S. Korean politicians will raise the need to regulate crypto in National Assembly

11 Jul, 2018
by Paula D. Baciu
S. Korean politicians will raise the need to regulate crypto in National Assembly

The political elites of South Korea are increasingly more aware of, and eager to regulate the cryptocurrency industry. Law proposals come from various political bodies and the issue will be addressed during an extraordinary session of the National Assembly during this month, according to Korea Times.

Politicians belonging to backgrounds as diverse as the ruling Democratic Party of Korea, the main opposition Liberty Party (LPK), and the minor opposition Bareun Mirae Party, advocate the time has come for cryptocurrencies to be taken seriously. They noted that the main priority in this regard is the need to regulate and monitor cryptocurrency exchanges, ICOs, and blockchain technology in general.

The Korean Internet and Security Agency (KISA) and Rep. Song Hee-kyung of the LPK will host a debate based on the investigations conducted by KISA about the security of crypto exchanges. Mr. Song stresses that exchanges must be supervised in order to avoid the disclosure of personal data, money laundering, and, most importantly, security breaches (or hacks).

Although not all proposals might turn into actual laws of the constitution, the fact that cryptocurrencies occupy a significant role in an event as impactful as the National Assembly proves that crypto projects are closer to full acceptance than ever.

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