Growing Number of South Korean Cryptocurrency Exchanges Participate in Self-Regulation

The number of cryptocurrency exchanges participating in self-regulation has nearly doubled in South Korea. The crypto self-regulation efforts are led by the Korean Blockchain Association which has recently launched with 66 members. The association also plans to develop standard price indices for the main cryptocurrencies.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

25 Crypto Exchanges to Self-Regulate

The Korean Blockchain Association has been leading the cryptocurrency self-regulation efforts in South Korea. The group formally launched on January 26 with 66 members, local media reported. Among its members are 25 crypto exchanges including all of the country’s major platforms such as Upbit, Bithumb, Korbit, Coinone, and Coinplug.

Growing Number of South Korean Cryptocurrency Exchanges Participate in Self-Regulation
Chin Dae-jae.

An inaugural ceremony for the launch was held at the Yeouido National Assembly Hall in Seoul. It was attended by 58 out of 66 member companies along with Min Byung-Doo, a member of the Democratic Party, and Kim Sung-tae, a member of the Free Korean Party, Inews24 reported.

Former South Korean Minister of Information and Communication, Chin Dae-jae, became the first chairman of the association. Top Star News quoted him saying, “The public interest in cryptocurrencies represented by bitcoin has soared, and the excessive speculative funding has flowed into exchanges. It’s our reality now.” He emphasized, “The association wants to be an effective communication channel between the government and the industry.”

During the first half of the year, the association “plans to create an information system that allows the public to easily understand virtual currency,” Chosun detailed, adding that:

The association also plans to develop a standard index of key virtual currency prices and transaction data…The intention is to Read More Here