South Korea May Adopt Bitlicense for Licensing Crypto Exchanges

February 14, 2018

The South Korean government considers setting up a licensing system for local crypto exchanges with Bitlicense, the model developed by the New York State Department of Financial Services, as a basis.

“We are positively considering the adoption of an exchange approval system as the additional regulation on cryptocurrencies. We are most likely to benchmark the model of the State of New York that gives a selective permission”, as a member to the governmental task group on cryptocurrency issues claimed.

New York State permits cryptocurrency trading for exchanges only if they received Bitlicense from the Department of Financial Services. Being licensed is tough call, so at the moment there are only 6 crypto exchanges approved.

As local news agency BusinessKorea reports, South Korean Ministry of Strategy and Finance tries to make the crypto exchange control system be introduced.

Remember, they tackled down to cryptocurrencies in South Korea in 2018. The idea of possible ban on all crypto exchanges has undermined crypto market in general, yet, as it was announced later, this significant step could be one of probable options that are still to be discussed further. Given all this, Minister of Strategy and Finance Kim Do-yeon claimed this is not about total ban on crypto trading anyway.

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