South Korea Toughens Requirements for Crypto-Exchanges

Experts of the Korean Blockchain Association have developed the rules that local crypto-exchanges must follow in their operations. In accordance with the new requirements, the authorized capital of the trading platform should be at least $1.8 million. It is also required to store data on all transactions for five years. These requirements will apply to 14 South Korean exchanges, among them are Coinone, Bithumb, Huobi Korea, OKCoin Korea and Gopax. In addition, members of the association should regularly provide audit and financial reports for such audit.

“We’ll put the order on the crypto-market. This will be facilitated by self-regulation. We will act as a guarantor of protecting users and secure their assets,” said Mr. Jeon Jae-jin, the head of the association. In accordance with the new rules, each exchange will form a separate committee whose task will be to select the tokens appeared on the market in terms of ICO. This committee will decide whether to include coins in the listing of the site. The members of the association support the introduced measures of self-regulation, considering it as a step towards creating a reliable blockchain system.

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