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Seven important crypto-exchanges in South Korea have joined forces to create a solid cryptocurrency ecosystem. They agreed on common measures such as information sharing and real-time monitoring of abnormal transactions. Meanwhile, the Korean government is working to institutionalize cryptographic exchanges.
Read also: The Indian Supreme Court moves the cryptographic hearing, the community asks for positive regulations
Seven Crypto Exchange join forces
A parliamentary political debate on the issue of cryptocurrency trade took place on Monday in Seoul, according to local media. Representatives of seven important crypto-exchanges in South Korea participated in the event and signed an "Agreement for the creation of a solid cryptocurrency ecosystem". The exchanges are Upbit, Bithumb, Korbit, Coinone, Gopax, Coinplug (Cpdax) and Hanbitco. They aim to create "a healthy cryptocurrency ecosystem … to prevent crime and protect investors by creating a solid cryptocurrency ecosystem and preventing money laundering," said Sedaily.
According to the agreement, exchanges will establish a crime prevention and investor protection consultation system, implement real-time monitoring of abnormal transactions such as money laundering and voice phishing, will strengthen identification of customers, prevent illegal transactions and introduce certain restrictions on unverified customer transactions.
In the forum it was emphasized that there is an urgent need for regulation at government level because self-regulatory measures are not legally binding, Business Watch reported, and quoted an industry official saying:
With this agreement, exchanges can establish a system of close cooperation and improve their image for investors, but in reality, there is no special penalty for non-compliance.
Rules and standards in the works
<img class = "alignright wp-image-259470″ title=”7 major exchanges in Korea to create a healthy cryptocurrency ecosystem” src=”https://news.bitcoin.com/wp-content/uploads/2018/12/coins-291×300.jpg” alt=”7 main exchanges in Korea to create a healthy cryptocurrency ecosystem "width =" 300 "height =" 309 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/12/coins-291×300. jpg 291w, https://news.bitcoin.com/wp-content/uploads/2018/12/coins-408×420.jpg 408w, https://news.bitcoin.com/wp-content/uploads/2018/12/ coins .jpg 470w "sizes =" (maximum width: 300px) 100vw, 300px”/>Kwon Dae-young, head of the financial innovation office at the Financial Services Commission (FSC), explained that "Currently the position of the government has not changed much since it was revealed last December or January of this year ".
He also detailed: "We are trying to institutionalize" cryptocurrency exchanges ", but before doing so, we need to answer the question of how to deal with the damage and tears of many virtual currency investors.We have to see if any of the projects that can help people in their daily lives have been presented, trust and authenticity are important. "
Lee Seok-woo, president of Dunamu Inc., who manages the exchange of cryptocurrencies, was present at the meeting. He proposed a series of measures for the regulation of the cryptocurrency exchange. His recommendations include qualifications and minimum standards, AML / KYC (anti-money laundering / know-your-customer) obligations and a trade registration system. Lee was quoted by Business Watch as mentioned:
If you [crypto exchange] can not meet the standard after a grace period of six months or a year, you should close it.
What do you think of these exchanges that work together to create a solid crypt ecosystem? Let us know in the comments section below.
Images kindly granted by Shutterstock and Sedaily.
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