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North Korean leader Kim Jong Un and Chinese President Xi Jinping held a summit this week to telegraph to the U.S. that the Communist neighbors want to advance the stalled negotiations over Pyongyang’s nuclear program.
WSJ.com: What’s News Asia
A small earthquake in North Korea on Wednesday was caused by a nuclear test that country conducted more than a year ago, CNN reports. The September 2017 test—the country’s sixth and most powerful—caused an initial magnitude 6.3 quake, per phys.org , followed by a magnitude 4 earthquake…
South Korea’s top financial regulator has exclusively shared with news.Bitcoin.com information about six cryptocurrency-related bills that have been submitted to the National Assembly. The most recent bill seeks to protect the rights of crypto owners and to ensure the safety and reliability of crypto transactions.
Six Crypto-Related Bills
South Korea’s top financial regulator, the Financial Services Commission (FSC), exclusively shared some information with news.Bitcoin.com on Thursday about various crypto-related bills that have been submitted to the National Assembly. A spokesperson for the regulator said:
There are six proposals made by the National Assembly members … [however] there is no crypto-related bill submitted by the FSC to the National Assembly.
While each bill contains unique proposals for crypto regulation, all of them include clauses for user protection such as damage compensation, prohibition of money laundering and market manipulation, use of nonpublic information, and disclosure requirements.
The South Korean government has not announced any follow-up measures relating to cryptocurrencies since it implemented the real-name system in January. In addition, initial coin offerings (ICOs) have been banned domestically since September last year.
First Crypto Bill
The FSC spokesperson confirmed that the first crypto-related bill submitted to the National Assembly is an amendment to the Electronic Financial Transactions Act introduced in July last year by Rep. Park Yong-jin.
The bill presents that, with the rapid rise in crypto transactions, users have been hacked and “investment fraud has been increasing due to multi-level sales.” Noting the lack of “definition for virtual currencies and regulations for virtual currency transactions in the current law,” it proposes definitions for virtual currency, virtual currency handling business, virtual currency brokerage business, virtual currency issuer, and virtual currency management business. The bill also proposes a few measures to protect crypto users including restricting transaction methods.
Registering With FSC
The next two bills were submitted to the National Assembly in February. The first of the two was submitted by lawmaker Jung Tae-ok. It “institutes a virtual currency exchange system to guarantee freedom of business and protect investors,” Yonhap News Agency described.
This bill defines and proposes obligations for crypto-related entities including “virtual currency trading business, virtual currency account management business, and virtual currency assistance business,” according to the Korean government’s website. It further states:
Those who want to operate a virtual currency trading business or a virtual currency account management business shall be approved by the Financial Services Commission.
The next bill, submitted by lawmaker Jung Byung-guk, proposes to regulate cryptocurrency transactions. In addition to user protection measures, this bill seeks to require all persons in charge of a cryptocurrency transfer business — including trading, brokerage, and management — to register with the FSC.
The fourth bill submitted to the National Assembly is the Act on the Reporting and Utilization of Specified Financial Transaction Information. It was submitted by Rep. Je Youn-kyung of the ruling Democratic Party.
The fifth bill, submitted in September by lawmaker Ha Tae-keung, proposes more amendments to the Electronic Financial Transactions Act.
It calls for crypto businesses that sell, buy, broker, exchange, manage, and issue cryptocurrencies to obtain approval from the FSC. “In order to ensure the safety and reliability of the currency transaction, it is necessary to establish and implement technological, physical and administrative security measures in accordance with the standards set by the Financial Services Commission,” the bill states.
The sixth bill, submitted in November by lawmaker Kim Sun-dong, is known as the Digital Asset Trade Promotion Act. According to the text of the bill:
The purpose of this law is to protect the rights of digital asset owners and to ensure the safety and reliability of digital asset transactions and to contribute to the development of the national economy by stipulating matters concerning the transactions of digital assets.
What do you think of all these South Korean crypto-related bills? Do you think more regulations will be introduced soon? Let us know in the comments section below.
Images courtesy of Shutterstock and Park Yong-jin.
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Kim Jong Un shocked the world in 2018 by transforming his image from nuclear-armed tyrant to global statesman.
CNN.com – RSS Channel – World
An incredible day on Wall Street, where major indexes finished at least 5 percent higher, lifted Japanese stocks but received a mixed reaction in the rest of Asia on Thursday as some traders returned from a Christmas break.
Japan’s Nikkei 225 index rebounded 3.9 percent to 20,077.62. It tumbled…
A federal judge in Washington awarded the parents of Otto Warmbier more than half a billion dollars in a wrongful death suit against the North Korean government, which detained and allegedly tortured the college student over 17 months before returning him to the US last year, where he died days later.
