Adopt a cryptographic exchange approval system based on New York's BitLicense system. BusinessKorea writes that it is unlikely that a final decision will be made before the June 2018 elections in the country. A government representative spoke to them about the option as part of a working group on virtual currency:
"We positively consider the adoption of the following. an exchange approval system as additional regulation on cryptocurrencies.We are most likely [to] reference model [against that] of the state of New York that gives selective permission. "
BitLicense is a license to operate a virtual currency exchange given by the New York Commissioning in August 2015 by the Department of Financial Services of Japan. The Financial Services Agency (FSA) approves licenses for cryptographic exchanges that meet a very stringent set of requirements ranging from accounts receivable to computer systems.
The review of a trade approval system in South Korea comes as crypto markets have become less "overheated," according to BusinessKorea. The publication reports that the South Korean government sees the more stable prices of crypto, compared to the high and low fluctuations of December and January, as a cooling of speculation.
Another anonymous government official said:
"Some even say that the government should impose taxes instead of making additional regulations if the volatility of the market remains the same At the current level, we will hold a meeting to respond to [the] national petition on digital currencies this month, but we are very likely to repair the defects of the existing measures only at the meeting. "
The petition the official refers to, which calls for less regulation on cryptocurrency in the country, received more than 200,000 signatures from the South Korean public in January 2018, demanding a response from the government.
South Korea has been all over the crypto news recently, since a rumored misinterpretation of a total crypto ban in the country has caused the markets to fall sharply at the beginning of this year. CoinMarketCap also removed South Korean trade from its listing in early January because of what it saw as an "extreme price divergence" relative to the remaining crypto markets of the world.
According to a study reported by CoinTelegraph, about one-third of Korean wage earners hold about $ 5,000 in crypto, while 80 percent of South Korean investors made profits through cryptographic investments.