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. Bitlicense was under action in August 2015 where virtual currency was used to exchange for financial services by the New York State Government. Japan is also one nation which also has same exchange program license for crypto exchange which is possible only if certain requirements of customers are fulfilled.
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 even said that meeting will be held for digital currency but the main focus will be on a solution to current defects. This approval of license has made South Korea in news all over the world. Officer has said nearly 200,000 signatures of the South Korean public was received to impose less regulation 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.