Korean krypto exchanges begin self-regulation efforts

Korea's major cryptic exchanges have set rules to increase openness.

At a press conference in Seoul on Tuesday, the leaders of 14 domestic crypto exchanges including Bithumb, Upbit and OKCoin announced the rules. They are members of the Korea Blockchain Association.

The association will inspect the system in 14 exchanges and nine newcomers to see if their systems meet the rules. However, inspection could have a limited effect because the rules are not legally binding.

The members are supposed to submit self-inspection reports to the association on May 8th. For its part, the association will start its inspection of members from 1 May.

"The rules are basic requirements to ensure transparent crypto transactions," said an association official.