Fair Trade Commission Tightens Control on Virtual Asset Exchanges... Begins Inspection of 'Unfair Terms and Conditions' Compliance
Revealing Inspection Plans at the National Assembly Party-Government Meeting
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[Asia Economy Reporter Park Jun-yi] The Fair Trade Commission will start inspecting next month whether virtual asset exchanges have revised unfair terms and conditions that are disadvantageous to users.
On the 24th, at the 'Emergency Inspection on the Enactment of the Digital Asset Basic Act and Coin Market Investor Protection Measures' meeting held at the National Assembly, the Fair Trade Commission announced that it will check whether exchanges are complying with corrective recommendations.
This move to protect users came amid growing social concerns following the sharp price drops of TerraUSD and Luna.
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On the day, the Fair Trade Commission stated, "Starting in June, we will focus on inspecting the implementation of corrective recommendations for 20 types of unfair terms and conditions, and if necessary, issue corrective orders."
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