South Korea will license the crypto-exchange

The South Korean government is considering new regulation for cryptocurrency exchanges to increase the transparency and security of cryptocurrency trading. The basis for the future base of power took the new York regulatory project, which allows to regulate the work of trading platforms, avoiding extreme measures (like closing).

The model proposed by new York contains fifteen clear rules for obtaining a permit for activities-the so — called BitLicense. The document discusses all the items necessary for the legalization of the crypto-exchange, including the amount of capital and financial statements at the end of each quarter. The adoption of such a model will allow the South Korean government to attach cryptocurrencies to the institutional system, streamline the market and guarantee a certain degree of security.

The government changed its position on cryptocurrencies, when speculation on the local somewhat subsided. The authorities understand the importance of maintaining the industry, given the strong link between digital currencies and blockchain technology, which I believe is promising. In this regard, Deputy Prime Minister and Minister of strategy and Finance Kim Do-Yon previously stated that he sees no reason to impede the development of the cryptocurrency market.

Further management plans will be reviewed this month on government meeting on the issue of national petition. However, the new rules for the organization of crypto-exchanges are unlikely to be adopted before the elections scheduled for June 2018. Nevertheless, the news about the introduction of new standards were optimistic by local traders, which had a positive, albeit insignificant impact on the rate of major cryptocurrencies. Confidence in the future of digital currencies in South Korea stimulates interest and increases confidence in the market.
author:Alain Filippenkov
link: https://profitgid.ru/yuzhnaya-koreya-budet-licenzirovat-kripto-birzhi.html