South Korea Considers Bitlicense-Style System for Cryptocurrency Exchanges

 South Korea considers the Bitlicense style system for Cryptocurrency exchanges "title =" South Korea considers the Bitlicense type system for Cryptocurrency exchanges "/> </a> </div>
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The South Korean government plans to set up a cryptocurrency trading approval system based on the Bitlicense model, developed by the Department of Financial Services of New State. York.

See also: Japan is rife against a foreign agency of the OIC operating without a license

Bitlicense arrives in Korea

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.

 South Korea is considering a bitlicense-type system for cryptocurrency swaps "width =" 300 "height =" 81 "/> The State of New York allows trading to trade cryptocurrency only when they obtained a charter or license, known as Bitlicense, from the New York State Department of Financial Services (NYSDFS), whose restrictive controls <a href= 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.

 South Korea considers a Bitlicense type system for Cryptocurrency exchanges "width =" 300 "height =" 169 "/>" When the country accepts the New York model, it will be able to provide cryptocurrencies in institutions According to the government, the surveillance system monitors the market in an orderly manner, while emphasizing that the final decision is likely to be taken after the local elections in June, according to the publication: </p>
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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.

 South Korea considers the Bitlicense type system for Cryptocurrency exchanges "width =" 900 "height =" 379 "/> </p>
<p> In an effort to curb speculation, the Korean government has considered extreme measures, including the outright ban on crypto trading and the closure of crypto trade. </p>
<p> With the price of bitcoin at around 9,747,000 won (~ $ 8,967) at the time of writing this report, Korean regulators believe that "it is not necessary to adopt a strict policy, including a total ban on speculation has been squeezed, "notes the newspaper. </p>
<p> In addition, the Prime Minister <a href= 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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