South Korean Legislators to Develop New Rules for Crypto and Blockchain

South Korean Legislators to Develop New Rules for Crypto and Blockchain

South Korean regulators have unveiled drafts of bills to introduce new rules on blockchain technology, cryptocurrencies, and ICOs (Initial Coin Offerings), The Korea Times reported Wednesday, July 11.

According to the Korea Times, the regulators will introduce drafts of the bills at an “extraordinary session” of the National Assembly, set to take place from July 13 to July 26. The report added that Song Hee-kyung, representative of the LPK (Liberty Party Korea), the leading opposition party, has called for regulations on crypto trading platforms in an attempt to prevent illegal activities like money laundering and personal data leaks.

Park Yong-jin, the representative of the ruling DPK (Democratic Party of Korea), Chung Tae-ok of the Liberty Party Korea and Choung Byoung-gug of the Bareun Mirae Party, the minor opposition, are reportedly preparing to present their respective drafts on the bills concerning the legal status of cryptocurrency and legal requirements for crypto exchanges.

Oh Se-jung, leader of the group working on crypto issues of the minor opposition Bareun Mirae, said that strict security measures for crypto exchanges should be enforced.

South Korean lawmakers have been “gradually changing their stance” towards cryptocurrencies. Just last month, the national government decided to reverse the ban on ICOs (Initial Coin Offerings), which was initially enacted in September last year. Meanwhile, the Korean Ministry of Science and Technology (MSIT) resolved to strengthen cooperation with the US State Department in the “Fourth Industrial Revolution” where blockchain will play a major role.

Earlier this month, South Korean regulators announced that they were drafting a new major classification scheme for the blockchain industry in South Korea. The new industry classification standards will serve as a basis for making policies aimed at blockchain regulatory frameworks. According to some reports, the scheme should be ready by the end of July.

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