South Korea is Debating New Bitcoin Exchange Rules

Financial regulators in South Korea have launched a new digital currency task force, with an eye to introduce new regulations for exchanges by early next year.
The Financial Services Commission convened the first meeting of its new task force this week, and the agency is planning additional hearings over the next few months. Other government bodies represented on the task force include the the Ministry of Strategy and Finance and the Financial Supervisory Service. The Bank of Korea, the country’s central bank, is also involved in the initiative.
Up for discussion, the FSC said, is which approach to take, citing examples like New York’s BitLicense and Japan’s recent regulatory moves as possible models. The European Union’s work on regulation was also mentioned as a possible starting point.
In a translated announcement release, the agency cited ‘regulatory blind spots’ as drivers for action, as well as money laundering and tax evasion risks.

This post was published at Coin Desk on November 18, 2016.