Published On: Tue, Feb 13th, 2018

South Korea ‘Positively Considering’ Cryptocurrency Exchange Licenses

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South Korea is now considering a licensing scheme for cryptocurrency exchanges in a major U-turn on its previous suggestion to ban them.
Govt. To Debate ‘Exchange Approval System’
As local news media outlet Business Korea reports Monday, lawmakers from a dedicated “cryptocurrency task force” are examining the option of following in the footsteps of New York and Japan in vetting exchange operators before allowing them market entry.
The New York scheme is several years old and faced teething problems, including backlogs and exorbitant costs, while 2017’s move by Japan received considerable demand as well as broad acclaim.

Business Korea quotes a government official as saying:
We are positively considering the adoption of an exchange approval system as the additional regulation on cryptocurrencies.
South Korea has faced several months of upheaval following mixed messages given by Seoul regarding the legality of cryptocurrencies and trading them.
The perspective has changed rapidly after comments by justice minister Park Sung-ki resulted in a public backlash and a petition to have him and finance minister Kim Dong-yeon fired for “market manipulation.”
Park Sung-ki had suggested a blanket ban on exchanges, a process which the petition also sought to …

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