Korea Blockchain Association announces self-regulating framework for exchanges

The Korea Blockchain Association (KBA) proclaimed their new self-regulatory framework for members on Tuesday of this week. These new rules are expected to help strengthen the integrity and transparency of cryptocurrency exchanges in the country. The announcement was done in a press conference held at the Korea Federation of Small and Medium Business (SME) in Seoul.

In the press conference, the chief executive of KBA Jeon Ha-jin said:

 “The new measures being undertaken are to prevent criminal activities like money laundering and bring order in virtual currency exchanges in the country.”

KBA rules requirements

According to Ha-jin, all exchanges are expected to comply with the Anti-Money Laundering guidelines set by the government and the following regulations:

The Korean blockchain association will examine 14 virtual currency exchanges on May 1st to check whether they are complying with these new rules. The exchanges are also expected to do a self-evaluation before May 4, 2018.

The association was formed in earlier this year to help improve services offered by the exchanges in Korea. It has 66 members since its formation.

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