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South Korean Regulators Plans to adopt Crypto Exchange Licensing System

South Korean Regulators Plans to adopt Crypto Exchange Licensing System:
Since the New York department of financial services (NYDFS) developed Bitlicense, a regulatory license that permits exchanges to trade in cryptocurrencies in the state, it has awarded approval to only six trading companies. The license gives restrictive controls and capital requirements to the companies and allows the government to monitor the market in an orderly fashion.
The restrictions and limits this licensing system has set upon businesses prompted the south korea government to be considering adopting a system similar to Bitlicense, in an attempt to regulate the digital money trading in the country.
South Korean regulators plan to introduce a cryptocurrency licensing system, Business Korea reported. An official said they were considering the adoption of a system for the approval of stock exchanges as an additional regulation on cryptocurrencies to be positive. We rather compare the model of the state of New York, which gives selective permission.

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