Bithumb, Coinone and Korbit are ready to undergo a stricter regulatory framework on the part of the government and the financial authorities of South Korea. Moreover, there is little time, the financial services Commission (FSC) of South Korea has announced the content of this legislation.
Protect investors and fight against money laundering
The south Korean government has revealed the details of an emergency meeting regarding crypto-currencies, which was held on 12 December last. The financial authorities of South Korea have said that, in the near future, investors and foreigners will not be able to invest in the crypto-currency without meeting the specific criteria. Also, next week, the government of South Korea should put in place regulations focused on the protection of investors and the taxation. Among the measures being discussed include the equitable distribution of the volumes of daily trading on the exchange of crypto-currencies. The government is also discussing the implementation of stricter policies against money laundering.
A project win-win
Bithumb, the largest market of crypto-currencies of South Korea, said that it welcomed the regulations advocated by the government, because this could strengthen and stabilize the south Korean market exchanges of crypto-currencies. It is important to remember that for many years, the government questioned whether, or not, it was necessary to regulate crypto-currencies. Today, the leaders of south koreans admit that the market had become too important to be ignored. Due to the lack of regulations and clear policies in South Korea, the state of the local market of crypto-currencies is unpredictable. Thus, the objective of the south Korean government is proposing a market strictly regulated investors who want to invest in crypto-currencies.
Source : Cointelegraph