South Korean regulators plan to introduce an approval system for cryptocurrency trading, Business Korea reported . An official participating in the government's virtual money working group, who discussed the issue, revealed on Monday:
We positively consider the adoption of an exchange approval system as an additional regulation on cryptocurrencies. We are more likely to compare the model of the state of New York that gives selective permission.
and requirements of equity have allowed only 6 companies to be approved so far and Bitflyer USA have received Bitlicenses, while charters have been granted to Gemini Trust Company and Itbit Trust Company.
The Ministry of Strategy and Finance aggressively plans to adopt trade approval systems.
At the end of January, the NYDFS requested cryptocurrency trading data from South Korean regulators after two agencies conducted inspections in six major South Korean banks .
No need for extreme measures
The South Korean government began to announce regulatory measures for cryptocurrencies in mid-December. On December 15, bitcoin was trading at more than 20.2 million won (~ 18,500 US dollars), according to data from one of the country's largest cryptocurrency exchanges by volume, Bithumb.
confirmed last week at a meeting of the National Assembly that the closing of the cryptocurrency exchanges is "not a serious consideration. "Kim Do-yeon recently proclaimed:
We do not need to get rid of digital currencies or remove them.
Do you think that the Korean government will put in place a set of regulations in the Bitlicense? What do you think he's going to do at the Korean crypto market? Let us know in the comments section below.
Images courtesy of Shutterstock, NYSDFS, and Bithumb.
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