Korea’s major cryptocurrency exchanges have set up rules to boost transparency.
At a press conference in Seoul on Tuesday, the leaders of 14 domestic crypto exchanges including Bithumb, Upbit and OKCoin announced the rules. They are members of the Korea Blockchain Association.
The association will inspect the system of the 14 exchanges and nine newcomers to see if their systems meet the rules. However the inspection could have a limited impact because the rules are not legally binding.
Members are supposed to submit self-inspection reports to the association by May 8th. For its part, the association will start its inspection of members beginning May 1st.
“The rules are basic requirements to ensure transparent crypto transactions,” said an association official.