Overview

• New FSC and FSS guidelines effective Sept. 5 bar loans that exceed user collateral and outlaw cash-equivalent lending in won.
• Interest on crypto lending is capped at 20% per year, and exchanges must disclose lending data and forced-liquidation figures.
• Lending eligibility is limited to cryptocurrencies in the top 20 by market cap or listed on at least three won-based exchanges, with risky assets excluded.
• First-time borrowers must complete DAXA-run training and pass suitability tests, and per-user limits are set at roughly 30–70 million won based on experience.
• Exchanges must use only their own assets for lending and cannot employ third-party consignment models, following an August pause and inspections that found about 27,600 borrowers and 1.5 trillion won in one month with notable liquidation exposure.