Korean Legislators Urge for Crypto, ICO, Blockchain Regulations – Report

July 12, 2018
72 Views


Lawmakers in South Korea have disclosed draft bills regulating digital currencies, coin offerings and blockchain.

South Korean members of parliament (MPs) will submit bills that aim to regulate cryptocurrencies, initial coin offerings (ICOs) and blockchain technology during the coming two weeks, local media outlet The Korea Times reported on Wednesday.

Several MPs have allegedly unveiled drafts of the rules and are planning to bring them up for discussion at an extraordinary session of the Korean parliament between July 13 and 26. Among them are Park Yong-jin of the ruling Democratic Party of Korea, Chung Tae-ok of the main opposition Liberty Party Korea (LPK) and Choung Byoung-gug of the minor opposition Bareun Mirae Party who, according to the publication, are “most committed to the issue.” Park is known as an advocate for the regulation of virtual currency business, as he proposed an amendment of the current laws in August last year.

The upcoming legislation fits moves Korea has recently taken to introduce rules into the digital coin sphere despite already being one of the most crypto-engaged nations worldwide. Last week, the government officially recognized the virtual currency industry and added classifications for the sector. In May, a number of MPs suggested the lifting of the ICO ban introduced in September 2017 and rather regulate them.

The Korea Times quoted LPK member Song Hee-kyung as stressing the significance of introducing rules for cryptocurrency exchanges in the fight against money laundering, hacker attacks and data breaches, a position held also by Oh Se-jung from the Bareun Mirae Party. On July 19, Song will lead a debate on security issues related to domestic digital currency marketplaces.

Whether the Korean parliament will pass the bills is yet unclear in view of the opposing opinions on crypto matters among MPs and since “more urgent political and economic issues are on the table,” as the local news source noted.



Source link

You may be interested

ICO Prosecution Leads to First Jail Term
ICO News
19 views
ICO News
19 views

ICO Prosecution Leads to First Jail Term

Editor - November 14, 2018

[ad_1] A car repair company employee has been sentenced to six months in jail for data theft, in the first…

Will Robinhood overtake Coinbase in cryptocurrency trading (Ethereum and Bitcoin)? How does Robinhood make money? – Wed Nov 14
Coinbase News
18 views
Coinbase News
18 views

Will Robinhood overtake Coinbase in cryptocurrency trading (Ethereum and Bitcoin)? How does Robinhood make money? – Wed Nov 14

Editor - November 14, 2018

[ad_1] Coin base is one of the prime exchanges when it comes to cryptocurrency trading. It is one of the…

Litecoin price today; Litecoin predictions 2018: Is there a potential for Litecoin price to reach Bitcoin price? -Wed Nov 14
Litecoin News
21 views
Litecoin News
21 views

Litecoin price today; Litecoin predictions 2018: Is there a potential for Litecoin price to reach Bitcoin price? -Wed Nov 14

Editor - November 14, 2018

[ad_1] Litecoin price today; Litecoin predictions 2018: Is there a potential for Litecoin price to reach Bitcoin price? -Wed Nov…

Leave a Comment

Your email address will not be published.