[2018-1-2] South Korean Exchanges Revise Policies to Comply with Crypto Regulati

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South Korean Exchanges Revise Policies to Comply with Crypto Regulation

South Korea’s cryptocurrency exchanges have implemented changes to comply with the government’s mandates announced last week. In addition to restricting certain customers from trading cryptocurrencies, the exchanges have stopped issuing new virtual accounts in accordance with the regulators’ real-name requirements.

Government’s Mandates
The South Korean government made several announcements in December regarding cryptocurrency regulation. The first was the “emergency” regulatory measures, as news.Bitcoin.com previously reported. Then a few additional rules followed.

South Korean Exchanges Revise Policies to Comply with Crypto RegulationThe Korean crypto market is dominated by four exchanges; Bithumb, Upbit, Coinone, and Korbit. While Bithumb has long held the number one spot as the country’s largest crypto exchange by volume, newcomer Upbit started reporting higher 24-hour volumes in December. Upbit is backed by Kakao Corporation which owns the country’s most popular chat app, Kakao Talk.

Following the regulators’ announcements, the four exchanges began modifying their terms of service. Among other measures, they are prohibited from offering services to minors and non-Korean residents as well as from issuing new virtual accounts. These accounts were issued by banks for the exchanges to assign to their customers for anonymous KRW deposits and trading.

source: https://news.bitcoin.com/south-korean-exchanges-policies-comply-crypto-regulation/

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[CryptoBry]

I have been expecting this kind of regulations even last year. There is no doubt that South Koreans fell in love with cryptocurrency and there is now a big trading volume emanating from this country. Hence, the government feels that it is about time that there should be established regulatory procedures upon which all cryptocurrency participants have to follow. Nothing wrong with regulations, actually, because in return it means that the government is recognizing that something it is trying to regulate and in this case the cryptocurrency market.

In this world, there is no perfect anything. The blockchain technology and Bitcoin is trying to correct the many flaws of human nature in its business transactions but nothing is really perfect. There will always be people who are and will take advantage of some loopholes they can find for their own vested selfish interests. This is something that regulations should be trying to fixed. We need to compromise otherwise there would be a war in between two camps and this is something we must avoid to happen.