South Korea Drawing Up Regulations for Cryptocurrency Exchanges

[kreslik.news]

Amid the meteoric rise of Bitcoin, the South Korean Financial Services Commission (FSC) is finalizing the proposed regulatory draft for the cryptocurrency exchanges.

Unauthorised fundraising

As reported by The Hankyoreh daily newspaper, the FSC could consider the operations of the cryptocurrency exchanges in South Korea like Bithumb, Coinone, and Korbit, as unauthorized fundraising.

At present in the country, all cryptocurrency exchanges come under the Act on Consumer Protection in Electronic Commerce Transactions. This allows them to operate as e-commerce websites and clients registering to the online platforms as vendors.

The FSC does not treat cryptocurrencies as financial instruments, but as unauthorized fundraising. ... (read more)