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The Financial Regulatory Authority of South Korea ordered all digital currency trading platforms to collect user accounts every five minutes, following an overpayment incident earlier this year.
Discover only failed vulnerabilities throughout the entire industry.
What causes these rules
In February, the Beijing platform was launched by sending 2,000 btc per person instead of 2,000 Korean won ($1.40) during a promotional event by mistake. The total error amounted to approximately 42 billion dollars of incorrectly allocated digital currencies. The Financial Services Authority (fsc) launched emergency inspections on all platforms immediately afterwards. The results showed that the problem exceeded human error only once.
Most platforms only match their offices once every 24 hours. The three platforms did not have an automatic stop button to suspend trading when differences appeared. Four platforms lack a multi-step approval system for high-quality manual transactions. Minnesota has not yet separated its public accounts from the accounts of high-risk transactions.
What should trading platforms do now?
The Financial Services Authority (fsc) announced a three-pillar reform package on April 6. Platforms must perform automatic balance checks every five minutes, with automatic beeps when large differences are detected. The monthly external audits will replace the previous quarterly table, and must now include the current assets on each block chain instead of just a percentage of the coverage.
For high-risk manual transactions, such as payment of rewards at events, separate accounts must be used, and automatic verification systems must be deployed to automatically reject the entries of the accounts and require cross-verification by a third party before execution.
The Financial Services Authority (fsc) also requires platforms to appoint dedicated managers to manage risk management — standards already expected from traditional financial companies. The inspection process has moved to twice a year instead of once a year, with the approval of the regulatory authorities.
تكامل داكسا, تØميل الإنساءة, self-regulatory amendments this month, together with the regulations by May. Introduction of key provisions in the next Korean digital assets legislation in its second phase.
