South Korean regulators in contrast Youbit hacker event bitcoin exchange site inspection
The South Korean authorities earlier this month after South Korea Exchange Youbit hacker attacks have started on the domestic bitcoin exchange site inspection.
South Korean regulatory bitcoin exchange site inspection
According to official government policy coordination office issued by the regulatory authorities carried out on-site inspections of more than a dozen bitcoin exchange, to determine whether they conform to the provisions of encryption currency trading.
According to the latest news release site visits, inspection personnel are not satisfied with their investigation found that case.
“Because of the virtual currency exchange of the on-site inspection, the majority of companies surveyed (10 companies) to carry out administrative and technical security access control equipment installation and operation and personal information encryption etc.. In general, is found to be inadequate, “wrote a translated version of brief notice.
This check is caused by December 19th in Seoul, a small exchange Youbit. This is the second time Youbit in 2017 was hacked, and the parent company Yaipan to immediately stop the transaction and filed for bankruptcy.
Although Youbit is a small exchange, hackers are just 17% of the company’s assets of theft, but the events became controversial, because the South Korean authorities said that hackers are representative of the North Korean regime.
The government to strengthen the bitcoin exchange law enforcement
The South Korean government in addition to strengthening law enforcement of domestic bitcoin exchange, still in the implementation of new regulations aimed at curbing encryption currency prosperity.
According to the leaked draft, these regulations will limit the unauthorized use of South Korean investors trading platform for speculation on the encryption currency, and may require the exchange seeking government approval to list new crypto currency.
So far, the government has been hesitant to bitcoin imposed regulation, worried that doing so would give the new assets legitimacy. However, South Korea has become the hub of Asia encryption currency transactions, in particular the prohibition of domestic bitcoin exchange in China operations in mainland in the case of China, regulators also recognize the market grew so large that the government cannot ignore them indefinitely.