• {{ market.title }}
    {{ market.ticker.yesterday_vs_sign }}{{ number_format(market.ticker.yesterday_vs_rate, 2) }}%

By September 24, all virtual asset business operators in Korea must complete the report. The operators who fail to report cannot operate it anymore. As a result, not only the four major exchanges (Bithumb, Coinone, Upbit, and Korbit), but also small and medium-sized exchanges are busy preparing it. This is not just the situation in Korea. As regulations on virtual assets are being strengthened worldwide, overseas exchanges are also responding to regulations.

 

 

1.jpg

 

What are the strategies of foreign exchanges in response to virtual asset regulations that vary from country to country?

National policies on virtual assets are completely different. Some countries, such as China, completely banned them as crime busting, while others, like El Salvador, have declared Bitcoin as a legal currency. However, most major countries are moving toward regulating virtual assets.

Overseas exchanges are struggling to come up with measures to respond to these regulations. There are cases where the exchange business is moved to another country to avoid regulation. In the case of Huobi China has already been transferred to Singapore, the United States and Japan due to China's regulation in 2017, and only blockchain R&D related projects are being carried out in China. However, in reality, fleeing to an unregulated country is not a solution because in most cases, the business will be prohibited if the regulations of the relevant country are not followed.

 

 

Therefore, it is necessary to actively respond to the regulations required by each country. In particular, it has been a long time since the establishment of a system for Anti-money laundering (AML) and Combating the financing of terrorism (CFT) that major countries have promised to participate in. However, unlike domestic exchanges, overseas exchanges deal with the entire world, so there is a concern that each country has to respond to different regulations. Accordingly, overseas exchanges are suggesting the establishment of a branch as a solution. It is a one-to-one customized response to the regulations of the respective country. For example, in the case of the Huobi Korea branch, in line with the Specific Financial Transactions Act (Special Act), it has strengthened AML by restricting the use of exchanges to high-risk countries and non-resident foreign members in Korea. In other words, Huobi Korea is on an equal footing with domestic exchanges that comply with the Korea’s Special Act.

5.png

 

Binance, the world's largest virtual asset exchange, is also responding to regulations by establishing a branch. Binance is facing its biggest crisis due to recent regulations. After the Japanese and Canadian governments had already ordered them to shut down, the British government also requested too. In response, CEO Changpeng Zhao said that it would take “practical measures” to comply with regulations.

The practical measures he announced are 'expanding the international compliance team', 'expanding compliance-related partnerships such as anti-money laundering AML', and 'establishing a branch that meets the regulations of each country'.

 

By establishing a branch, Binance plans to respond to regulations by establishing a regional-based exchange that meets the restrictions of each country and is linked to fiat currencies.

 

7.jpg

The reason that foreign exchanges are responding to regulations tailored to each country through the establishment of branches is

because restrictions on virtual assets vary widely depending on political or national economic conditions

 

Until now, there have been no clear guidelines from the virtual asset industry. Therefore, attention is focused on this action by Binance, the world's largest exchange. In other words, depending on Binance's regulatory response and its results, the industry's regulatory response direction may be somewhat outlined.

As such, it seems that foreign exchanges have established strategies to respond to regulations in a way that melts into each country. Attention is paid to the moves of overseas exchanges to see if such a response strategy will be successful and a regulatory response model will be presented.

 

7.png

U.S. regulations are so strict that they have been criticized for being overly complex.

China and India unconditionally regulated virtual assets because they believe the assets threaten the national economy

 

TOTAL732
NO Subject 썸네일 Date Created
712 미 SEC 위원장 개리 겐슬러, 암호화폐 강력 규제 예고 2021.08.04
711 마라톤 디지털, 암호화폐 채굴기 3만대 구매한다 2021.08.03
710 런던 하드포크 기대감에 이더리움 강세 이어가 2021.08.03
709 블록체인 기술 도입한 모바일 MMORPG '미르4', 글로벌 사전예약 실시 2021.07.29
708 카자흐스탄 암호화폐 허용 하나? 시중은행 암호화폐 계좌 계설 허용 2021.07.29
» Foreign virtual asset exchanges response to regulations 2021.07.28
706 민형배 의원, 거래소 등록제 골자로 한 '디지털 자산법' 발의 2021.07.28
705 아마존 "자체 개발 코인, 비트코인 결제 지원 사실무근"... 하지만 암호화폐에 관심은 커 2021.07.28
704 위메이드, 비덴트 추가 투자로 전략적 제휴 확대 "블록체인 관련 사업 더욱 확장해 나갈 것" 2021.07.27
703 골드만삭스, "블록체인 관련 ETF 신청" 2021.07.27
702 라울 팔 "지금 가장 확실한 베팅은 이더리움" 2021.07.23
701 스티브 잡스 첫 입사지원서 NFT 경매로 나왔다 2021.07.23
700 미국 대형 편의점 써클K, 캐나다 매장에 비트코인 ATM 도입 2021.07.23
699 JP모건, 가상자산 펀드 판매 개시 "모든 고객들에게 해당 상품 판매" 2021.07.23
698 현대백화점 모바일카드 신규가입하면 1만원 상당 밀크 코인(MLK) 증정 2021.07.22
697 How are countries doing virtual asset regulation? 2021.07.22
696 일론 머스크, "테슬라 다시 비트코인 결제 가능할 수 있다"... 비트코인 3만2천달러 회복 2021.07.22
695 그라운드X, 한국은행 CBDC 모의실험 우선협상자 선정 2021.07.21
694 EU, 암호화폐 익명 송금 규제법안 발의 2021.07.21
693 FTX , 소프트 뱅크 등으로부터 9억 달러 투자 유치 2021.07.21