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Blockchain industry needs ecosystem of trust created by various participants. There are companies that raise capital through ICO and develop blockchain technology, there are miners who contribute to make and keep the ledgers, and cryptocurrency investors and exchanges. All of these participants are main actors who create the blockchain ecosystem based on the cryptocurrency as a tool.
Cryptocurrency itself builds a trust, encourages participation to network, and works as a consensus algorithm. Exchange should work as center for, technology value guaranteed by cryptocurrency. And investors of cryptocurrency shall realize self-awareness that they are participants and contributors of the blockchain ecosystem.
As time goes, new blockchain based industries will appear and most of them will disappear from the fair market competition. In that case, cryptocurrency which took an important role in that disappeared service will be useless, too.
The exchanges that are members of Korea Blockchain Association are required to take responsibility that they are the milestone for stable market.
First of all, exchanges should take all social responsibility with sense of duty that they are large part of trust system of blockchain as they are produce the market for blockchain ecosystem.
Second, exchange should do their best to warn the investors about danger of cryptocurrency trade and form safe trade system.
Third, exchanges should provide the investors the opportunities to make judgements, by providing information and related news about technological white paper and engineers.
Also, exchanges should volunteer to take blockchain’s distributed characteristic to make trust internet world.
Now, exchanges should not only limit their purposes for maximizing their profits, but also act as the center to maximize the possibility of blockchain.
As the government and experts have high expectations and worries at the same time, our association expects that rational regulation will be made in short through appropriate legalization process.
Our association will do our best to establish a sound cryptocurrency ecosystem through self-regulation which was offered by financial authorities and completed under the consensus with Korea Federation of Banks.