South Korea is considering adopting a cryptocurrency replacement system based on the New York BitLicense system
BusinessKorea writes that it is unlikely that the final decision will be taken before the election in June 2018. in this country. A government official told them about the options within the virtual currency task force:
We seriously consider adopting the exchange approval system as an additional regulation for cryptocurrencies. Most likely, we will adopt the model that New York has
BitLicense is a virtual currency exchange license issued by the New York State Financial Services Department in August 2015. In Japan, there is a similar exchange license program under which the Financial Services Agency (FSA) approves rigorous licenses for cryptoclosure exchanges.
The publication reports that the South Korean government sees more stable crypto prices, compared to high and low fluctuations in December and January, as the cooling of speculation.
Another government official said:
Some even say that the government should levy taxes, instead of introducing additional regulations, if the market volatility remains at the current level. We will organize a meeting this month to respond to the national petition regarding digital currencies
It is worth mentioning that over 200,000 Korean citizens have signed up to the said petition, demanding a government response.
South Korea has recently been frequently mentioned in information services on cryptocurrencies, because the misinterpreted rumor of a total ban on the digital currency in the country has caused the markets to fall sharply. CoinMarketCap also removed South Korean stock exchanges from the beginning of January due to “extreme price divergence” from the rest of the world cryptocurrency markets.
According to the study, more than one-third of Koreans who have a permanent job in the cryptocurrency are about 5,000 USD, while 80 percent of investors from South Korea make investment profits.