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.
Circle of Games (COG)—Web3's multi-gaming platform has raised a $1mn round from Nazara, with participation…
Unconference Bali 2024, Asia’s premier Web3 event, is poised to take center stage against the…
Tradeleaf, a leading FinTech company empowering global trade through digital solutions, recently celebrated a significant…
Foundership Global Accelerator, a prominent force in the Web3 & Emerging-Tech Community boasting over 10,000…
April 16, 2024 - Condo, the world's first real-world asset (RWA) meme token, was recently…
The Partisia Blockchain Foundation, at the forefront of crafting privacy-enhancing and interoperable blockchain platforms, today…