Members of the Korean Blockchain Association have announced a new self-imposed code of conduct for cryptocurrency exchanges.
In an April 17 press conference, representatives from 14 of South Korea's leading cryptocurrency exchanges reportedly announced[1] a set of self-imposed, non-legally binding rules that members of the Korean Blockchain Association[2] (KBA), which includes those 14 exchanges, have agreed to abide by.
These rules include storing company and client funds separately, responding quickly to unusual transactions, and publishing regular financial reports. Also, according to an article by The Korea Times, the exchanges have agreed to keep a minimum of 2 billion won (slightly under $2 million at press time) on hand.
Among the KBA's member exchanges are Bithumb[3], Upbit[4], and OKCoin[5], which was formerly based in China.
One official with the association explained that the new rules are "basic requirements to ensure transparent crypto transactions," and related that, in the future, the group would "come up with more measures to bring order to the chaotic cryptocurrency market and to protect clients better." Its overall goals include impeding money laundering, insider trading, and price rigging on exchanges.
Beginning on May 1, the KBA will conduct inspections of Korea-based exchanges' platforms, and association members are expected to present the body with reports detailing their own operations by May 8.
According to reports, the KBA has yet to reach a consensus on matters relating to ICOs, although it's unclear that a KBA position on the topic will have much impact if and when financial authorities implement an anticipated ICO policy[6] of their own.
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