Reading Time: < 1 minute

A official debate about the crypto market developed by the South Korea government analyzed the regulation to this financial ecosystem.  The National Assembly of the country with members of the Congress done a reunion with representatives of big exchanges, as Bithumb and Coinbase. The debate has noticed by the CCN that highlighted the main topics of the debate.

Transparency and regulation of the market

The south Korean exchanges has been requesting to the government to prohibit transactions from users with no confirmed bank account. Therefore, recently the government allowed exchanges  to work with the banks. However, some smaller operators still facing difficulties to associate with a big bank.

According with the regulation of the south Korean government, the anonymous transactions are prohibited. The crypto companies follows this guideline to shows to the government that they are doing his part. With that, they can still negotiating with the government to incentivize a good regulation for both sides.

The South Korea government is becoming closer to the crypto world

The south Korean government has recognized the importance of the crypto technology to the future of the industry. Thus, they adopted incentives to startups with works with crypto technology and tries to attract professionals of this area. Recently, the mayor of Seoul has visited the crypto valley to get ideas to apply in Korea’s capital.

The number of users of cryptocurrencies increases more and more. With this, as companies as government in South Korea know the importance of the build a regulation as soon as possible. Certainly the south Korean government already realized the opportunities that exists in crypto technology and financial market. The promotion of those debates between government agencies and local companies can bring benefits to both sides.