The Cryptocurrency Exchanges In South Korea Will Scrutinize Themselves

South Korea’s greatest digital currency industry body will reportedly do self-evaluation of its members to guarantee they are playing by an arrangement of self-regulatory rules.

The Korean Blockchain Industry Association, an industry body that incorporates 33 digital currency exchanges, has uncovered it will do evaluations of 21 exchanges to ensure they are following a raft of self-regulatory measures mandated by the entity in December, Yonhap reports.

First announced in December, the move to raise a self-regulatory environment saw various measures including ethical codes for exchanges in a bid to enhance transparency among what has turned out to be one of the world’s biggest digital currency trading markets. The business body additionally mandated stringent rules to forestall insider trading and market manipulation.

Korea’s greatest digital currency exchanges including Bithumb, Coinone, Upbit and Korbit will all go through evaluations, as indicated by the report.

The self-regulatory rules were prominently presented after the proposal of a blanket ban on digital currency trading by South Korea’s progressively scrutinizing justice service in mid-December, quickly took after by strict rules by the government.

In any case, the domestic digital currency industry earned a reprieve this week after the nation’s financial regulator supported digital currency exchanges to carry out ‘normal’, non-anonymous transactions. The regulator additionally insisted the government would ask traditional banks to set up ties with exchanges to carry out transactions through virtual banks accounts. Besides, the regulator approached the government to center on building up a system for the ‘normalization’ of digital currencies in the society, rather than increasing regulation.