Some of the members include Bithumb, Coinone, Upbit, OKCoin and the Dayli Financial Group.
According to the Korean Times,
The rules suggest domestic crypto exchanges (1) manage clients’ digital coins and their own separately (2) cope with abnormal transactions quickly (3) float new crypto with enhanced client protection system (4) hold a minimum equity of 2 billion won and (5) publish regular audit and finance reports.
On regular intervals, a body appointed by the association would look into the operations of these exchanges to identify backdoors for money laundering, insider trading etc.
A report of the first inspection (to be done on May 1st) will be provided to the association on May 8th.
The act of self regulation is something that is slowly spreading across countries. The Winklevoss Brothers had outlined a proposal for a Virtual Commodity Association. The purpose was self regulation of cryptocurrency exchanges in the USA. The Japan Virtual Currency Exchange Association was formed by the Japanese exchanges on April 12th with the objective of self regulation. In India, the DABFI was formed as a means of self regulation by the crypto currency exchanges.
While it is a good move by the exchanges to prevent these evils, it will not be a deterrent for strict government policies and oversight in South Korea, especially in the future occurrence of any hack or money laundering action.
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…
As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…
Did you know that 85% of DeFi value is concentrated in six blockchains? DeFi is…
CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…
Join us at BFC 2024 to explore the future of Web3. Use a special discount…
Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…