South Korea is reconsidering its crypto regulations after JPYC, a yen-pegged stablecoin, surged to over three times its peg on Upbit, causing losses for more than 21,000 investors. The spike happened because market makers, who usually stabilize prices, were barred under current rules that view their activity as potential manipulation. This incident exposed a regulatory blind spot, prompting calls to legalize and regulate market-making as part of upcoming legislation to better oversee digital assets. The Financial Services Commission may soon have authority to license liquidity providers, aiming to prevent similar market disruptions in the future.
South Korea's reconsideration of crypto market maker regulations is noted alongside Pluang's market data as of Sep 28, 2026 12:21 WIB. For readers following the broader cryptocurrency market, 10 of 50 major cryptocurrencies on Pluang rose while 39 fell. Among notable movers, BAT (Basic Attention Token) declined by 3.75% with a typical hold time of 93 days and a Pluang order activity of 96% sell, 4% buy; KSM (Kusama) fell 3.65% with a 79-day hold time and 62% sell, 38% buy activity; and XTZ (Tezos) dropped 3.63% with a 100-day hold time and exclusively buy orders at 100%.
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Upbit will begin trading the token CASHCAT across three markets: Korean won (KRW), Bitcoin (BTC), and Tether (USDT) starting September 28 at 4 a.m. ET (5 p.m. South Korea time). This multi-market launch allows investors to trade CASHCAT against fiat ...
