What is Korean Bitcoin (Trading Rules of Korean Bitcoin Exchange)

What is Korean Bitcoin? South Korea is one of the world’s largest cryptocurrency exchanges, primarily engaged in trading services. In January 2013, the South Korean government issued new regulations and amendments to the “Financial Action Task Force (FATF)” and the “Specific Economic Information Act” (tentative name).

In the country, people can make peer-to-peer payments or remittances through traditional institutions such as banks and telecommunications companies. These methods make it the world’s first international payment system using blockchain technology. Therefore, Koreans can use the Korean won to purchase various digital assets — including Bitcoin and other tokenized assets. However, it is currently unclear how they operate specifically because most cryptocurrencies are provided through exchanges or third-party custodial wallets, and some cryptocurrencies are issued by anonymous issuers, such as Ripple and Tether. (Forkast.News)

Trading Rules of Korean Bitcoin Exchange

According to reports, Lee Tae-jin, the CEO of the Korean Bitcoin exchange Coinbit, stated on Twitter: “We have started notifying about how to use virtual assets for trading. Without any clear guidance or legal basis, we cannot provide real-name accounts.” He explained, “In order for users to participate in the virtual currency trading market, they must also assure customers of the security of their funds and obtain appropriate services.” It is reported that virtual asset operators need to comply with regulations regarding anti-money laundering and counter-terrorism financing, according to Article 6 of the “Specific Financial Information Act”.