South Korea has become a hotbed for cryptocurrency and blockchain technology startups. Just recently the Korea Exchange launched its Korea Startup Market (KSM) based on blockchain technology, provided by Korean blockchain startup Blocko. Furthermore, the Korean Financial Services Commission (FSC) plans on regulating virtual currencies like bitcoin in 2017.
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South Korea Aims to Regulate Bitcoin in 2017
Korea’s financial regulator announced this past week that regulatory policies are coming to the region concerning digital currency exchanges. Bitcoin and the altcoin market have become very popular in Korea according to the publication Korea Joongang Daily. Due to the increase in use within the country, the FSC has created a specialized task force dedicated to cryptocurrency exchanges.