The Korean Blockchain Association that was established last year suggested self-regulation rules striving to set up standards for crypto platforms.
According to the media reports, the proposal includes minimal charter capital up to KRW 1.8 billion ($1.8 million) and mandatory financial reports regular auditing on the platforms.
The new ruling will be effecting for 14 local crypto exchanges with Bithumb, Coinone, Gopax, OKCoin Korea and Huobi Korea among them. Moreover, the companies are reported to keep all transaction records within 5 years and introduce systems for detecting suspicious transactions.
"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 ensuring the asset safety," said Jeon Jae-jin, chairman of the association.
Under the new rules, the exchanges will have to create a working group aimed at checking and studying coming new ICO-tokens as well as withstand insider trading. As the commented spokesperson of OKCoin Korea, they are preparing to fully comply with the launched measures. Coinone has also already started taking steps in line with the requirements.