Korean Blockchain Association makes motion of regulation for crypto platforms

Posted 17 April, 2018

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.

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18 April, 2018 14:30

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Sterling falls to bottom driven by inflation report

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16 April, 2018 15:40

Malta's regulator proposes classification test for ICO and cryptocurrencies →

Malta Financial Service Authority intends to launch financial tool testing, that may help to define de jure tokens and ICO along with other issues, as reads the document released on the Authority's website. As commented the spokesperson of Malta Financial Service Agency, with the testing it will become easier to define whether DLT-based cryptocurrency is classified among...

Malta's regulator proposes classification test for ICO and cryptocurrencies
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