South Korean cryptocurrency exchanges assess implementation of self-regulatory measures

Rage Comment : Yonhap News, a local Korean media, reported on February 21 that the Korean Blockchain Industry Association said it would evaluate 21 member institutions including major trading platforms Coinone, Bithumb and Korbit. In addition, seven of the world's largest cryptocurrency companies also established the country's first self-regulatory organization in the UK - CryptoUK. And there are reports that Japan will also establish a cryptocurrency self-regulatory organization.

Translation: Clover

The Korea Cryptocurrency Exchange Association said it is planning to check whether its members are following a set of cryptocurrency self-regulatory measures adopted last year, local media Yonhap News reported Feb. 21.

The Korean Blockchain Industry Association, which currently consists of 33 cryptocurrency exchanges in South Korea, said it will evaluate 21 participants, including major trading platforms Coinone, Bithumb and Korbit.

In mid-December 2017, after South Korea’s financial regulator began considering regulating cryptocurrencies, the Korea Blockchain Industry Association announced plans to “establish a specific set of ethical standards for virtual currency exchanges, including those related to insider trading and market manipulation.”

The self-regulatory move among South Korean exchanges is aimed at providing more trading transparency to ease concerns about a "bitcoin boom" in the country during a sudden influx of South Korean investors who began buying bitcoin in December 2017.

Last week, seven of the world’s largest cryptocurrency companies, including Coinbase, established the country’s first self-regulatory trade organization, CryptoUK, in the UK. On February 16, Cointelegraph reported that two major cryptocurrency industry groups in Japan are also considering establishing a cryptocurrency self-regulatory organization in the country, but the decision has not yet been finalized.