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South Korea is Debating New Bitcoin Exchange Rules

Financial regulators in South Korea are looking to introduce new regulations for digital currency exchanges by early next year.

Nov 18, 2016 at 1:51 p.m. UTC
Updated Sep 11, 2021 at 12:37 p.m. UTC

Financial regulators in South Korea have launched a new digital currency task force, with an eye to introduce new regulations for exchanges by early next year.

The Financial Services Commission convened the first meeting of its new task force this week, and the agency is planning additional hearings over the next few months. Other government bodies represented on the task force include the the Ministry of Strategy and Finance and the Financial Supervisory Service. The Bank of Korea, the country’s central bank, is also involved in the initiative.

Up for discussion, the FSC said, is which approach to take, citing examples like New York’s BitLicense and Japan’s recent regulatory moves as possible models. The European Union's work on regulation was also mentioned as a possible starting point.

In a translated announcement release, the agency cited “regulatory blind spots” as drivers for action, as well as money laundering and tax evasion risks.

The move comes as South Korea’s financial system has pursued varied applications of blockchain, particularly in the area of remittances.

In October, bitcoin startup Coinplug said that it was working with South Korea’s largest credit card company on a new identity solution that leverages the tech. The country’s sole securities exchange announced this week that it would open a private blockchain-based market.

Image via Shutterstock

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