Korean exchanges issue a warning on Litecoin over usage of privacy-focused tech
Litecoin (LTC), a peer-to-peer cryptocurrency and open-source software project, faced heat from the top two crypto exchanges in South Korea over the usage of privacy-focused technology. Bithumb and Upbit, two of the nation's biggest crypto exchanges, released warnings against LTC following a major update in the network, which was witnessed earlier this year.
Warnings against Litecoin
As per a previous report from Cryptonary, Litecoin (LTC) welcomed a huge upgrade after two full years called Mimblewimble, which aimed to improve a number of features of the blockchain but was mainly aimed at enhancing the privacy features of the network. With Mimblewimble, users will be able to complete confidential transactions with great ease.Bithumb stated that it will follow its "Transaction Support Policy" for investor protection which stipulates that "transaction support should be terminated if it violates laws, government or financial authorities' guidelines or is subject to regulation."
"Accordingly, we plan to designate the virtual asset as a cautionary item for investment in accordance with 'regulation compliance" and "internal policy for investor protection' and finally review whether the transaction support is terminated," said the official warning.A similar warning was stated by Upbit, while the other two large Korean exchanges, Korbit and Coinone, remain silent on the matter for now. The exchanges pointed out that the privacy features of Litecoin will lead to a breach of Korea's Act on the Reporting and Use of Specific Financial Transaction Information.
Digital Asset Framework Act in 2024
As per a previous report from Cryptonary, South Korea plans to bring the Digital Asset Framework Act in 2024 under the leadership of the new government led by Yoon Seok-youl. The government aims to give the green light to Initial coin offerings (ICOs), among other things. The government has prepared an implementation plan called the "National Task Implementation Plan" to enact the Digital Assets Basic Act, and this is the first time that an annual implementation plan has been made public.Continue reading by joining Cryptonary Pro
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