South Korea To Compile ‘Regulation Scheme For Crypto’ by July End

BTC Wires: Legislators in South Korea are taking Crypto on a serious matter and reconsiderations have already begun regarding the same. In a report by Korea Times dated for July 11, it has been revealed how South Korean lawmakers have disclosed drafts of bills that are determined to embark new regulations for cryptocurrencies, initial coin offerings(ICOs) and Blockchain technology.

These respective drafts will be presented at a special session of the National Assembly of South Korea, slated ho be conducted between July 13 and 26. The step has been taken after considering the increasing cases of money laundering, cybercrimes and personal data leaks. This session is allegedly part of a call for regulations on trading platform, initiated by representative of South Korea’s leading opposition party, Song Hee-kyung belonging to Liberty Party Korea.

It is reported that political stalwarts like Park Yong-jin of Korea’s ruling Democratic Party, Choung Byoung-gug of the Bareun Mirae and LPK’s Chung Tae-ok are ready with their bills on the legal status of all digital currency and cryptocurrency exchanges. Contributing on the matter, leader of the working group on issues relate dot cryptocurrency of the Bareun Mirae party, Oh Se-jung emphasised on the requirement for enhancing the security measure at crypto exchanges.

It must be noted that South Korea has undergone a string of changes regarding their policy towards digital currencies in the recent times. Only this last month has the government of the country disclosed its intentions of reversing the ban on ICOs that was enacted in September, last year. Additionally, the nation’s Ministry of Science and Technology has been ever committed on reinforcing its cooperation with the United States of America, so as the power the impeding “Fourth Industrial Revolution” with Blockchain technology.

It is being said that this new classification scheme will be developed by the end of July. It has also been confirmed that it is aimed at serving as a basis for policy making, for the promotion of blockchain and of its regulatory frameworks.