South Korean legislators want to strengthen encrypted monetary regulations


nnnIn the South Korean media reports, South Korean legislators proposed to amend the domestic electronic financial transactions bill, close supervision of encrypted currency. Proposals include digital currency definitions and various participants. It also includes provisions to prevent manipulation of the market and money laundering, as well as the use of deposits or insurance hedge risks.n
nnTranslation: Annie_Xun
nSouth Korean legislators proposed to amend the domestic electronic financial transaction Act (Electronic Financial Transaction Act), closely monitor the encrypted currency.n
nSome South Korean media reports, including Financial News and the Seoul Economic Daily, have recently proposed Park Yong-Jin, a Democrat who is in the regulatory center.n
nThe amendment will define the digital money business, dividing the participants into digital currency traders, brokers, distributors and managers.n
nFurther stipulates that companies hold deposits or provide insurance against hedge potential cybercrime events, and are intended to apply for a reserve limit of KRW 500,000 (US $ 450,000) for each encrypted currency trading service that has not yet been approved by a government agency.n
nPreventing the use of digital money to manipulate markets and money laundering also incorporates amendments.n
nThe recent increase in the main currency prices such as Bitcoin and Taishu currency, for which Park has sought a more stringent regulatory environment. Shortly before the presentation of the initiative, as a politician, he organized a group meeting in a public hearing, which explored the regulation of digital money.n
nAs for the next step, the bill will be submitted to the National Assembly in September to a regular meeting, when it will need to get the Financial Services Commission (Financial Services Commission) approval.n
nCoinDesk has reported that the financial regulators organized the first related project in November last year to issue an encrypted monetary regulatory policy. But so far its policy plan is not yet clear.n

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