That was then.
Now, not long afterward, South Korea has come to the party. As Eli Meixler reports in Fortune, the nation's leaders are considering creating a licensing system which would regulate its cryptocurrency exchanges.
South Korea could establishing a system based on the Bitlicense model. The model had been developed in New York. Here is the coverage of that development by BusinessKorea.
Essentially, the licensing system, explains Meixler:
" ... imposes detailed reporting regulations and a minimum capital requirement, limiting the number of firms and currencies that qualify ... Adopting such a system would help bring cryptocurrency into a more familiar institutional framework."
Obviously, that kind of regulatory approach would put government in the loop. Currently, cryptocurrencies operate on a peer-to-peer basis, not under the jurisdiction of any government entity. That's one of its main differences from fiat currencies such as the dollar.
Place your sponsored content and links on this syndicated site. High Google Rankings. Brandname inbound links. Contact firstname.lastname@example.org for complimentary consultation