The largest organization of the South Korean crypto-cash industry will independently check its participants to see if they follow the rules of self-regulation.
Yonhap writes that the Korean Association of the Blockchain Industry, an organization that includes 33 cryptocurrency exchanges, said it will evaluate 21 exchanges to check whether they comply with the rules of self-regulation that were approved by the organization in December.
This initiative is aimed at increasing transparency in the South Korean cryptocurrency market, one of the largest in the world. Among the proposed measures – ethical standards, as well as rules aimed at combating insider trading and manipulating market prices.
According to the Yonhap note, these rules will be observed by South Korea’s largest cryptocurrency exchanges, including Bithumb, Coinone, Upbit and Korbit.
These self-regulatory measures were introduced shortly after the South Korean Ministry of Justice in mid-December offered to completely prohibit cryptocurrency trading. This was followed by a leak that the South Korean government is considering measures of strict regulation regarding bitcoin and other cryptocurrencies.
However, this week, the country’s cryptocurrency industry sighed with relief after the South Korean Financial Supervision Authority reported that the government intentionally support “normal”, non-anonymous transactions, cryptocurrency. The agency also said that the government called on traditional banks to establish links with cryptocurrency exchanges through virtual bank accounts. In addition, the Financial Supervision Service called on the government to focus not on strengthening regulation, but on developing a basis for “normalizing” the cryptocurrency in the society.