When issues arise in your market that undermines trust by consumers, your market has a vested interest to develop its own standards to assure the consumers that they can trust the products and services your market provides. Your necessity to make consumers happy will drive you to self regulate. Case in point?
Cryptocurrency exchanges have experienced a number of fraudulent activities and digital heists that have hurt consumer confidence. In South Korea, the cryptocurrency exchanges are developing new self-imposed, non-governmental regulations in an effort to restore consumer confidence.
This is how an unfettered market responds to consumer concerns, with no legislation required.
|Growing Number of South Korean Crypto Exchanges Participate in Self-Regulation|
The number of cryptocurrency exchanges participating in self-regulation has nearly doubled in South Korea. The crypto self-regulation efforts are led by the Korean Blockchain Association which has recently launched with 66 members. The association also plans to develop standard price indices for the main cryptocurrencies.
25 Crypto Exchanges to Self-Regulate
The Korean Blockchain Association has been leading the cryptocurrency self-regulation efforts in South Korea. The group formally launched on January 26 with 66 members, local media reported. Among its members are 25 crypto exchanges including all of the country’s major platforms such as Upbit, Bithumb, Korbit, Coinone, and Coinplug.
An inaugural ceremony for the launch was held at the Yeouido National Assembly Hall in Seoul. It was attended by 58 out of 66 member companies along with Min Byung-Doo, a member of the Democratic Party, and Kim Sung-tae, a member of the Free Korean Party, Inews24 reported.
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