South Korean lawmakers are continuing on in their past efforts of fast-tracking regulations governing the Cryptocurrency sphere in the nation. Should they succeed in this endeavor, South Korea, which is among the largest Blockchain markets in the world, will become a Crypto hub for Crypto enthusiasts and proponents.
This plan will leave the possibility of regulation for the ICO (Initial Coin Offering) open, though this funding method was outlawed last year, 2017.
New Crypto Laws By Political Parties
According to reports, lawmakers across the various different political parties will be joining hands in the drafting of new Cryptocurrency laws. If the draft could be finished in time, the bill could be presented to the National Assembly later on in the week.
The bills are expected to be presented to the Assembly between the 13th and the 26th of July. It is not confirmed if the bills will be ascending into law in this session, however, these efforts are expected to spark further debate about Crypto regulation in the house.
Political Party Members’ Submission
Some of the political party members expected to forward submissions include Park Yong-jin a representative from the ruling party DPK ( Democratic Party of Korea), Chung Tae-ok, a representative from the main opposition party LPK ( Liberty Party Korea), and Choung Byoung-gug, a representative from the minor opposition party BMP (Bareun Mirae Party).
Representative Park Yong-jin has been on the forefront of seeking for the regulation of Cryptocurrency supported by Chung Tae-ok and Choung Byoung-gug. Park has been on the issue since 2017.
Beefing Up Of AML And KYC Guidelines
The South Korean financial regulator FSC (Financial Services Commission) has been on the lookout for the expedition of new Cryptocurrency regulations. This came after several Crypto exchanges in the country were hacked. The FSC will be putting up measures to fortify the AML (Anti Money Laundering) and KYC (Know your Customer) rules and guidelines for Crypto exchanges.
Expedition of the adoption of new guidelines took place at a time
when Cryptocurrencies in the country have been experiencing various cyber-attacks. Bithumb and Coinrail Crypto Exchanges hacks took place within a week of each other.
Focus On Initial Coin Offering
As one of the countries which have outlawed ICOs, the proposed regulations on them are notable.
Rep. Song Hee-Kyung, who is a member of the Assembly as well as a member of LPK, has announced that he will be hosting an event which is expected to have implications for the Crypto Exchange market in the country. He will be co-hosting a debate that will be focusing on the Crypto Exchange market in the country with the KISA (Korean Internet and Security Agency) which will take place on the 19th of July.
KISA is the governmental organization that is tasked with supervising issues relating to the Internet and cyber security.
This event comes in the aftermath of the double exchange attacks that affected Conrail and Bithumb. Both attacks resulted in losses in the region of $70 million total and also sparked widespread discussions across the Crypto community.