South Korea Submits Six Cryptocurrency-Related Bills To The National Assembly For Market Regulation

South Korea Submits Cryptocurrency-Related Bills To The National Assembly To Regulate The Market

According to data provided to by South Korea’s top financial regulator, the Financial Services Commission (FSC). These bills have been submitted to protect cryptocurrency owners and improve the safety and reliability of transactions.

The FSC informed that several crypto-related bills have been submitted to the National Assembly. There are six proposals that were proposed by members of the National Assembly.

A spokesperson said on this issue:

“There are six proposals made by the National Assembly members. There is no crypto-related bill submitted by the FSC to the National Assembly.”

All of them are different proposals and want to improve the crypto market for companies to have a clear legal framework where to operate and investors to feel safe when they invest in digital assets. All of these proposals include topics such as damage compensation, prohibition of money laundering and market manipulation and more.

Back in September 2017, the South Korean government banned Initial Coin Offerings (ICOs) in the country. China has also decided to ban ICOs but also all crypto-related activity.

Due to the fact that there was a growing interest in crypto transactions, several users have been hacked and other investors lost their funds against scams or fraudulent companies. The first crypto-related bill submitted to the National Assembly proposes definitions for virtual currency, businesses, and more. The intention is to amend the Electronic Financial Transactions Act that was introduced in July 2017.

Two other bills were submitted to the National Assembly in February. The intention is o institute a virtual currency exchange system that would guarantee freedom of business and protect investors.

This second bill proposes obligations for crypto-related entities such as crypto trading business and virtual currency assistance business, among other issues. Those that want to operate a trading business will have to be approved by the Financial Services Commission.

There are three other bills. One of them is known as the Act on the Reporting and Utilization of Specified Financial Transaction Information. The fifth bill was submitted just a few months ago by Ha Tae-keung and it proposes a few amendments to the Electronic Financial Transactions Act.

The last one was submitted back in November and its main purpose is to protect the rights of digital asset owners. This would ensure reliability and safety of crypto transactions.

There are several countries that are starting to implement clear regulations around virtual currencies. The intention is to control the market, avoid fraudulent activities and promote innovation among firms.

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