The financial services Commission of South Korea (FSC) has called on the National Assembly to urgently take the first rules of cryptocurrency regulation, writes Bloomberg.
The regulator stressed that bitcoin exchanges face challenges of security and money laundering.
“First and foremost we are trying to introduce in the legal field are the most important things, including on the prevention of money laundering and the protection of investors. These laws need to be adopted as soon as possible”, — said the head of the group to respond to risks of virtual currencies FSC Gong Sangki.
He also hoped that the national Assembly will complete all the necessary preparations for the adoption of bills by the end of the year.
We will note, in March, the representative of the ruling party of South Korea proposed a bill to control cryptobinary. However, the national Assembly has not yet started to consider it.
If the legal act is adopted in its current form, the trading platform will be under the direct supervision of the FSC.
ForkLog previously reported that FSC has joined the investigation of the facts of money laundering, a South Korean bitcoin exchanges.
In July, the financial services Commission of South Korea announced the creation of a dedicated Bureau of financial innovation for regulation of the cryptocurrency sector. As planned, the Bureau has a duty to protect investors while encouraging the development of financial technologies, including the blockchain and cryptocurrency.
We will remind, the South Korean authorities plan to relax efforts to market regulation of cryptocurrency in accordance with the recommendations of the group of participating countries “Big twenty” (G20).