South Korean Officials To Develop New Cryptocurrency Exchange & Blockchain Regulations

South Korean Officials To Develop New Cryptocurrency Exchange & Blockchain Regulations

The Korea Times reported today that South Korean regulators are finalizing drafts of bills intended to develop a set of rules on cryptocurrencies, blockchain technology, and initial coin offerings (ICO’s).

South Korea lawmakers will introduce the draft as an extraordinary session of national assembly which is going to Take Pl., July 13th through 26. According to Korea times, representative Song Hee-Kyung, of the Liberty Party Korea is calling for regulations on crypto trading platforms in order to prevent money laundering, personal data leaks, and cyber crimes.

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South Korean officials are reportedly planning to present new regulatory bills on the legal status of digital currencies and the legal requirements for cryptocurrency exchanges. Many officials are calling for more security measures for cryptocurrency exchanges with regard to the recent string of crypto hacks.

As of recent, South Korean regulators have been gradually changing their stance towards cryptocurrency. Last month, the government announced that they plan to reverse the ICO ban which they initially enacted back in September of 2017.

The South Korean Ministry of Science And Technology also strengthened their cooperation with the US in order to advance the “Fourth Industrial Revolution” powered by blockchain technology.

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