South Korea to tighten the regulation of the cryptocurrency market

The South Korean government announced a tightening of the regulation of cryptocurrency exchanges and acceleration of the implementation of the regulatory framework for the industry after the hacking of the Bithumb exchange, CCN reported. Authorities plan to introduce rules for cryptocurrency exchanges, currently regulated as service providers, that apply to commercial banks. The attack on the Bithumb exchange will accelerate the adoption of the bill on the regulation of crypto exchanges, which will increase confidentiality, security and improve infrastructure. The exchanges will have to comply with the security standards that are distributed to financial institutions.

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