This year on March, Korean National Assembly unanimously passed the amendment to the Act on Reporting and Use of Specific Financial Information. Despite of the delay on the announcement of the legislation as there are more details to discuss, the Korea Financial Intelligence Unit who is in charge is planning to rush as much as possible
As there have been no regulations on cryptocurrency, illegal activities have been rampant and there were numerous cases where investors suffered from profit loss or abused their property right.
As cryptocurrency industry enters the law system after the implementation, it will establish more demanding legal framework for exchanges and cryptocurrency foundations. In fact, the press revealed that some of the small cryptocurrency exchanges are planning to give up their businesses. This represents that only those foundations with a firm groundwork will be able to survive within the system. Furthermore, some analysts say that once the current bills related to cryptocurrency are adopted, the crypto exchange will possess the equivalent legal influence to that of a financial institution (back, etc) Then, what would happen once the Act is implemented?
As the barriers to enter the system gets higher, the market will rule out those unstructured exchanges from the system and it is expected that among 50 exchanges that exists currently in Korea will decrease approximately to 10 or less exchanges. As a result, only exchanges who diligently perform as their White Paper suggests will survive which will induce a more positive view on cryptocurrency market. As a result, only foundations that are eligible as a real blockchain solution in a variety of aspect will ultimately gain the trust of investors in the field, leading the ecosystem. Additionally, a wider human resources will be created that will foster the future crypto market.
KOK has been listed on two major exchanges to facilitate our member’s promotion and is planning to be listed on one of the largest exchanges in the second half of this year. Furthermore, we have been establishing our business model with aggressive M&A, through servicing games, movies, webtoons and other variety of contents on KOK PLAY platform. Right now, the unstructured exchanges will not be able to survive after the enactment and in the future, only exchanges with a strong foundation will prosper. KOK Foundation is moving our footsteps toward that future. In order to create stronger and structured ecosystem, we will prepare ourselves to be ultimately acknowledged as a stable global cryptocurrency.
Disclaimer: This feed is written only with the purpose of conveying more information and do not contain the opinion of KOK PLAY. We do not guarantee or make any promise about the completeness of these content as a whole or in part. Please check the related content by yourself.