature of blockchain transactions.
South Korea is now working to finalize its crypto regulatory framework and has launched official discussions to speed up the process. Thus, the regulators are working to bring the first draft by the second half of 2025.
The country’s top regulator, the Financial Services Commission (FSC), recently held a meeting for the same. For the upcoming crypto bill, the FSC has outlined major target areas for the same.