South Korea has drafted the standardized agreement to ensure fair contracts in the cryptocurrency trading.
The Korea Blockchain Association (KBA) has been working with the largest law firm Kim & Chang to draft the agreement, which would be a reference for cryptocurrency exchanges in doing business.
The association will soon submit the draft for final approval from the Korea Fair Trade Commission (KFTC. Once the commission adopts the draft following its screening, the document becomes official.
The KBA wants an early clearance from the KFTC, but it is unclear when the KFTC would start the deliberation of the draft.
Due to the absence of a standardized trading rule, such cryptocurrency exchanges as Bithumb and Upbit have set different trading commission rates and different guidelines in opening accounts with the exchanges. Investors have sometimes complained over the non-uniformed contracts demanded by different cryptocurrency exchanges.
Once the KFTC completes the screening of the draft, investors can file complaints with the commission when cryptocurrency exchanges damage their rights.
