South Korea has always been present in the cryptocurrency news sites. This time is not different. A South Korean blockchain organization wants to create a self-regulatory framework for the crypto environment in the country. This comes after some months in which the South Korean government decided to regulate the market.
South Korea – Self Regulatory Agency
South Korea could be next in the list of countries that will have a self-regulatory body for cryptocurrencies and crypto-related activities. It is clear that in the Asian country, the government has been trying to regulate a very active market, and users and investors have been complaining about that.
In a press conference that was held on Tuesday, the Korean Blockchain Association explained that it could be good for the industry to have a self regulatory body. According to the association, the exchange members of the group would have to hold 2 billion Korean won (around $1.8 million dollars) in equity capital, and comply with other regulatory measures.
The cryptocurrency exchanges in Korea that could be affected by these measures are Bithumb, Coinone, Gopax, OKCoin Korea and Huobi Korea. Moreover, the transactions that these exchanges will perform must be stored and registered for at least five years.
Jeon Jae—jin, chairman of the association, commented about this:
“We will establish the order of the domestically cryptographic exchange market through self-regulatory review. By providing a safeguard for the protection of users, we will contribute to ensure the asset safety.”
These measures aim at reducing the problems between the cryptocurrency industry and the government, protect users and investors, increase the legitimacy of the environment, and have compliant Know Your Customer (KYC) and Anti Money Laundering (AML) policies.
Self-Regulatory Bodies Around the Globe
South Korea is not the first country that has decided to implement a self-regulatory agency. Croatia and Japan have already given the first steps into better regulating the market. At the moment, Croatia does not have a specific regulation regarding the crypto market. But a new organization known as UBIK, has gathered 70 members that want to regulate the crypto market in the country.
UBIK had a meeting with the tax office of the country. The main topics discussed between these two agencies were taxation and regulations. Moreover, some proposals about Initial Coin Offerings (ICOs) have been made.
Japan, one of the most active countries in the crypto market, has decided to implement a self-regulatory body. The main purpose is to protect investors and legitimize the crypto market. The office has been created shortly after Coincheck’s hack and other minor issues with some exchanges.
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