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South Korea’s FSC Pushes for Accelerated Approval By Lawmakers

The FSC in South Korea has stressed on national lawmakers to accelerate the first crypto-bill approval as reports indicate. Head of the cryptocurrency response team within the FSC, Hong Seong-ki, stated the several risks involving money laundering and general security associated with cryptocurrency exchanges within South Korea.


 

Potential Threats


As Seong-ki stated, despite the continuous expansion and growth of cryptocurrency markets like exchange platforms are often heavily compromised by known threats albeit a lack of proper security measurements. According to him, the Commission is attempting to regulate the more pressing matters first, including AML and asset protection for investors and the bill is expected to be approved very soon.


The FSC collaborated on an investigation conducted by the FSS, the country’s financial monitoring service into AML compliant exchanges. The full force of South Korea to construct regulators opinion comes down to two recent grand-scale hacks. Furthermore, a proposed bill would place all cryptocurrency exchanges under complete protection by the FSC despite the required permission by South Korea’s National Assembly.


Additionally, Seong-ki stated that should the proposal be approved, the watchdogs monitoring of cryptocurrency trading within the country would not be a direct involvement but a direct involvement but instead it would simply observe and monitor exchanges without necessarily promoting any advancements.


Earlier in July, reports stated that the Assembly would house a large session in which official law authorities would gather and continue observing and monitoring bills proposed for digital currencies, ICO’s and blockchain-tech. A classification system is also being developed and reviewed by three different ministries within South Korea and could possibly revamp cryptocurrency exchanges and place them under the status of official financial institutions. 


As it stands, Seoul is making a great and important move in regards to cryptocurrency and blockchain-tech with promising reports of a positive blockchain legislation of their own and the possibly hinting at the removal of the complete ICO ban within its borders.

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