March 5, 2024

Afrispa

Epicurean computer & technology

S.Korea eyes restraints on crypto unicorn Dunamu over monopoly concerns

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The Korea Good Trade Commission (KFTC) is reportedly scheduling to designate local crypto exchange Upbit proprietor Dunamu as an enterprise issue to constraints on mutual financial investment, which would incorporate a lot more restrictions to the entity.

See related post: Two crypto exchanges access unicorn position in South Korea

Rapid facts

  • A business with total belongings around 10 trillion Korean received (about US$8.07 billion) is issue to constraints on mutual investment decision to prevent the concentration of economic electrical power to significant businesses, with additional regulations including limits on mutual expenditure, debt guarantees and voting rights in stocks of affiliated corporations. 
  • As of 2021, Dunamu’s overall assets amount to 10.15 trillion gained (US$8.19 billion) in accordance to its business report uploaded on Monetary Supervisory Service’s Information Analysis, Retrieval and Transfer Technique (DART) — the prior 12 months it scored 1.38 trillion received. 
  • Dunamu reportedly insists that considering the fact that it is a financial business, purchaser assets must be excluded when counting total property. On the other hand, the KFTC can not exclude consumer assets in calculating total assets as South Korea does not classify blockchain-centered crypto asset providers and providers as economic enterprises.
  • Koh Seung-beom, chairman of South Korea’s Financial Services Commission, vowed to scrutinize Upbit’s monopolistic status in the regional cryptocurrency industry at very last year’s parliamentary inspection of the administration.
  • Dunamu’s Upbit trade experienced about 78% market share among the South Korean exchanges in trade volume the last 24 hrs according to CoinMarketCap — the KFTC suggests it is a monopoly when a current market chief has a share of in excess of 50%.

See connected write-up: Upbit turns into South Korea’s very first newly registered crypto trade

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