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74 Greed
Markets JPYC −0.9% Upbit Neutral

South Korea weighs market making for crypto after JPYC peg spike

CryptoVideos brief
Built from 2 sources 1 min read
South Korea weighs market making for crypto after JPYC peg spike Image: Cointelegraph
Image via Cointelegraph.

South Korea's Financial Services Commission is considering a market-making system for digital assets. The review follows JPYC, a yen-backed stablecoin, listing on Upbit on Sept. 17. JPYC opened at 12 Korean won and reached 37.6 Korean won. Market making is currently treated as potential market manipulation under the Virtual Asset User Protection Act. Regulators are discussing market-making rules alongside the planned Digital Asset Basic Act.

Key points

  1. South Korea's Financial Services Commission is considering a market-making system for digital assets.
  2. JPYC, a yen-pegged stablecoin, listed on Upbit on Sept. 17 and opened at 12 Korean won.
  3. JPYC reached a high of 37.6 Korean won shortly after its Upbit listing.
  4. Market-making activities are treated as potential market manipulation under the Virtual Asset User Protection Act.
  5. Market-making rules are being discussed alongside the planned Digital Asset Basic Act.

Why it matters

Market making is currently restricted in South Korea, and the JPYC spike was attributed to limited liquidity on Upbit. The review concerns whether firms can supply liquidity on Korean exchanges.

What's unclear

One report describes the JPYC spike as more than four times its reference value, while another describes it as more than three times.
Lawmakers have not settled key parts of the Digital Asset Basic Act, including rules for won-denominated stablecoin issuers.

Price context · JPYC

At publication
$0.006288
Now
$0.006285
Change since
−0.05%
7 days · dashed line = publication

Sources · 2 publishers

Cointelegraph Tier 1 First report
South Korea weighs crypto market makers after JPYC trades at 4 times peg
Crypto Briefing Tier 2
South Korea weighs legalizing crypto market makers after JPYC trades at 4 times its peg on Upbit

Coverage timeline

  1. First reported by Cointelegraph
  2. Confirmed by Crypto Briefing
  3. CryptoVideos brief published
How this brief was made. Our system found this event in 2 independent publications, summarised two complete reports with AI and checked every number above against the source text. Sources are linked in full. Not financial advice. Report an error