South Korea drafts bills on the regulation of cryptocurrencies

July 12, 2018
Chris Wheal

South Korean lawmakers are raising their efforts introduce cryptocurrency regulation with a number of draft bills being prepared for an upcoming extraordinary session of the National Assembly, according to a report in the Korean Times.

South Korea is becoming more relaxed about crypto trading

Rules for cryptocurrency exchanges, initial coin offerings and blockchain are expected to be discussed in the National Assembly sessions between 13-26 July after calls to prevent money laundering and other cyber crime.

Representatives hearing

Three parliamentary representatives – Park Yong-jin of the ruling Democratic Party of Korea, Chung Tae-ok of the leading opposition party Liberty Party Korea and Choung Byoung-gug of the minor opposition Bareun Mirae Party – will present their bills at the hearings.

A policy debate on 19 July will be chaired by Song Hee-kyung, hearing views on the security of the country’s cryptocurrency exchanges. The Korea Internet and Security Agency, fresh from its security inspection of South Korean crypto exchanges, will co-host the event.

Turbulent relationship

South Korean authorities have had a turbulent relationship with cryptocurrencies: considering banning crypto trade outright at the end of 2017. It banned initial coin offerings and the use of anonymous bank accounts in early 2018.

Since then, however, its stance has eased and, although it remains unknown if any of the draft bills to be heard in the National Assembly later this month will eventually make it into law, authorities appear now to be taking a more pragmatic approach to regulation of the sector.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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