South Korea Mulls BitLicense-Style Rules for Crypto Exchanges

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South Korea is considering adopting a permission-based system similar to New York's "BitLicense" for the regulation of cryptocurrency exchanges, a news report states. We are most likely benchmark the model of the State of New York that gives a selective permission." The news appears to mark a softening of the country's stance after some regulators had proposed that exchange-based crypto trading be shut down completely. South Korea has also recently moved to ban the use of anonymous virtual accounts for trading in the country, with real-name accounts being compulsory from the end of January. The high cost of attaining a license has meant that a limited number of exchanges now operate in New York, while some have left the state completely.

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South Korea is considering adopting a permission-based system similar to New York's "BitLicense" for the regulation of cryptocurrency exchanges, a news report states.

According to BusinessKorea, a government official involved with a virtual currency task force said Sunday:

"We are positively considering the adoption of an exchange approval system as the additional regulation on cryptocurrencies. We are most likely benchmark the model of the State of New York that gives a selective permission."

The news appears to mark a softening of the country's stance after some regulators had proposed that exchange-based crypto trading be shut down completely. South Korea has also recently moved to ban...

Read the full article @ Coindesk