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South Korean financial authorities plan to regulate bitcoin exchanges soon

Unverified rumors about the South Korean government's crackdown on cryptocurrency trading circulated around Bitcoin communities online in recent days

The South Korean government remains very optimistic about the growth of the local Bitcoin industry and recently announced its intention to introduce a national regulatory framework for the Bitcoin exchanges and brokers.

South Korea wants to regulate Bitcoin market, no As reported Cointelegraph, South Korean Deputy Prime Minister and Minister of Strategy and Finance, Kim Dong-yeon, announced that the government was actively studying ways to protect local consumers and cryptocurrency. your customer rules (KYC) and anti money laundering (AML), and

The South Korean government does not intend to crack down on any aspect or a Bitcoin market sector because the application of impractical policies can lead to the migration of investors and their funds to unregulated markets. Therefore, there is no truth to any of the rumors circulating around the online Bitcoin communities and forums that the South Korean government will repress on Bitcoin. trade. Last week, the Ministry of Finance and South Korean strategy revealed that it had already started the process of drafting various regulations for cryptocurrency trading.

One of the many policies that the government could put in a few exchanges. At the time of reporting, Bithumb, Korbit and Coinone accounted for more than 90% of South Korean Bitcoin's market share, with Bithumb making more daily transactions than the country's largest stock market, KOSDAQ.

The South Korean Ministry of Finance and Strategy has developed tax policies on Bitcoin trade. But regulatory frameworks around Bitcoin taxation will not be implemented in the 2018 tax law amendment, "said Kim Dong-yeon, South Korean Deputy Prime Minister.

Some of the major financial institutions of the South Korean traditional finance market are already preparing to adopt and integrate Bitcoin Shinhan, the second largest commercial bank in the country, has developed and tested a Bitcoin wallet and trunk department.

A spokesman for Shinhan said the bank was planning to provide a secure and secure platform, and Bithumb, South Korea's biggest cryptocurrency exchange, was hacked twice. this year.

Currently, according to the CryptoCompare crypto-market data provider, the South Korean Bitcoin exchange market accounts for nearly seven percent of Bitcoin's global market share. s large financial institutions are setting up on the Bitcoin market, a growing number of consumers and general investors will invest in Bitcoin in the long run.

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