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

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

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The Korea Reasonable Trade Commission (KFTC) is reportedly planning to designate regional crypto exchange Upbit operator Dunamu as an enterprise topic to constraints on mutual investment, which would add more polices to the entity.

See associated short article: Two crypto exchanges access unicorn position in South Korea

Quick specifics

  • A corporation with total property more than 10 trillion Korean won (about US$8.07 billion) is matter to constraints on mutual expenditure to prevent the focus of economic power to big corporations, with added restrictions like limitations on mutual expense, personal debt assures and voting legal rights in stocks of affiliated corporations. 
  • As of 2021, Dunamu’s full property sum to 10.15 trillion received (US$8.19 billion) in accordance to its company report uploaded on Financial Supervisory Service’s Facts Assessment, Retrieval and Transfer System (DART) — the prior 12 months it scored 1.38 trillion gained. 
  • Dunamu reportedly insists that considering the fact that it is a money enterprise, customer property need to be excluded when counting overall property. Even so, the KFTC are not able to exclude shopper property in calculating whole assets as South Korea does not classify blockchain-primarily based crypto asset providers and services as fiscal corporations.
  • Koh Seung-beom, chairman of South Korea’s Fiscal Companies Commission, vowed to scrutinize Upbit’s monopolistic position in the area cryptocurrency market at past year’s parliamentary inspection of the administration.
  • Dunamu’s Upbit trade experienced about 78% marketplace share amongst South Korean exchanges in trade quantity the very last 24 hrs according to CoinMarketCap — the KFTC says it is a monopoly when a marketplace chief has a share of more than 50%.

See linked article: Upbit gets to be South Korea’s to start with recently registered crypto trade

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