National Assembly of South Korea has held crypto regulation debate with local crypto exchanges

2018-12-11 13:03

The National Assembly of South Korea has held a crypto regulation debate arranged by major local cryptocurrency exchanges, Cointelegraph reported.

The topics of the debate were proposed by seven crypto exchanges – Bithumb, CobitCoin, Coinone, Upbit, Gopax, Coinplug and Hanbitco.

The debate was attended both by crypto entrepreneurs and politicians, such as Democratic Party member Kim Byung-wook and representatives for the Liberty Korea and Bareunmirae parties, both with a significant number of seats in the National Assembly. The country’s financial watchdog, the Financial Services Commission (FSC), also sent a representative to the discussion.

Lee Seok-wu, CEO of Dunamu — a subsidiary of Kakao that operates Upbit — led a discussion that was attended by FSC members and the president of Gopax, among others. The discussion reportedly focused on Anti-Money Laundering (AML), customer protection and Know Your Customer (KYC) practices.

The debate in the National Assembly was preceded by the FSC’s decision to allow banks to service crypto exchanges, as soon as they have adequate AML safeguards and apply KYC checks.

Earlier this month, Coinstelegram reported that South Korea is planning on taxing ICOs and cryptocurrencies.

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