More and more Korean exchanges involved in self regulatory encryption

More and more Korean exchanges involved in self regulatory encryption


In Korea, the number of participating in the encryption currency exchange self regulatory almost doubled. Encryption is self regulatory efforts led by South Korea block chain association, the association has been recently with 66 members of cooperation. The association also plans to develop the standard price index as the main currency of encryption.

The encrypted exchange self regulatory

South Korea has been leading the Korean Association of chain block encryption currency supervision. According to local media reports, the organization was officially launched in January 26th, a total of 66 members. The members of the company including 25 encryption exchange, including Upbit, Bithumb, Korbit, Coinone and Coinplug as main platform.

The opening ceremony was held in Seoul’s Yeouido National Conference hall. According to reports, there are 58 members of the Democratic Party and the 66 members, there are free North Korea Party member KimSung-tae also attended the meeting.

The former South Korean Minister of information and communications ChinDae-jae to become the first president of the association. TopStar News quoted him as saying, “bitcoin represents a crypto currency caused by public interest has surged, excessive speculative funds into the stock exchange. This is the reality we face now.” He stressed that “the association hopes to become an effective channel of communication between government and industry.”

In the first half of this year, the association plans to build an information system, so that the public can easily understand the virtual currency, “Chosun said in detail, and added:

“The standard index of the association also plans to develop a key virtual currency price and transaction data. The purpose is to provide reliable information for transaction data standard.”

The Korea Exchange self regulatory

Before the official launch, the association was originally announced in December the self regulatory measures and regulatory agencies in the advice and banking consultations. According to reported earlier, there are 14 encryption currency exchange at the time announced to self supervision, which includes all the major encryption exchange except Upbit. The exchange has grown into one of Korea’s largest stock exchange, it has joined the association and in January announced a self regulatory.

The association has set up a self regulatory commission and encryption currency exchange cooperation. Subsequently, Chosun quotes Chosun:

“We will be in the first half of this year launched a self regulatory assessment.”

He further pointed out that “we will study the regulatory framework of Japan, and to ensure that the entire ecological system is stable.” In addition, he also said, “I will also take action to create an investor can learn how to use virtual currency environment.”

According to Hankyoreh, the association of self regulatory measures will include minimum operational requirements, capital base, such as virtual currency exchange staff ethics and consumer protection.”

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