South Korea Is Considering a New Licensing System For Cryptocurrency Exchanges

In a turnaround from its hardline approach to Bitcoin and other cryptocurrencies, South Korea is mulling a licensing system to help regulate the country’s virtual currency exchanges.

Authorities may introduce a system based on the Bitlicense model, developed in New York, but a final decision isn’t expected until June.

The system only allows exchanges that have applied for a license and imposes detailed reporting regulations and a minimum capital requirement. Adopting such a system would help bring cryptocurrency trading into a more familiar institutional framework and help the government supervise a notoriously volatile market.

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