REGISTRATION OF VIRTUAL CURRENCY EXCHANGES

[Anchor Lead]

The deadline for registering virtual currency exchanges is just two months away. But not a singe exchange has been registered so far.

[Pkg]

Investors’ losses keep snowballing as a result of delisted cryptocurrencies. This investor has lost 8 million won recently.

[Soundbite] (Virtual currency investor(VOICE MODIFIED)) : "There’s nothing else I can do. No one provided me with an explanation."

This is happening because cryptocurrency exchanges are getting rid of low-credit coins ahead of the September registration deadline. Low-credit coins can be easily used in money laundering and price manipulation because of their low credibility and small trading amount. But even if cryptocurrency exchanges delist them, receiving real-name bank accounts is not easy. The situation is especially desperate at small exchanges, which are required to sign contracts with banks for receiving accounts.

[Soundbite] (CEO of cryptocurrency exchange(VOICE MODIFIED)) : "From my standpoint, there is no transparency in the procedure. Real-name accounts are being issued randomly. It’s unfair."

Banks shun issuing accounts to avoid responsibility while the Financial Services Commission says the registration deadline will not be extended.

[Soundbite] Lee Jong-koo(Korea Blockchain Association) : "Cryptocurrency exchanges have been preparing for registration, but they were told they were ineligible for screening because of real-name accounts. They need a way out."

Some exchanges that are not eligible to register are closing one by one. The Financial Services Commission says it’s up to cryptocurrency exchanges which coins to list or delist, and it has no legal right to meddle in their closure. With just two months to go before the registration deadline, there are no measures in place to protect cryptocoin investors as the National Assembly has yet to pass the relevant bills.