South Korean Cryptocurrency Exchanges To Evaluate Self-Regulations

Cryptocurrency Exchanges In South Korean Plan To Evaluate Self-Regulatory Measures

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  • South Korea Cryptocurrency exchanges formed self-regulatory body.
  • This self-regulatory body to evaluate 21 members including Coinone, Bithumb, and Korbit.

South Korea: According to a report released on February 21 by local journal Yonhap News, an association of cryptocurrency exchanges in South Korea, the Korean Blockchain Industry Association, stated that it is making plans to verify whether its participants are abiding by the set of self-regulatory cryptocurrency rules established last year December.

The association, which presently consists of 33 South Korean cryptocurrency exchanges, said that it will be carrying out evaluations on 21 members, including major cryptocurrency trading platforms like Coinone, Bithumb, and Korbit.

Korean Blockchain Industry Association announced in mid-December last year that it plans to “establish a set of specific ethical codes on the virtual currency bourses, including insider trading and market manipulation” after the South Korean financial authorities began the consideration of cryptocurrency regulations.

The move towards self-regulations by the South Korean cryptocurrency exchanges was planned to provide more transparency in crypto trading in order to reduce worries over the “Bitcoin frenzy” that occurred in the country in December 2017, during which a sudden influx of South Korean investors started buying Bitcoin.

Also read: No More Online Crypto Derivatives Ads – French Regulator 

More so, during the last week, seven of the world’s largest cryptocurrency firms in the UK, which include Coinbase, established the country’s first self-regulating crypto trading body, called “CryptoUK”. A report reaching revealed that another self-regulatory cryptocurrency body is being considered in the two cryptocurrency industry groups in Japan, however, decision has not yet been finalized.

Creating bodies like this by cryptocurrency exchanges within nations could make such nation favourably disposed towards cryptocurrency trading.

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