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Bitcoin regulation in South Korea

South Korea Is on Its Final Stage for Bitcoin Regulation

There are several countries across the world that are coming forward to recognize cyptocurrency and has already started working on the regulation.

South Korea is all set to bring about regulation with regard to cryptocurrency in the coming months and it is already close to the final stages, according to The Hankyoreh. The Financial Services Commission of South Korea is working on the outlining regulation to bring about a proper code of order in terms of cryptocurrency. These regulations are carried on with a view on regulatory as well as licensing aspects.

Six months before, The Financial Services Commission Chairman Yim Jong-yong had said, “The government will push for the systemization of digital currency on a full scale in tandem with a global trend in the US, Japan and other countries.” However, the plan did not take form as many like government ministries, central bank were not keen on it.

The popular cryptocurrency Bitcoin has been getting all the attention it can in the past few months as the value of the digital currency has reached as high as $10,000 this week. There are several countries across the world that are coming forward to recognize cyptocurrency and has already started working on the regulation process. Many countries like US and Philippines are looking to bring in regulation with regard to cryptocurrency and are already working with their respective Central banks.

The regulation would bring proper order when it comes to economical discrepancies and it is set to make exchange of cryptocurrencies like Coinone, Bithumb, and Korbit as unauthorized fundraising. An FSC official says that, “Cryptocurrency exchanges will be required to maintain standards for consumer protection, such as having separate deposits for customers’ assets, and for increasing transparency, such as having a procedure for confirming customers’ identity. The authorities will also be empowered to prosecute exchanges that break these rules.”

As cryptocurrency like Bitcoin is going to be listed in futures markets, it can be understood that more countries would come out with regulation of digital currency process.

1 BTC = $17599.01 USD
1 ETH = $631.68 USD
1 LTC = $347.85 USD

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