TechFlow news, according to News1, citing data submitted by the Financial Supervisory Service and provided by the office of National Assembly Representative Kim Hee-geun, South Korea's virtual asset exchanges have disclosed their reserve funds prepared for potential hacker attacks and technical failures.
Upbit holds the highest reserve at 20 billion KRW, followed by Bithumb at 10 billion KRW, and Coinone at 7.3 billion KRW. Korbit and Gopax have each accumulated the minimum required amount of 3 billion KRW as reserves.
Among virtual currency exchanges, 18 are currently in a state of "complete capital deficiency."
According to Heehee, guidelines from the Bankers Association require exchanges to set aside reserves equal to the higher of 30% of daily deposits or 3 billion KRW. However, some believe these reserve amounts are relatively low. Proposals have been raised in Congress that may increase the reserve cap. Reserve requirements only apply to exchanges with real-name verified accounts; for virtual currency exchanges without such accounts, investor protection could be more challenging.
