South Korea is considering adopting a system for the approval of crypto-exchanges. The new system is based on the New York BitLicense.
It is unlikely that the final decision will be taken after the June 2018 elections. Government official shared:
"We are positively considering the adoption of a system for the approval of crypto-exchanges as an additional regulation on crypto"
BitLicense is a virtual currency exchange license that is provided by the State Department of Financial Services in New York. Japan has a similar program in which the Financial Services Agency issues licenses for crypto-exchange. There are a lot of requirements for the issuance of such Linz in Japan.
Consideration of a system for the approval of crypto-exchanges in South Korea comes at a time when crypto-markets are not "overheated," according to BusinessKorea. The publication reports that the government in South Korea sees the more stable prices of crypto lows compared to low and high prices in December and January. Another government official commented:
"Some argue that the government should impose taxes instead of introducing additional regulations if market volatility decreases further. We will hold a meeting to respond to the national petition on digital currencies but we are likely to improve current regulatory measures. "
The petition, which the government official refers to, is related to a request for less regulation of crypto in the country. This petition gathered over 200,000 signatures from the South Korean public in January 2018 and asked for a government response.
The South Korean digital currency market is one of the largest in the world. According to sources, one in three holds about $ 5,000 in crypto, while 80% of South Korean investors have made profits from crypto.
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