South Korean authorities will speed up the process of developing the first regulatory framework for regulating cryptocurrency in the country in connection with the hacking of the Bithumb exchange, writes CCN.
Earlier, the South Korean government announced the regulation of crypto exchanges on a par with banks and on tightening requirements for them.
The authorities after the discussion identified the need to introduce measures to regulate the digital currency market. It is expected that tougher measures will help protect investors and prevent theft from crypto exchanges.
Earlier, the Korean Blockchain Association (KBA) developed a set of rules for crypto exchanges, according to which a capital stock cap of 1.8 million dollars is introduced and obligations are imposed to store information about transactions for 5 years.