Exchange employees can no longer trade tokens on the platform they work for
S. Korean State Council approves enforcement decree of FTRA
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임준혁 2021년 9월29일 15:45
금융위원회. 출처=한겨레
Provided by The Hankyoreh

Employees and executives at South Korean crypto exchanges can no longer purchase or trade tokens through their employers.

On Sept. 28, the State Council of South Korea approved an administrative decree from the Financial Services Commission (FSC) regarding the Financial Transaction Reports Act (FTRA).

The FTRA forbids employees and executives of domestic crypto exchanges from trading assets on the exchanges they work for. It also prohibits exchanges from issuing native tokens.

The enforcement decree is effective immediately.

Exchanges that violate the decree will have their operations suspended or face a fine of up to 100 million won ($84,438).

The FTRA also forbids exchanges from listing tokens that are issued by employees or anyone with a "special relationship" with an employee of the exchange in question. Such tokens that have already been listed must be delisted within six months.

South Korean legislation currently defines "special relationship" as spouses, blood relatives (up to sixth cousin), in-laws and relatives by marriage (up to fourth cousin), and anyone with the institutional or legal authority to exert influence on an exchange's activities.

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