South Korea introduces new rules for trading bitcoin — but they’re not mandatory
14 cryptocurrency exchanges have signed up to the measures aimed at making trading more transparent
Seoul — A South Korean blockchain association announced on Friday measures to boost transparency in trading of cryptocurrencies, agreed by 14 exchanges in the country including the world’s busiest virtual currency exchange, Bitthumb. The Korea Blockchain Industry Association said in a statement users would only be allowed to trade virtual currency through one account after their identity has been confirmed via traditional financial institutions like banks. The statement added virtual currency exchanges with more than 2-billion won ($1.83m) worth in assets would be allowed to operate. The measures, which are not mandatory, will start being imposed beginning January 1 next year, the country’s only association for virtual currency exchanges said. "The regulations will ensure the safety of consumers and transparency in trade and are expected to be the strongest and most effective measures (regarding virtual currency exchanges) on a global scale," said the statement. Kim Jin-hwa, one of ...
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