South Korea’s Watchdog Hurries Lawmakers Pass the Country’s First Cryptocurrency Bill

2018-7-27 15:50

Over a month ago, two largest cryptocurrency exchanges, operating in South Korea became victims of infamous hackers’ attacks. In addition to a damaged reputation and significant financial losses of some $70 million worth investments, the multiple hacks of Coinrail and Bithumb have triggered close attention of the county’s financial watchdog that has finally decided to give an end to security flaws and money-laundering risks thriving in the industry.

Earlier Coinspeaker reported members of South Korea’s political parties had been debating their respective bills for the legal status of digital currencies and the regulations for the local cryptocurrency exchanges during an extraordinary session of National Assembly that was finished yesterday. Despite all submitted drafts were pursuing a common goal of cyber security and transparency, proposed approaches largely divided. Therefore, until the last minute it was unclear whether the parties would reach consensus.

Notably that previously South Korea’s regulatory agency relaxed its guidelines for the cryptocurrency exchange operators in response to the G20 directives. As being pledged at the G20 summit, member nations were obliged to have “unified regulations” towards the functioning of digital currencies and South Korea whose regulatory framework was among the strictest was said to revise its cryptocurrency policy.

Nevertheless, a little slack does not take long. Today South Korea’s watchdog once again has turned to digital assets urging the approval of country’s first cryptocurrency bill. A lawmaker from South Korean ruling party introduced the first draft of the bill back in March, yet it has not been approved by the National Assembly.

However, in the wake of the security and money laundering risks courted by the world’s biggest turnover domestic cryptocurrency exchanges, the bill is likely to pass. The head of the virtual currency response team at South Korea’s Financial Services Commission, Hong Seong-ki commented:

“While crypto markets have seen rapid growth, such trading platforms don’t seem to be well-enough prepared in terms of security. We’re trying to legislate the most urgent and important things first, aiming for money-laundering prevention and investor protection. The bill should be passed as soon as possible.”

If passed in its current form, the bill would put crypto exchanges under the FSC’s direct supervision. Hong said he hopes the National Assembly will act by year-end, adding that the timing is hard to predict.

Hong who remains skeptical towards digital currencies also stressed that FSC oversight would not imply an official endorsement of cryptocurrency trading. In case the bill is passed, the regulator will focus on policing the exchanges rather than promoting their growth, he said.

Meanwhile, three Korean ministries are said to be working to produce the final draft of a new blockchain industry classification scheme by the end of the month. The draft could potentially redefine the status of crypto exchanges and recognize them as regulated financial institutions, as opposed to their previous classification as “communication vendors.”

The post South Korea’s Watchdog Hurries Lawmakers Pass the Country’s First Cryptocurrency Bill appeared first on CoinSpeaker.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Global Cryptocurrency (GCC) íà Currencies.ru

$ 0 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 0.00 %
Cåãîäíÿ L: $0 - H: $0
Êàïèòàëèçàöèÿ $0 Rank 99999
Öåíà â ÷àñ íîâîñòè $ 0.00277866 (-100%)

cryptocurrency south pass bill lawmakers korea exchanges

cryptocurrency south → Ðåçóëüòàòîâ: 126


Ôîòî:

South Korea Denies Cryptocurrency Exchanges From Venture Firm Certification

Although the South Korean Government is keen to improve blockchain regulations, they do not express the same sentiment towards the cryptocurrency industry. According to an article published by Business Korea on October 1, 2018, the South Korean Government decided to deny cryptocurrency exchanges from venture firm certification, which will lead to an increase in taxes for these companies.

2018-10-3 23:00


South American Country Peru Sees Growth In Cryptocurrency Trading Volumes

Cryptocurrency Gains Ground In Peru – Report Shows South American countries have stepped up their game in recent times. The Latinos, as they are popularly referred to, have embraced the use of cryptocurrencies due to several reasons that dab around the standard of living to the accelerated rate of development of science and technology, among […]

2018-8-6 16:25


Off ‘Communications Vendors’: South Korea Admits Crypto Exchanges Being Regulated Financial Institutions

From now on the cryptocurrency exchanges of South Korea form a new industry named “Cryptocurrency Exchange and Brokerage” able to operate at a large capacity with full government support. The post Off ‘Communications Vendors’: South Korea Admits Crypto Exchanges Being Regulated Financial Institutions appeared first on CoinSpeaker.

2018-7-6 20:52


Ôîòî:

South Korea Officially Recognizes Cryptocurrency Exchanges

South Korea has moved to recognize cryptocurrency exchanges as legal entities in their own right for the first time, cementing their position in the local economy. Unveiling ‘Cryptoasset Exchanges And Brokerages’ As local news outlet The B-Chain reports, new “classification” of Blockchain-related industries means exchanges are now considered “cryptoasset exchanges and brokerages.

2018-7-5 15:00


South Asian Banking Ban dealine around the corner, causing Zebpay exchange to stop.

One of India’s largest exchanges Zebpay announced it was freezing Indian rupee deposits and withdrawals July 4, a day before a controversial bank ban on cryptocurrency businesses comes into effect. “INR deposits and withdrawals have been paused in the Zebpay app until banks allow us again,” an update to the original warning reads. On Tuesday,

2018-7-5 21:00


Contradictory Reports Emerge on Crypto Taxation in South Korea

One of the most controversial topics in the crypto industry, taxation, has yet to be settled by regulators. The industry has been kept guessing what policies regulators will eventually agree on, and with different regions and countries having very different outlooks on cryptocurrency, there is no telling what laws to anticipate. The South Korean crypto […]

2018-6-27 17:00