Digital asset exchange, Upbit published a financial transparency report to provide fair and trustworthy crypto services. This aligns with the Virtual Asset User Protection Act (VAUPA) to be implemented on July 19. South Korea and other global regulators continue ramping up crypto regulation efforts.
Upbit Tightens Crypto Rules
Upbit has tightened crypto trading rules for certain scenarios through Dunamu, the exchange operator. In a recent release, the company announced its transparency report for the first time. According to the statement, self-regulation would be applied to prevent the use of undisclosed information.
In line with Article of the Specific Finance Information Act, employees and executives of the exchange cannot trade virtual assets through the service. Furthermore, Upbit restricts crypto trading to blood relatives or immediate family of employees to maintain fair and balanced trading services. An overview of the report shows directives to prevent insider trading, promoti
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