Korea bans leveraged lending in crypto sphere
The Bitcoin price is displayed on an electronic board at the Bithumb Lounge in Gangnam District, southern Seoul, on Aug. 26. [YONHAP]
Korea will bar individual investors from borrowing more digital assets than the value of their holdings at local crypto exchanges as part of new restrictions introduced on Friday to curb excessive leverage and protect consumers.
The Financial Services Commission (FSC) and the Financial Supervisory Service said they will enforce the new guidelines on virtual asset lending services starting Friday. The move comes as local exchanges race to…