Korean Association of the blockchain (KBA), formed in December 2017 industrial companies, has proposed new rules for industry the exchange of cryptocurrency, the so – called system of self-regulation.
In particular, the strategy proposes to limit the minimum share capital of cryptocurrency exchanges 2 billion Korean won ($1.8 million), as well as to oblige trading venues to file their financial statements and undergo regular audits. Moreover, to prevent insider trading, the members of the Association are obliged to establish a special Committee for the review of new coins issued by the original proposal tokens (ICO). In addition, the company will be required to keep transaction records of the users within five years and implement a system for detection of anomalous transactions.
The new rules will be applied to the 14 local cryptocurrency exchanges, including Bithumb, Coinone, Gopax, OKCoin and Huobi Korea Korea.
«We set the ordering of internal crypto-currency (exchange) market by self-regulating control. This will contribute to the security of users,» said Association President Jon Jazzin.
New rules – part of an extensive initiative in the fight against money laundering, introduced by the financial services Commission of the country – will be finalized before the end of may, after which each cryptocurrency exchange has to submit relevant documents within a period until 8 June.