Media: South Korean regulators may ban DeFi platforms

According to the news from Decrypt on April 1, the Korean Financial Services Commission (FSC) has classified cryptocurrencies as "high-risk assets" and it is fine-tuning the "Online Investment Related Financial Law" (also known as the "P2P Law") with a view to The bill was passed before the third quarter of 2020, and if implemented, the law would mean that starting in August, locals will not be able to use crypto assets as collateral for loans and investment products. It is unclear how the bill will be applied to the DeFi platform, but according to the current version, the DeFi platform will be banned from operating in South Korea. The Korean Financial Services Commission (FSC) said that South Korea bans the use of crypto assets and derivatives as collateral-linked investment products because it makes it difficult for investors to understand the risks. Whether the new bill will affect local Koreans using MakerDAO, BlockFi, Dharma and other DeFi platforms remains to be seen.