Korea Archives -
North Korea says it has suspended nuclear and long-range missile tests and plans to close its nuclear test site. The North’s official Korean Central News Agency said the suspension of nuclear and ICBM tests went into effect Saturday local time, per the AP .The country says it’s making the move…
CIA Director Mike Pompeo secretly travelled to Pyongyang over Easter weekend to meet leader Kim Jong Un for the highest-level direct talks between the US and North Korea since Madeleine Albright’s visit as secretary of state in 2000, sources tell the Washington Post and the AP . Pompeo made the highly…
President Trump revealed Tuesday that the US and North Korea have already held “direct talks” at “extremely high levels.” He also said, during an appearance with Japanese Prime Minister Shinzo Abe at Trump’s Mar-a-Lago estate in Florida, that five different locations are being considered for his upcoming sit-down with Kim…
Choi Eun-hee led a fascinating life—even before the actress was kidnapped by North Korean agents and forced to make films for the state. A film icon, Choi died Monday at a South Korean hospital, where she was receiving dialysis, her son tells Yonhap News . She was 91. Beginning her…
A funding cut by South Korea will force the U.S.-Korea Institute, an influential center for North Korea studies in Washington, to close in one month, as summits with Kim Jong Un approach.
WSJ.com: What’s News Asia
North Korea has told the U.S. that Kim Jong Un is prepared to discuss the denuclearization of the Korean Peninsula, clearing the way for a summit meeting between the North Korean leader and President Trump, U.S. officials said.
WSJ.com: What’s News Asia
South Korea’s financial watchdog today ordered a dozen cryptocurrency exchanges to update their adhesion contracts, which the agency claims causes problems for users in withdrawals, and generally puts the businesses way ahead of consumers on all levels.
Also read: Trezor to Implement Bitcoin Cash Addresses
South Korea Orders Exchanges to Revise Adhesion Contracts
The Republic of Korea Fair Trade Commission (KFTC), the country’s regulatory authority for economic competition, “ordered 12 cryptocurrency exchanges to revise their adhesion contracts, which largely fail to provide adequate protection for consumers,” according to Yonhap.
Consumer protection in South Korea is regulated under several acts, including the Consumer Protection Act, and also more specific acts, such as the Adhesion Contract Act, enacted December 31, 1986.
It was later updated for the internet age, and is known as The Act on Consumer Protection in Electronic Commerce (E-Commerce Act). Its charter provides a shield on the consumer side during online transactions. It’s the main law the KFTC is appealing to. The KFTC is also looking over standard terms and conditions guidelines, and these are enforced via the Regulation of Standardized Contracts Act (RSCA).
With the RSCA, the onus is on the business to disclose all benefits and responsibilities, including what is referred to in the US as the small print. The Korean Supreme Court ruled that the standard is “contractual terms that would typically affect a reasonable consumer’s decision to enter into a contract or how prices are set for the concerned transaction (for example, product warranty or disclaimer of liability).”
Charges of Unfairness
“According to the Fair Trade Commission,” Yonhap continues, “existing guidelines unfairly bar users from withdrawing their deposits, or limit their services to users, and force users to shoulder all financial losses when they secede from membership.”
South Korean cryptocurrency exchanges have been very active of late. Huobi has officially launched in South Korea, facilitating “the trading of 100 cryptocurrencies and 208 markets.” In terms of regulation, these pages also reported how the “Kakao-backed cryptocurrency exchange Upbit has launched a system to reward users for identifying fraudulent multi-level schemes related to cryptocurrencies.”
Just within the last two weeks, however, three exchanges were raided by prosecutors who they “suspected of buying bitcoin with money stolen from customers’ accounts,” News.Bitcoin.com documented. This happened roughly a month after over “twenty cryptocurrency exchanges in South Korea have agreed to voluntarily undergo evaluations” in a broader effort to better self-regulate.
Do you think South Korean exchanges are over-regulated? Let us know what you think in the comments below.
Images via Pixabay.
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