TechFlow News, according to Yonhap News Agency, the Financial Services Commission (FSC) of South Korea announced on the 17th that it will announce a draft amendment to the Enforcement Decree of the Act on Financial Information for specific purposes by July 26. The revised bill stipulates that cryptocurrency exchanges will be prohibited from acting as agents for the direct issuance or trading of cryptocurrencies by the exchange itself or its related personnel. Related persons include spouses, blood relatives within six degrees, relatives within four degrees, enterprises or organizations that individually or jointly with related persons hold more than 30% equity or have actual influence over significant business matters, as well as their directors, executives, and auditors. The amendment also prohibits cryptocurrency exchanges and their staff from conducting transactions through affiliated operating companies (exchanges). The FSC stated, "The reason for amending this act is due to issues such as cryptocurrency operators fabricating assets entering computer networks, including manipulating cryptocurrency prices." Earlier reports indicated that employees of South Korean cryptocurrency exchanges trading on affiliated exchanges would face fines of 100 million Korean won.
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