The attitude of South Korea towards cryptocurrencies lately can hardly be called soft. After a ban on trading digital currencies for anonymous users and foreigners, the government is considering the introduction of a licensing system to control the cryptocurrency exchanges of the country.
The basis of the Korean licensing system is likely to be model Regulations developed in new York. In the new system, introduced detailed rules and reporting requirements for companies and currencies. It is expected that a decision on this issue will be made until June.
According to the government, this system will help to make cryptocurrency trading in a more familiar institutional structure and will provide control over the notoriously unstable market.
To date, this approach is very important for the formation of the cryptocurrency market in South Korea, as a result of isolation from the global cryptocurrency market and the value of bitcoin and other cryptocurrencies here is much higher than in other countries.