South Korea is now considering a licensing scheme for cryptocurrency exchanges in a major U-turn on its previous suggestion to ban them.
Govt. To Debate ‘Exchange Approval System’
As local news media outlet Business Korea reports Monday, lawmakers from a dedicated “cryptocurrency task force” are examining the option of following in the footsteps of New York and Japan in vetting exchange operators before allowing them market entry.
The New York scheme is several years old and faced teething problems, including backlogs and exorbitant costs, while 2017’s move by Japan received considerable demand as well as broad acclaim.
