The Korea Blockchain Industry Association has announced measures aimed at making cryptocurrency trading more transparent in the country, according to Reuters.
Under the new measures, users would be allowed to trade in digital currencies through one account after the verification of their identities through traditional financial institutions like banks, the association said in a statement. For digital currency exchanges, the measures would allow only those exchanges to operate which have over 2 billion won ($1.83 million) worth in assets.
“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.
While the measures are not mandatory, 14 exchanges in the country have given their consent. The new measures will go into effect on January 01, 2018.
“Today’s announcement is unlikely to affect the (bitcoin) price as exchanges can always decide not to follow,” said Park Nok-sun, a cryptocurrency analyst at NH Investment & Securities (as quoted by Reuters). “The measures are positive for sure in that they are actually trying to curb recent speculative investments.”
