South Korean Lawyers Urge Government to Regulate Cryptocurrencies and Protect Investors

South Korean Lawyers Urge Government to Regulate Cryptocurrencies and Protect Investors
фото показано с : blokt.com

2018-11-9 14:29

The Reuters reported on Nov. 8th that the South Korean Bar Association publicly pressed the government to enact a legal framework that recognizes digital assets as a standalone industry and protect investors.

Kim Hyun, the president of the Bar Association made the call during a press conference held at the parliament. The government promised to make its ruling on crypto regulation after consulting with financial regulators.

Rare Public Call

Hyum was quoted saying:

“We urge the government to break away from negative perceptions and hesitation, and draw up bills to help develop the blockchain industry and prevent side effects involving cryptocurrencies.”

The Bar Association rarely lobbies for any technology or business interests.

The government is still polarized on crypto regulation with one side of the camp calling for clear guidelines to regulate the industry. Recently, South Korean lawmakers from the ruling party urged the government to adopt a positive stance on the regulation of the nascent industry.

The government initially banned initial coin offerings in September 2017. Choi Jong-Ku, the chairman of the Financial Services Commission (FSC) pointed out that the blanket ban on initial coin offering still stands.

South Korea is one of the most important markets for the emerging cryptocurrency industry. The country is home to Upbit and Bithumb, two of the largest cryptocurrency exchanges by trading volume.

In October, Choi Jong-Ku, the commissioner of the FSC approved a working partnership between banks and cryptocurrency exchanges, stating that:

“There exists no issue in banks providing virtual bank accounts to cryptocurrency exchanges. If digital asset trading platforms have KYC and AML systems in place, there is no problem in issuing virtual bank accounts to exchanges.”

It remains to be seen how the government responds to the call.

South Korean Lawyers Urge Government to Regulate Cryptocurrencies and Protect Investors was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Titanium Blockchain (BAR) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 BAR

government protect investors korean south bar association

government protect → Результатов: 31


South Korean Bar Association Presses the Government to Develop New Crypto Legal Regulations

There are some layers in South Korea that are working in order for the government to establish a new cryptocurrency legal framework. The information was released by Reuters a few hours ago. The lawyers want the government to establish a legal framework that would help develop the blockchain and cryptocurrency industry and protect investors from […]

2018-11-9 01:48


Фото:

Crypto Regulation Roundup: More Cryptocurrency Control Urged in South Korea and Thailand, France Plans to Ease Crypto Taxes

South Korea’s lawyers have lobbied the government to establish a better legal framework around blockchain that would help develop the industry and protect investors. More regulation was also urged in Thailand, where on November 7, 2018, the Deputy Prime Minister has called for more measures to control cryptocurrencies and prevent them from being used to fund terrorism.

2018-11-9 00:00


Фото:

SEC Charges Forex Broker for Illegal Securities Swaps Involving Bitcoin

In what seems like the first coordinated strike from government agencies, the U. S. Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and the Federal Bureau of Investigation (FBI) have taken action against a securities broker for violating federal laws in connection with security-based swaps funded by bitcoin.

2018-9-29 22:29


EverID ICO

EverID has built a decentralized digital identity system to store and confirm user identity data, documentation, and biometrics. The platform is available to all human beings. It does not require a mobile device to join, is encrypted to protect users’ privacy, and is interoperable with other systems.

2018-7-31 09:58


US President Donald Trump Creates Task Force To Curb Crypto Fraud

A new task force has been formed by the US government to protect consumers from threats related to money laundering, investment schemes targeting virtual currencies. An executive order signed by President Donald Trump listed the Justice Department and agencies including the SEC, the Federal Trade Commission and the Consumer Financial Protection Bureau as leaders of […] The post US President Donald Trump Creates Task Force To Curb Crypto Fraud appeared first on ZyCrypto.

2018-7-13 18:31