South Korean Cryptocurrency Exchanges Evaluate Self-Regulations
South Korea’s cryptocurrency exchange association will verify member compliance with self-regulatory measures announced last year.
An association of South Korean cryptocurrency exchanges said that it is planning to check if its members are following a set of self-regulatory cryptocurrency measures adopted last year, local journal Yonhap News reported Feb. 21.
The Korean Blockchain Industry Association, which is currently comprised of 33 of South Korea’s cryptocurrency exchanges, stated that it is going to carry out evaluations of 21 participants, including major trading platforms Coinone, Bithumb, and Korbit.
In mid-December 2017, the Korean Blockchain Industry Association announced that it plans to “establish a set of specific ethical codes on the virtual currency bourses, including insider trading and market manipulation” after the South Korean financial authorities began considering cryptocurrency regulations.
The self-regulatory move among South Korean exchanges was intended to provide more transparency in trading to alleviate worries over the country’s “Bitcoin frenzy” in December 2017, during which a sudden influx of South Korean investors started buying Bitcoin.
Last week, in the UK, seven of the world’s largest cryptocurrency companies, including Coinbase, formed the country’s first self-regulating trade body, CryptoUK. On Feb. 16. Cointelegraph reported that another self-regulating cryptocurrency body is being considered in Japan by the country’s two cryptocurrency industry groups, but decision has yet to be finalized.