Seven major crypto-exchanges in South Korea have joined forces to create a reliable cryptocurrency ecosystem. They agreed on joint measures such as exchange of information and monitoring of abnormal transactions in real time. Meanwhile, the Korean government is working to institutionalize cryptocurrencies.
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According to local media reports, on Monday in Seoul there was a debate on parliamentary policy on the work of crypto-exchanges. The representatives of seven major kryptomere - Upbit, Bithumb, Korbit, Coinone, Gopax, Coinplug (Cpdax) and Hanbitco in South Korea participated in the event and signed the "Agreement on the establishment of reliable cryptocurrency ecosystem". They strive to create "healthy cryptocurrency ecosystem for the prevention of crime, protection of investors and the prevention of money laundering", - says the publication Sedaily.
In accordance with the agreement, the exchanges will create an Advisory system for the prevention of crime and the protection of investors and will carry out real-time monitoring of abnormal transactions such as money laundering and phishing, as well as pileat customer identification to prevent fraudulent transactions, and impose some restrictions for transactions with untrusted clients.
At the forum it was noted that there is an urgent need to regulate the space at the state level, as self-regulation measures are not legally binding, according to Business Watch and quoted the industry representative:
With this agreement, the exchange may establish a system of close cooperation and to improve its image for investors, but in fact there are no special penalties for failure to comply with Parvin and standards.
Rules & standards
Con Dae-young, head of the financial innovation Bureau of the financial services Commission (FSC), explained that "the government's position has not changed much since it was disclosed in January this year." The official said:
We are trying to institutionalize cryptocurrency exchanges, but before we do, we have to answer the question of how to deal with the damage and losses of many crypto-investors. We need to do research on whether any projects have been presented that can help people in their daily lives. Trust and authenticity are important.
Lee Seok-Woo, the President Dunamu Inc., which manages upbit crypto-exchange, also proposed a number of measures to regulate the sphere of cryptocurrency exchange. Its recommendations include the introduction of minimum qualifications and standards to combat money-laundering and customer registration.
Link to the source of information (Russian) - https://altstake.io/news/7-krupnyh-birgh-v-koree-dogovorilisy-o-sovmestnyh-merah