South Korea is moving quickly to tighten its grip on the crypto industry, and it’s clear why.
The recent Upbit breach saw over 104 billion Solana-based tokens moved out of the exchange in less than an hour. In response, regulators are now considering “bank-level” no-fault liability rules that would require exchanges to compensate users for losses – even when the platform isn’t directly to blame.
Until now, only banks and licensed payment firms operated under this standard.
About the issue, FSS Governor Lee Chan-jin said,
“The hacking is not something we can overlook. However, regulatory oversight clearly has limits in imposing penalties…”
The push came after a troubling pattern of outages across the country’s major platforms and concerns over delayed incident reporting. With lawmakers also demanding progress on a dedicated stablecoin bill, there’s a lot to keep an eye out for in the country’s crypto space.
Meanwhile, Europe’s banks push ahead
BPCE’s rollout makes it evident how quickly traditional finance (TradFi) is adapting.
By giving two million customers access to Bitcoin [BTC], Ethereum [ETH], Solana [SOL] and USD Coin [USDC] directly through its regional apps, the group seems to be preparing for a world where crypto services are innately expected.
Source: X
It looks to be a straightforward setup with a cheap account and clear fees. Hexarq handles custody.
But the bigger change goes beyond one bank. Spain’s BBVA and Santander have already opened full trading and custody for retail users, while Fintech players continue to pull millions into their ecosystems.
With competition rising, Europe’s banks are innovating fast to not lose an entire generation of customers to more agile players.
AMBCrypto previously reported that Poland has now blocked its own crypto oversight bill, widening its split from Europe’s MiCA rollout. The stalled legislation leaves Poland out of sync with EU progress, even as other countries like Italy push deeper into investor safeguards.
Final Thoughts
- Global crypto regulation is splitting fast, with Asia tightening control while Europe speeds up.
- With Poland stalling and banks like BPCE onboarding millions, the next phase of crypto is here.
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Author: Samyukhtha L KM
