South Korea's Financial Services Commission is considering a market-making system for digital assets after JPYC, a yen-backed stablecoin, spiked on Upbit. Trading opened Sept. 17 at 12 Korean won per JPYC and hit 37.6 won within an hour, over four times its peg, due to limited liquidity. FSC official Yoo Young-joon cited user losses and calls for discipline. The Virtual Asset User Protection Act currently lacks a market-making exemption from manipulation provisions. Researchers have long argued a formal framework is needed, pointing to liquidity problems and the Kimchi premium.

AI summary of the linked source — not editorial content.

Story signal · how it spread on X · via Elfa

as of
thread quiet
Spread
i
Distinct X and Telegram accounts Elfa counted behind this story’s reports, summed over the thread. Not posts, not impressions.
11 accounts

first post
Leviathan +4.2 h later

JPYC reaction
i
Price change from the first post to 24 hours later (CoinGecko). BTC over the same window is shown so a market-wide move is not mistaken for a reaction to this story. Not advice.
+0.4% 24h after post

$0.00628 → $0.00630
BTC 0.0% same window

Thread · 3 events · last update 28 Sep 23:35 · quiet
  1. First reportSouth Korea considers lifting its ban on crypto market-making activities3 acc.
  2. UpdateSouth Korea weighs crypto market-making rules after JPYC trades above its peg5 acc.
  3. Leviathan published this article
  4. UpdateSouth Korea weighs crypto market-making oversight after JPYC spikes to four times its peg3 acc.

All times UTC.

Cited posts

  • @TheBlockCo The BlockFirst reportOn X ↗

    NEW: South Korea's FSC said it will review lifting the ban on crypto market makers to improve the efficiency and stability of the digital asset ecosystem, local news outlet Digital Asset reports. The country's investor protection rules currently view market making as equivalent…

  • @cryptodotnews crypto.newsOn X ↗

    JUST IN: South Korea’s FSC to review lifting the ban on crypto market makers Current South Korea investor-protection rules treat market making as potentially equivalent to unfair activities such as price manipulation.

  • @CryptoTimes_io The Crypto TimesOn X ↗

    SCOOP: South Korea is considering lifting its ban on crypto market-making activities to improve market liquidity and stability.

Show 3 more cited posts
  • @laurashin Laura ShinOn X ↗

    South Korea's Financial Services Commission will review whether to allow crypto market making, which the country's crypto law doesn't exempt from its manipulation ban, a senior official said Monday. He also pointed to the yen stablecoin JPYC's spike on Upbit this month as an…

  • @CoinMarketCapOn X ↗

    LATEST: 🇰🇷 South Korea's FSC is weighing a market-making system for crypto after JPYC spiked to 4 times its peg on Upbit earlier this month.

  • @Unchained_pod UnchainedOn X ↗

    21,219 investors bought the yen stablecoin JPYC on Upbit at 10% or more above the exchange rate in its first five days, spending 259.9 billion won, per Upbit data released by a lawmaker. A senior Financial Services Commission official cited the episode Monday in arguing that…

5 more accounts posted about this · 1 Telegram channel (no public link)

TradersTrader calls tracked by Elfa · not advice

Positioning · JPYC

Open1 open position · 1 long · 0 short

Tracked accounts lean long about 97% of the time, so a long-heavy book is normal, not a signal. As of 28 Sep 09:14 UTC.

Whole crypto market, not this story

Crowding95th percentile · vs last 28 days, 50 typical
Pulse 24h40/100 · unusualness of new calls, 0–100, 50 typical, higher means more long than usual
Book97.4% long · 11,963 accounts

As of 28 Sep 09:00 UTC.

Social-monitoring data, not investment advice Elfa prices CoinGecko post text from Xas of

Explore the topic

Loading related coverage…

Explore the full feed

Comments

Loading comments…