To date, there has been very little oversight or regulation when it comes to the world of bitcoin and cryptocurrencies across the globe. However, in recent weeks steps been taken in this particular direction.
History of Growing Attention
It has been reported that the authorities in South Korea are getting close to finishing a set of regulations that are related to cryptocurrency exchanges and bitcoin.
The financial authority and regulator in South Korea is the Financial Services Commission (FSC), and they have outlined how these regulations are going to take shape. Their primary focus is to ensure that cryptocurrency exchanges play by their rules and maintain a strict hold on the sector in the country.
The regulatory body announced in 2016 that they had plans to bring in specific regulations related to the bitcoin exchanges, focusing mainly on areas of licensing and regulatory parameters. They want to systemize digital currencies in the same manner as in other developed countries like Japan and the United States.
However, back in May, there was a lot of fear between different government ministries and the central bank as they tried to piece together a friendly and unified regulatory approach.
While there was a lot of uncertainty as to whether or not these regulations would come to fruition, six months later it looks like a compromise has been made…