Overview

• New guidelines take effect immediately through industry self-regulation, with authorities stating they intend to write the measures into statute.
• Investors can no longer borrow digital assets beyond the value of their collateral, and annual lending charges are capped at 20%.
• 'Cash-equivalent lending' that let borrowers repay at the original won value regardless of price moves is prohibited.
• Lending is confined to top-tier tokens by market cap or those listed on at least three won-based exchanges, with tiered borrower caps of roughly 30–70 million won and mandatory training and testing for first-time users.
• Exchanges must primarily use their own capital, disclose lending data and liquidation metrics, and provide advance liquidation warnings with an option to post additional collateral.