More South Korea cryptocurrency exchange involved in self-regulatory action

nRunaway Comment: In December, the Korea Blockchain Association announced that its member organizations will cooperate with the government’s regulatory measures to carry out self-regulatory actions. At that time, there were 14 cryptocurrencies participating in the move, now reaching 25, indicating that more exchanges are willing to regulate transactions in this way and help the emerging cryptocurrency market to grow healthily. The move has officially started on January 26, according to the president of the association revealed that the first half of this year will also check the self-regulation of the exchanges.n
nTranslation: Inan
The Korean Blockchain Association has been leading the self-regulation of the Korean cryptocurrency exchange. According to local media reports, the organization has 66 members, 25 of which are cryptocurrencies, including major Korean cryptocurrencies such as Upbit, Bithumb, Korbit, Coinone and Coinplug.n
The move took place at the National Diet Building in Yeouido, Seoul. According to “Inews24”, 58 of the 66 members of the company, Min Byung-Doo, Democrats and Kim Sung-tae, a free South Korean party, attended the event.n

Chin Dae-jaen
Chin Dae-jae, the former Minister of Information and Communications of South Korea, served as the first chairman of the association. Top Star News quoted him in the report:n
n”The general public’s interest in cryptocurrencies, such as Bitcoin, has skyrocketed, and too much speculative money flows into the cryptocurrency exchange, which is a reality for us now.” He emphasized that “our association wants to become a government and industry Between the effective channels of communication. “n
nIn the first half of this year, the association “planned to create an information system that made the public understand the virtual currency easily,” and the “Korea Daily” reported it in detail:n
n”The association also plans to develop a standard index that includes key virtual currency prices and transactional data … whose purpose is to provide reliable information as standard transaction data.”n
nPrior to the official launch of the initiative, the association initially announced self-regulatory measures in December based on the recommendations of the regulatory agencies and the banking sector. At that time, 14 cryptocurrency exchanges jointly announced the move, with all major exchanges except Upbit participating. In January, the Kadao-backed agency, which has grown into one of Korea’s largest exchanges, joined the association and announced its independence.n

Korean blockchain Association’s launching ceremonyn
The association has set up a voluntary commission to work with Cryptocurrencies Exchange. Chosun Ilbo quoted Chin as saying at the time:n
n”I will conduct a self-regulatory review in the first half of this year.”n
nHe further pointed out: “We will study Japan’s regulatory framework to ensure the stability of the entire ecosystem.” In addition, he also said: “I also take the initiative to create an environment where investors can learn how to use virtual currency.”n
According to the “Korean Nation Daily”, the association’s self-regulatory measures will “include the minimum operating requirements such as the capital base of the virtual currency exchange, employee ethics and consumer protection.”n

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