East Asian Cryptocurrency Regulations: South Kauslim

According to the information on the home business, the virtual exchange office which has received a business certificate in accordance with the "Information and Use Policy. The special bonus "(hereinafter referred to as" Special Gold Policy ") announced in South Korea will be available until September 17 by the Financial Services Agency. In the past, Korean-Korean exchanges were limited to entry and could only open after demand, but as a result, Korea once again became the world's largest trading power and cryptocurrency after the Japan and the United States. But it also creates a mix of good and bad in trade.

1. Apply the law

Since 2017, South Korea has announced rules governing the cryptocurrency industry. In September 2017, the Bureau of Financial Services (FSC) announced all restrictions on ICO funding, and on December 28, 2017, the government held a second meeting and planned and announced special measures to prevent speculation in currency. Virtual. On January 23, 2018, the Financial Services Company announced the rules governing the financial markets and obtained the benefits of a virtual reality business name. The bank's existing virtual service will be upgraded to a real-name deposit / withdrawal account service and will be fully operational from January 30, 2018. In February 2018, the government of South Korea declared a "ban to hold and exchange virtual currency ”. for all officials. As a general rule, the South Korean government cannot hold and trade virtual currency for personal gain for the purpose of profit or disruption. Even if virtual benefits do not affect performance, employees can still face disciplinary action, including warnings.

On March 5, 2020, the National Convention of the Republic of Korea adopted the “Special Gold Law”, which provides more legal framework for cryptocurrencies, which are in the gray area.

First, the “Law on Special Cases in Financial Matters” addresses issues that may be necessary for the publication of special financial instruments necessary for financial purposes, such as foreign currency exchange, money laundering and financial harassment in the market.

Second, section 2 of Tshwj's special financial rules deals with investments of virtual asset companies and virtual assets, and the virtual asset trader falls under one of the following is called a 'management company'. virtual assets ”.

(1) Buy and sell virtual assets

(2) Exchange virtual assets

(3) Rules governing by the presidential administration in the transfer of virtual assets

(4) Store or manage virtual assets

(5) brokerage, mooring or acting on behalf of (1) and (2). A “virtual asset” is defined as a valuable electronic gift certificate that can be redeemed or redeemed electronically.

Third, consumer restrictions. Banks and other financial institutions should refrain from opening an account and providing business services in any of the following situations, and when establishing a relationship, they should be removed from the exchange.

(1) If the customer refuses to provide the information for analysis and does not perform the KYC

(2) Acknowledgment that the consumer refuses to comply with the publicity obligation, recognizes that the consumer's declaration has not been accepted and recognizes that the advertisement has been revoked. .

(3) Consumers are identified as financially or financially vulnerable.

2. Business management

In 2018, the Korean Blockchain Association (KBA) was formed, which was necessary to review members of cryptocurrency exchange companies, including large companies such as Bithumb and Upbit.

Bithumb

Bithumb, established in 2014, is the largest Bitcoin exchange in Korea and the first exchange in Korea, primarily trading virtual currencies such as bitcoin. However, it is still the largest Ethereum trading company in Korea, accounting for 81.5% of Korean Ethereum trading volume. Currently, the exchange does not only support the trading of various virtual currencies such as Bitcoin and Ethereum. Businesses include remittances and payments, and we're back as a virtual financial services company.

kind

Upbit is a digital currency exchange created in January 2017 by Dunamu, a Korean financial services company, and Bittrex, a US exchange. Since its inception, Upbit has grown rapidly with strong growth and gained a lot of business and big companies, becoming one of the biggest stock exchanges in Korea.

ib coin

Coinone, the largest cryptocurrency exchange in Korea established in 2014, opened the BTC / KRW exchange on August 25, 2014 and changed its name to Coinone in January 2016. Coinone is also equipped with a Bitcoin ATM device for display real-time exchange information, as well as providing face-to-face services.