ADVERTISEMENT

[email protected]

  • Submit Press Release
  • Submit Guest Post
  • Write for Kryptomoney.com
Latest Crypto News
  • News
    • Bitcoin News
    • Blockchain News
    • Cryptocurrency News
    • Ethereum News
    • Exchanges News
    • Regulations News
  • Price Analysis
    • Bitcoin (BTC) Analysis
    • Ether (ETH) Analysis
    • Ripple (XRP) Analysis
    • Litecoin (LTC) Analysis
    • Bitcoin Cash (BCH) Analysis
    • Binance Coin (BNB) Analysis
  • Industry
    • Events
    • Press Release
  • Start Here
  • Advertise
No Result
View All Result
  • News
    • Bitcoin News
    • Blockchain News
    • Cryptocurrency News
    • Ethereum News
    • Exchanges News
    • Regulations News
  • Price Analysis
    • Bitcoin (BTC) Analysis
    • Ether (ETH) Analysis
    • Ripple (XRP) Analysis
    • Litecoin (LTC) Analysis
    • Bitcoin Cash (BCH) Analysis
    • Binance Coin (BNB) Analysis
  • Industry
    • Events
    • Press Release
  • Start Here
  • Advertise
No Result
View All Result
Latest Crypto News
No Result
View All Result
Home News

Cryptocurrency Exchanges In South Korea Announces Self- Regulation Measures

KryptoMoney Staff by KryptoMoney Staff
December 20, 2017
in News
0
cryptocurrency regulation in south korea | south korea cryptocurrency | cryptocurrency in south korea | bitcoin in south korea | cryptocurrency rules in south korea | latest cryptocurrency news | latest bitcoin news
0
SHARES
25
VIEWS
Share on FacebookShare on Twitter

South Korea had always been a big market crypto trading. However, it also understood the necessity of bringing upon proper regulations to keep investors safe from the malice which have been linked with the usage of cryptocurrencies time and again. This propelled the government of South Korea to come ahead with a regulatory rulebook which all crypto market participants need to abide by for hassle-free and secured functioning. And just within one day of the release of the crypto regulations more than 40 South Korean companies have lined up for getting to know more about the self-regulation policies and applying the same. These regulatory measures shall also have to be implemented by 14 major South Korean exchanges such as Bithumb,Coinone,and Korbit.

The announcement made by the Korean Blockchain Industry Association through a press conference held in Seoul and reported to general public via Korea Times revealed that these self-regulatory measures shall aid with the transparency of crypto listed products and enhance protection of investor’s assets. More than 40 companies have enrolled with the same along with 14 bitcoin exchanges. One of the biggest issues which have been plaguing the South Korean government off late is the fact that crypto exchanges are slowly going out of business.

For applying an effective regulation, the virtual accounts which are associated with the digital currency have to be identified. Although banks such as KB Kookmin Bank, Nonghyup Bank, KEB Hana Bank, IBK Bank, Kwangu Bank and Shinhan Bank have driven the development and identification process of an associated system they have announced that services in regards to crypto exchanges won’t be provided by them any further. This can increase the chances of exchanges being forced out of the banking radar of South Korea. Thus, it has become imperative for the banks and government body to curb these exchanges as early as possible. For executing deposits of withdraws, it will be highly essential to process a face-to-face identity verification drill. Each user will be granted just one registered crypto-trading account.

Also Read: Banks In South Korea Banned For Dealing in Cryptocurrencies Such As Bitcoin

As per information provided by News33 which is one such crypto exchange which will be applied on 1st January of the coming fiscal, “the requirement to operate a virtual currency exchange is limited to a place with more than 2 billion won [~USD$1.83 million] of equity capital. It should be a place that can implement information security system, internal process, and information security manpower similar to a financial provider.” 

Also Read: South Korean Central Bank Chief Says, “Bitcoin Is A Commodity And Not A Currency

KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology , Cryptocurrencies and upcoming ICO’s.

Subscribe to our newsletters and join our Telegram Channel to stay updated.

Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.

Tags: BithumbCoinoneExchanges NewsKorbitSouth Korea
Previous Post

BOSCH Invests In IOTA, Buys Significant Amount Of IOTA Tokens

Next Post

Bitcoin Does Not Possess Any Systematic Risk And Cannot Be Ignored- SEBI Chairman

Next Post
bitcoin in india | bitcoin sebi | india bitcoin sebi | is bitcoin legal in india| latest bitcoin news in india | latest cryptocurrency news in india

Bitcoin Does Not Possess Any Systematic Risk And Cannot Be Ignored- SEBI Chairman

Recent Stories

Bitcoin

Bitcoin Falls Below $35k Despite the Unveiling of Biden’s $1.9 Trillion Stimulus

January 15, 2021
cryptocurrencies

The Impact Of Cryptocurrencies On The Global Marketplace

January 15, 2021
What Will 2021 Hold for Bitcoin and Crypto? BTC Price Prediction and Events To Watch Out for by Mid-2021

What Will 2021 Hold for Bitcoin and Crypto? BTC Price Prediction and Events To Watch Out for by Mid-2021

January 14, 2021
Trading

PayPal Crypto Trading Volume Climbed $242 In One Day

January 14, 2021
Bitcoin

Government of Pakistani Province Announces Launch of Bitcoin Mining Farms

January 14, 2021
Ethereum

Google Data Reveals “Ethereum” Searches Hit All-Time High

January 14, 2021
BTC/USD

BTC Price Analysis: In a Return Rally BTC/USD Grinds Past $40,000 Amid Grayscale Bitcoin Purchase of $80M

January 14, 2021
Wunderbit Trading

Wunderbit Trading – Copy Trading Platform That Suits All 

January 14, 2021
bitcoin

Top 7 Open-source Code Bitcoin Wallets

January 14, 2021
Bitcoin

Bitcoin Institutional Investors Not Worried About Recent BTC Decline

January 13, 2021

Email Subscription

Pages

About Us

Contact Us

Disclaimer

Get Latest Cryptocurrency And Bitcoin News

Privacy Policy

Write for Kryptomoney.com

Category

Events

General

Interviews

News

Price Analysis

Press Release

Sponsored

Information

About Us

Submit Press Release

Submit Guest Post

Contact Us

Social Icons

[email protected]

©KryptoMoney 2019 | Southridge Internet Corp

No Result
View All Result
  • Resource List
  • News
  • Price Analysis
  • Events
  • Press Release
  • Sponsored

©KryptoMoney 2019 | Ess Commerce Private Limited

  • bitcoinBitcoin (BTC) $ 35,841.00 9.64%
  • ethereumEthereum (ETH) $ 1,156.03 5.74%
  • tetherTether (USDT) $ 0.998273 0.11%
  • bitcoin-cashBitcoin Cash (BCH) $ 479.16 9.34%
  • binancecoinBinance Coin (BNB) $ 40.66 2.01%
Our websites require cookies enabled to provide you with an uninterrupted experience. Please continue without changing your setting to receive important notifications.I Agree