As bitcoin and digital currencies grow in recognition in South Korea, financial regulators have launched a digital banking charge force to concentration on regulatory and chartering parameters for bitcoin exchanges.
In a assembly final week, a initial of many over a entrance months, a charge force concluded that a bitcoin and digital banking zone needs to be regulated, according to informal announcement Korea Joongang Daily.
The Financial Services Commission (FSC) convened a meeting, besides rising a charge force, and saw other authorities including a Bank of Korea, a country’s executive bank, a Ministry of Strategy and Finance and a Financial Supervisory Service. As things stand, a Ministry of Science, ICT and Future Planning is tasked to manage the registration of bitcoin exchanges but any regulatory guidelines. The stream structure is expected to change by Q1 2017.
As for a regulatory proceed itself, a taskforce will impute to existent authorised frameworks in a United States – New York state’s BitLicense is a important instance – and Japan, where a new bill was upheld by the