South Korean government needs crypto laws to prevent fraus and hack attacks. Bitcoin recovered from daily lows, but the momentum is weak. South Korean government and local financial authorities are in a hurry to pass cryptocurrency and blockchain legislation with the aim to oversee and regulate the industry and prevent fraud. The new regulatory framework will cover a wide range of cryptocurrency related companies and blockchain startups and foster rapid growth of local crypto exchanges along with decentralized projects. “While crypto markets have seen rapid growth, such trading platforms don’t seem to be well-enough prepared in terms of security. We’re trying to legislate the most urgent and important things first, aiming for money-laundering prevention and investor protection. The bill should be passed as soon as possible,” Hong Seong-ki, head of the virtual currency response team at South Korea’s Financial Services Commission, explained. South Korea is one of the biggest crypto markets in the world by daily turnover, however two large hack attacks that triggered losses in Bitcoin and Ethereum, attracted increased scrunity from the community. The lawmakers propossed the bill to increased the oversight of crypto exchanges in March, but it has not been approved by the National Assembly yet. The bill implies that crypto exchanges should be supervised by FSC. The regulator will focus on monitoring and policing the activities of the exchanges. The market reaction is muted so far. Bitcoin is changing hands at $8,269, mostly unchanged on a daiky basis, while Ethereum and Ripple gained 1.4% and 1.7% respecitvely. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next USD/CAD struggles near 6-week tops, below mid-1.3000s FX Street 5 years South Korean government needs crypto laws to prevent fraus and hack attacks. Bitcoin recovered from daily lows, but the momentum is weak. South Korean government and local financial authorities are in a hurry to pass cryptocurrency and blockchain legislation with the aim to oversee and regulate the industry and prevent fraud. The new regulatory framework will cover a wide range of cryptocurrency related companies and blockchain startups and foster rapid growth of local crypto exchanges along with decentralized projects. "While crypto markets have seen rapid growth, such trading platforms don't seem to be well-enough prepared in terms of… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
