South Korea is planning to adopt crypto exchange license as there is Bitlicense in New York. This is not their final decision but planning is going to get approval for it and this will be under action after June 2018 elections. This news was spoken by official to reporters and the main reason is virtual currency.
According to the government officials, they are trying to get an approval of these exchange license as an addition to current crypto currencies. The New York State Government initiated BitLicense in August 2015, allowing companies to use virtual currencies for financial services. Similarly, Japan has implemented a comparable exchange program license for cryptocurrency exchanges. This license becomes valid only when companies meet specific customer requirements.
The main reason why south korea plans for such a license?
The main reason why South Korea government is planning for such license is less overheated crypto markets. The government survey says that crypto will have stable price as compared high and low swings of last months.
There was another officer who said that, “Government must take taxes if the market level remains same after imposing crypto exchange license.” He also stated that officials will hold a meeting on digital currency, primarily focusing on solutions to current flaws. The license approval has brought South Korea into the global spotlight. An officer confirmed that the government received nearly 200,000 signatures from the South Korean public urging for lighter regulations on cryptocurrency.
There was news which says that there is a complete ban on crypto and this has brought South Korea market fall instantly. Coin market cap took a hard step against South Korea and removed their exchange from listing. According to report South, Korea holds $5000 in crypto and there is nearly 80 percent of South Korean investors who earned good amount of profit from crypto investments. This step will help to make South Korean market strong.
