Regulations

South Korean lawmakers shift their focus to cryptocurrency owners

The financial regulator in South Korea has been looking to provide guidelines to help mold a level and secure playing ground for all those involved with cryptocurrencies. Now, the lawmakers in the country have joined in with bills addressing cryptocurrency owners in South Korea.

Speaking to Bitcoin.com, a representative from the country’s financial watchdog, Financial Services Commission (FSC), noted that the National Assembly has received six bills concentrating on safeguarding cryptocurrency owners in the country. According to the representative, none of the bills has been authored by the regulator.

The bills include one that is seeking to add on the country’s Electronic Financial Transactions Act so as to include a defining clause of what is cryptocurrency and what is a crypto issuer. Additionally, the bill seeks to expand the content of the Act so that it clearly provides a definition of businesses dealing with digital currencies.

Other bills introduced to the National Assembly by the lawmakers in the course of this year have something in common with the new bills, i.e they are all pushing for a system that safeguards cryptocurrency owners in South Korea.

The FSC representative added that the bills are banking their argument on the growing list of hacks targeting individual cryptocurrency owners as well as exchanges. The lawmakers are also making reference to the increased ponzi schemes that have defrauded cryptocurrency owners.

As part of protecting cryptocurrency traders, one among the six bills recommends that the Financial Services Commission give a green light to those companies looking to provide South Korean cryptocurrency owners with any cryptocurrency-related services be it crypto management, brokerage, or trading.

Throughout 2018, the financial watchdog in South Korea has been maintaining a hawk eye on companies looking to offer crypto-related services in the country. Some of these companies even succumbed to the high regulatory pressure.

Do you think the lawmakers’ move coupled with that of the FSC will provide a better playing ground for cryptocurrency owners in the country?

Let us know your thoughts in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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