CNN.com – RSS Channel – World
A court has ordered North Korea to pay the family of the late Otto Warmbier the massive sum of $ 501 million for what a judge called the country’s role in the ‘torture, hostage taking and extrajudicial killing’ of the 22-year-old University of Virginia student, Newsweek reports. Per Bloomberg , Chief Judge…
A second Canadian man has gone missing in China and is feared detained in what appears to be retaliation for Canada’s arrest of a top executive of telecommunications giant Huawei, Canadian authorities said late Wednesday.
Seven major crypto exchanges in South Korea have joined forces to create a sound cryptocurrency ecosystem. They have agreed on joint measures such as information sharing and real-time monitoring of abnormal transactions. Meanwhile, the Korean government is working on institutionalizing crypto exchanges.
Seven Crypto Exchanges Join Forces
A parliamentary policy debate on the subject of cryptocurrency exchanges was held on Monday in Seoul, according to local media. Representatives of seven major crypto exchanges in South Korea attended the event and signed an “Agreement for the creation of sound cryptocurrency ecosystem.” The exchanges are Upbit, Bithumb, Korbit, Coinone, Gopax, Coinplug (Cpdax), and Hanbitco. They aim to create “a healthy cryptocurrency ecosystem … to prevent crime and protect investors by creating a sound cryptocurrency ecosystem and preventing money laundering,” Sedaily elaborated.
Under their agreement, the exchanges will establish a consultation system for crime prevention and investor protection, implement real-time monitoring of abnormal transactions such as money laundering and voice phishing, strengthen customer identification, prevent illegal transactions, and introduce some restrictions on transactions with unverified customers.
It was pointed out at the forum that there is an urgent need for government-level regulation since self-regulatory measures are not legally binding, Business Watch reported, and quoted an industry official as saying:
With this agreement, exchanges can establish a close cooperation system and improve their image for investors, but in fact, there is no special penalty for failing to comply.
Regulations and Standards in the Works
Kwon Dae-young, head of the financial innovation bureau at the Financial Services Commission (FSC), explained that “Currently, the government’s position has not changed much since it was revealed last December or January this year.”
He further detailed, “We are trying to institutionalize” cryptocurrency exchanges, “but before we do, we have to answer the question of how to deal with the damage and tears of many virtual currency investors. We must see if any of the projects that can help the people in their daily lives have been presented. Trust and authenticity are important.”
Lee Seok-woo, president of Dunamu Inc. which operates cryptocurrency exchange Upbit, was at the meeting. He proposed a number of measures for cryptocurrency exchange regulation. His recommendations include minimum qualifications and standards, AML/KYC (anti-money laundering / know-your-customer) obligations, and an exchange registration system. Lee was quoted by Business Watch as saying:
If you [crypto exchange] cannot meet the standard after a six-month or one-year grace period, you should close it.
What do you think of these exchanges collaborating to create a sound crypto ecosystem? Let us know in the comments section below.
Images courtesy of Shutterstock and Sedaily.
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South Korea will push for major cryptocurrency adoption, claims a new report, strengthening the spotlight on the tech hub which forms one of the most crypto-friendly countries in the world.
South Korea’s Enthusiasm for Tech
As one of the most innovative countries in the world, it’s no surprise the tech-savvy population of South Korea has been quick to take to cryptocurrencies and blockchain technology. In fact, the small country makes up around 30 percent of global cryptocurrency trading, despite having a population of little over 51 million.
Now, a report by fintech company Cindicator has stated that the country is going to play an even bigger role in the adoption of cryptocurrencies in the future, partly due to its highly developed cryptocurrency exchange infrastructure and regulatory and taxation framework. The report claims:
These projects and their eventual success are obviously a great indication of what crypto believers in the country feel the new technology could do in the future.
The report states that it is because of exchanges such as Bithumb – the country’s largest – that South Korea ranks so highly worldwide in terms of the sheer volume of trading. As well as the country housing major exchanges such as Upbit, Korbit, and Coinone, it is home to a number of crypto and blockchain projects, which are a “great indication of what crypto believers in the country feel the new technology could do in the future.”
The report notes the many occasions when the announcement of a new altcoin listing on a South Korean exchange saw its value skyrocket. South Koreans have been quick to get involved with crypto because of the desire to reap potentially large profits and an enthusiasm for the technology itself.
Greater Regulation Coming Soon
The South Korean government this week announced it would be taxing cryptocurrencies and initial coin offerings – despite bitcoin and other cryptocurrencies being exempt from capital gains tax since 2013. But the government fully understands the potential of blockchain technology, having recently announced 1 trillion won (USD $ 880 million) to spend on blockchain development in 2019.
The newly elected mayor of Jeju Island, Won Hee-ryong, who ran on a pro-blockchain and cryptocurrency ticket, provides further evidence to suggest that South Korea will play a pivotal role in advancing global adoption of cryptocurrencies and their underlying technology.
What do you think about the role South Korea will play in the future of global cryptocurrency adoption? Let us know in the comments section below.
Images courtesy of Shutterstock.
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