Twenty-three South Korean exchanges have adopted new rules for self-regulation

The need to regulate the cryptocurrency sector in South Korea is growing, as banks still do not open new accounts for most cryptocurrencies. According to local media reports, 33 exchanges considered new rules of self-regulation: 23 of them agreed with them, and 10 exchangers did not accept the proposed standards.

Chairman of the Committee on self-regulation of the blockchain Association Jong Jae-Jin explained that one of the priorities is to create a safe working environment for users of cryptocurrencies.



Exchanges that did not adopt the new rules were excluded from the membership of the Association. Among them was Coinnest, whose Director was detained last week.

At the time of publication in a list adopted the rules included: Glosfer, Nexcoin, Neoframe, Upbit, Bithumb, Gopax, Coinlink, Scoin, Okcoin Korea, Whalex, Zeniex, Kairex, Kcx Exchange, Komid, Korbit, Coinone, Coinzest , Coinplug, Crypto Company, Dexko, Korea Encryption, Money Exchange and Huobi Korea.

The Association is working with the law office to develop standards that will be issued in a few weeks.

The Korean fair trade Commission (KFTC) also participated in the discussion of the rules. Exchanges that are ready to accept new working conditions will be checked by representatives of the Association. Inspectors will pay special attention to the security and protection of clients ' funds.

Recall that in late January, a number of small and medium-sized crypto exchanges were unable to open new accounts. This feature currently only have large cryptogenic country: Upbit, Bithumb, Coinone and Korbit.



"The exchanges expect that the new rules of self-regulation will guarantee their reliability for banking organizations. We contribute to the creation of a healthy financial market and are confident that our actions will contribute to the opening of accounts."- said the official representative of the Association.
It is expected that the results of the work of the Korean blockchain Association to create a framework for self-regulation will be ready at the end of this month.
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