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South Korea’s top financial regulator ordered crypto exchanges to suspend new digital asset lending services, citing mounting risks and highlighting a need for clear rules.
The Financial Services Commission (FSC) said on Tuesday that it sent letters to exchanges requesting the suspension of new crypto lending until it completes guidelines. Existing contracts, like repayments and maturity extensions, will be permitted.
On July 31, the FSC and the Financial Supervisory Service (FSS) announced they had formed a joint task force to develop a…
