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South Korea wants 23 Cryptocurrency Exchanges to Self-Regulate

Jake Hill
Jake Hill

The Korean Blockchain Association is planning for self-regulation of cryptocurrency exchanges in the country. They also conducted a survey on 33 exchanges operating in South Korea. In that 23 Cryptocurrency Exchanges have agreed to self-regulate and other 10 exchanges have refused for self-regulation.

According to bitcoin.com the exchanges which agreed to self-regulate are Glosfer, Nexcoin, Neoframe, Upbit, Bithumb, Gopax, Coinlink, Scoin, Okcoin Korea, Whalex, Zeniex, Kairex, Kcx Exchange, Komid, Korbit, Coinone, Coinzest, Coinplug, Crypto Company, Dexko, Korea Encryption, Money Exchange, and Huobi Korea.

Fair Trade Commission’s (FTC) association said that they are working with the government to formulate the standards for cryptocurrency exchanges. Also, the FTC association lately told 12 cryptocurrency exchanges to improve their customer agreements.

The FTC stated that cryptocurrency exchanges must

“contain a wide range of disclaimers, restrictions on unauthorized deposits and withdrawals, restrictions on the arbitrary use of services, and corrective clauses on identity and password management,”

Also in South Korea, the banks are not approving new cryptocurrency exchanges to open virtual accounts and only the biggest exchanges of the country like Upbit, Bithumb, Coinone, and Korbit have been allowed.

The small and medium-sized exchanges think that with this self-regulation will help them to demonstrate the stability of exchange to the banks to open a new virtual account. The FTC association and the affiliated exchanges are proposing to demand banks to issue new virtual accounts for small and medium-sized businesses.

Let’s see the result of the self-regulation as it will be reviewed and is expected to be announced by the end of April 2018.  What do you think of this cryptocurrency exchanges self-regulating? let us know in the comment below.

Blockchaincryptosouthkorea

Jake Hill

Coming from a University Education in Computer Science, I am interested in blockchains and Bitcoin since 2014 and even mined at the time. The rumors of Bitcoin bubble made me run away, but I have com