Seven Major Crypto Exchanges Team Up To Improve The Crypto Ecosystem In South Korea

Cryptocurrencies are blossoming in South Korea. The environment for the industry is getting better and better and now seven companies have teamed up to join efforts in order to enhance the crypto ecosystem in the country.

The local media has affirmed that the seven representatives (Upbit, Bithumb, Korbit, Gopax, Hanbitco and Coinplug) have met to discuss the policies that will be taken to regulate the industry. They have also signed an important agreement for the creation of a new crypto ecosystem that will be good for all companies.

They have also agreed on sharing information and to monitor any strange occurrences in their own ecosystems to prevent cybercrime, tax evasion and related issues, something important for the government. The exchanges will also have a consultation system that will be used as a prevention for money laundering and have agreed to enhance their Know Your Customer procedures.

According to the reports, the main idea is to boost the cooperation between the companies so that they can all seize the results together. This, they believe, will increase their image for investors and help them to grow their business. There is no type of penalty for failing to comply with the measures as they are not official but they are set for mutual benefit and trust.

KYC procedures, for instance, are already mandatory for all crypto exchanges that want to work in South Korea, so that they are doing is a little push to promote their own well being.

South Korea To Regulate ICOs

South Korea is leading crypto regulation across the world and officials from the country are working to regulate the exchanges. However, not only the crypto exchanges will be regulated by the country. Initial Coin Offerings (ICOs) will also be regulated as soon as possible.

The Head of the Financial Services Commission (FSC), Kwon Dae-young, has affirmed that the country is slowly taking the steps to regulate the whole crypto industry, which includes ICOs.

According to him, they have to decide how to deal with the damage of investors who can be lured by ICOs and find new ways to protect them from fraudulent companies which are using the ICO format to scam people and take their money. The main goal is to create something authentic and a framework that can bring trust.