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Blockchain News Regulations

South Korean National Assembly scrutinizing local crypto exchanges

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ZDNet Korea reported on Monday that the National Assembly held a debate revolving around crypto regulations which were arranged by major local crypto exchanges. According to Financial Leaders, A local business outlet- the topics for the debate were put forward by seven different crypto exchanges, namely: Bithumb, CabinCoin, Coinone, Upbit, Gopax, Coinplug, and Hanbitco.

Leading politicians like Kim Byung Wook (Democratic Party) and many crypto entrepreneurs attended the debate. Financial Service Commission (FSC), which is also termed as the Financial watchdog, sent its representatives to the discussion. Lee Seok Wu, CEO of Dunamu led the debate which was attended by Financial Watchdogs’ members and the president of Gopax. The focus of the debate was on AML (Anti Money Laundering), Customer Protection and KYC (Know Your Customers).

The discussion was taken forward in the National Assembly with FSC’s decision of allowing it to service cryptocurrency exchanges as long as they have sufficient AML and they apply KYC checks. South Korea has always had stringent regulations against ICO’s (Initial Coin Offering). The Jurisdiction issued strong warnings against ICO’s in 2017. Presto, a local blockchain Startup is determined to file a constitutional appeal to eliminate this policy.

The crypto industry in South Korea is witnessing consistent growth, according to a report by CryptoCompare. In terms of average trade volumes, Korean crypto exchanges overtook the Maltese competitors. Major Korean crypto exchanges produce a trading volume of over $1.4 billion every day.

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