South Korea weighs crypto market makers after JPYC trades at 4 times peg
- Published
South Korea is revisiting how crypto market makers fit under its manipulation rules after a JPYC moved to about four times its peg on Upbit this month. The review points to a possible change in how trading is managed on local exchanges, while the details of any rule change remain open.
Key claims & sources
What it means
Crypto traders and exchange users in South Korea are the people most likely to notice this first. The review follows a JPYC move on Upbit this month, and it raises the possibility that market-making activity on local venues may be handled differently than it is now.
In practice, the existing setup leaves crypto market making effectively constrained under South Korea’s manipulation rules. If that changes, the main shift would be in whether market makers can operate more openly on local exchanges, while ordinary trading on Upbit remains in place.
Market reaction i
JPY Coin rose 0.4% in the 4 hours after the first headline, after falling 0.2% in the 2 hours before.
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