News

South Korean Government Hold First Crypto Debate

According to local reports, the South Korean National Assembly held a crypto regulation debate, which was put together by local cryptocurrency exchanges. Both the government and crypto entrepreneurs debating ways to better the market.

Local crypto exchanges organise the debate

The debate was put together by seven local cryptocurrency exchanges including Gopax, Upbit, Bithumb, Coinone, Coinplug, Hanbitco and Korbit. The discussion brought together key players from the government and the crypto community. Among those who attended was Kim Byung-Wook, a Democratic Party member, representatives for the Liberty Korea and Bareunmirae parties and the financial watchdog, the Financial Services Commission (FSC).

Reportedly, the debate focused on the regulatory scope of the government on cryptocurrencies and need for Anti-Money Laundering (AML), customer protection and Know Your Customer (KYC) practices among other crypto activities.

Before the event, Kim Byung-Wook said,

“There is a debate on the blockchain, but since there is no discussion on the cryptographic exchange, it will be a place to establish measures to protect investors and joint tasks to operate the exchanges safely and efficiently.”

Importance of exchanges and need for regulations

The debate comes a month after the South Korean government and financial authorities officially allowed banks to offer services to crypto exchange and blockchain related businesses.  Despite authorities allowing ban and crypto transactions, small exchanges are still struggling to get banking services from large commercial banks. The debate sought to have the government and relevant official follow up on the matter.

In addition, the debate seeks to explain the importance of crypto exchanges and practical regulatory framework in the country. According to Hankyoreh, a media outlet in South Korea that has assisted the cryptocurrency exchanges in hosting the debate, the government wants digital trading platforms to take upon a critical role in the market. They should be in the front line in providing liquidity to investors and recognize the importance of a transparent and efficient cryptocurrency exchange market for the long-term growth of the blockchain space.

Since the beginning of this year, South Korea has taken an active role in ensuring the growth of blockchain technology. With increased new business in the crypto space, both crypto exchanges and government agencies agree there is a need for regulatory frameworks.

Subscribe to our newsletter The Raven’s Dispatch

Interested in more crypto content? Check out Interview with Cryptocurrency Analyst Murad Mahmudov and Hardware Wallet Review: Trezor Model T vs Nano Ledger S

How much do Crypto Exchanges make in revenue *every single day? Graphic

Great graphic from Howmuch.net showing the top crypto exchanges in terms of revenue.

Talk about printing money. Forget shitcoin trading, investing in an exchange was the best move to make during this cryptocurrency craze. Binance, only one year after its launch, is generating $3.5 million in revenue…PER DAY!!! Not sure you could even print money that fast. Coming in second is Korean exchange UPbit with $3.42 million per day. Rounding out the top 5 are Huobi, Bittrex (yup, even with all the declining volume) and Bithumb. And last but not least, Poloniex with $0.07 million per day. Things sure do change fast in the cryptosphere. A year ago Poloniex was top dog, dominating altcoin trading, and not 12 months later has fallen 20 spots.

Follow us on twitter here