Korean exchanges working with regulators
Korean exchanges: According to the South Korean government, they have continued to work on the institutionalization of cryptocurrency exchanges. A lot of businesses have now signed on to the Agreement for the creation of a robust cryptocurrency ecosystem.
Based on reports coming from the local media, Korean exchanges like Korbit, Coinone , Bithumb , Upbit, Gopax , Coinplug (Cpdax) along with Hanbitco, these projects are gearing up to create a healthy moving crypto ecosystem.
This healthy ecosystem will aim at the prevention of crime and protection of investors through the creation of a systems that can prevent money laundering.
The focus will be on the sharing of information and the real-time monitoring of unusual transactions. They will also be offering more checks and balance measurings such as restrictions on any unverified customers.
According to a declaration from Kwon Dae-young a Financial Service Commission(FSC) and head of innovation, the governments position has not changed much. But had this to say:
“We are trying to institutionalize cryptocurrency exchanges but before we do we have to answer the question of how to deal with the damage and tears of many virtual currency investors.
We must see if any of the projects that can help the people in their daily lives have been presented. Trust and authenticity are important.”
The way Korean exchanges change overtime
According to the new agreements that was signed by the Korean exchanges, there has been intentions from the industry as they aim to cooperate the governments.
However, the de facto voice of the project Dunamu Inc’s Lee Seok Woo has proposed using its own protection measure. He thinks that there should be a minimum qualification and standard for the industry in order to better AML/KYC guidelines.
He mentioned in a statement that “If you crypto exchanges cannot meet the standard after a six-month or one-year grace period, you should close it.”
The South Korean experts of the technology formed another group last month with 40 internationals, that attended the Blockchain Special Committee.
The committee plans to establish Blockchain hubs. In South Korea, members of the association will be tasked with the deliberation and consultation of the creation of any mid-to-long-term strategies, to move forward with the Blockchain industry.
What are your thoughts on these developments among Korean exchanges? Please feel free to leave a comment below.