South Korea plans to strengthen the asset reconciliation mechanism for crypto platforms: perform asset checks every 5 minutes, and complete system deployment by the end of May.

ME News Report, April 6 (UTC+8), the Korea Financial Services Commission (FSC) requires local crypto trading platforms to establish a system by the end of May that checks internal ledgers against actual crypto holdings every 5 minutes. They must also disclose asset matching balances daily and undergo external audits by accounting firms monthly. Currently, among the five major local crypto trading platforms, three still perform asset reconciliation on a 24-hour cycle, while the other two have a reconciliation frequency between every 5 to 10 minutes. Additionally, regulators have found that when large-scale asset mismatches occur, the trading circuit breaker mechanisms of these platforms have certain deficiencies. (Source: Foresight News)