Bithumb executives call for government to establish industry standards

Lee Jung-a, vice president of South Korea’s second largest digital currency exchange Bithumb, stated that the biggest regulatory issue at the moment is that the Korean government does not have a set of standards to understand blockchain technology and cryptocurrencies. The government needs to better understand the services provided by cryptocurrency transactions. Jung-a believes that cryptocurrency exchanges should not be categorized as financial institutions. In reality, it is difficult for exchanges to meet all criteria applicable to financial institutions such as accounting, finance, security, and internal control. Exchanges can store digital currency to provide liquidity to the market. The government’s recent attitude is only to prevent the won from flowing into the digital currency market. Jung-a also said that the government claims to be interested in cultivating the blockchain industry, but if it cannot properly regulate digital currency exchanges, blockchain industry growth will be limited.

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