Upbit Operator To Spend $8.9 Mln USD To Build A Unit To Guard Crypto Investors.
2021-05-06 | Robin Williams
Dunamu, the South Korean operator of cryptocurrency exchange Upbit, outlined that
it'll spend $8.9 Mln USD
establishing a unit
to guard crypto investors.
The “Upbit Protection Center for Digital Asset Investors”
is meant to stop fraud, conduct research
and offer legal assistance and
support to victims of crypto-related crimes, the Korea Herald recently
reported earlier on Thursday.
The announcement comes against the backdrop of a clampdown by South Korea’s government on crypto businesses.
Cryptocurrency exchanges
within the country have until 24
th Sept. to register as VASP [Virtual Asset Service Providers], permitting regulators
to work out the legality of firms’ operations.
Dunamu
will also start running an environmental, social, and governance [ESG] management committee later in 2022, headed by board director Song Chi-hying.
This is
a part of Dunamu’s efforts
to hitch the worldwide ESG trend, a growing focus for financial institutions and regulators.
Within the
cryptocurrency ecosystem, ESG
is usually related to the energy required in mining. However, it can also
reach how companies operate and their wider impact on society, like the association with fraud as well as money laundering.
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