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South Korea announces new rules for Crypto and Blockchain

South Korea announces new rules for Crypto and Blockchain

July 12, 2018 10:03 am,

South Korean Legislators have revealed the draft of bills proposed to develop rules on Cryptocurrencies, Initial Coin Offering (ICOs) and Blockchain technology. South Korea called out for regulations on trading platforms in order to prevent money laundering, cyber crimes and personal data leaks. Basically, you can’t trade anonymously in South Korea and also you have to use banks which actually are federally compliant and that comply with federal anti-money laundering rules with know your customer’s standards.

The regulators plan to make the rules easy on crypto assets in line with G20 policies. The new crypto classification system has been created, and another government agency is conducting an on-site inspection of crypto exchanges following multiple hacks. The bank of Korea has taken an initiative on using crypto as a means of payment.

The government also announced that the Korea communications commission (KCC) has launched an on-site investigation of major Cryptocurrency exchanges with collaboration with Korea internet Promotion Agency (KISA). The on-site inspection mainly focuses on the technical and administrative protection measures for personal information, such as access control to the personal information processing system, prevention of tampering with access logs, encryption of personal information, and prevention of malicious programs.

South Korea has been regularly changing their thoughts towards digital currency. Last month the government of the country announced the plans to reverse the ICO ban, which the government initially applied in September 2017, but the ministry of science and technology resolved to strengthen cooperation with the U.S. in advancing the “Fourth Industrial Revolution”.

The new classification scheme, which allegedly should be developed by the end of July, will serve as a basis for policy-making aimed at “blockchain promotion and regulatory frameworks.”