Korean government proposes new crypto laws


The South Korean government has proposed to create new laws regarding cryptocurrencies, ICOs and blockchain. The proposal comes amid controversies surrounding the usage of cryptos, after two Korean exchanges, Coinrail and Bithumb, were hacked.

The new laws are to be introduced sometime between 13th and 16th of July at an extraordinary session of the National Assembly. Song Hee-kyung of the leading opposition party, Liberty Party Korea (LPK), has called for new regulations to fight back against money laundering, cybercrimes and personal data leaks.

Many others are expected to present bills, including Park Yong-jin of the ruling Democratic Party of Korea, Chung Tae-ok of the LPK and Choung Byoung-gug of the minor opposition party, Bareun Mirae Party.

South Korea changing its stance towards cryptocurrencies

South Korea seems to gradually be becoming more accepting of cryptocurrencies. Last month, the government announced that they have plans to overturn the ICO ban that they had put in place in September 2017.

The Ministry of Science and ICT has also announced thay they have plans to invest heavily in blockchain initiatives. In addition to this they have said they want to strengthen cooperation with the U.S., to help advance the “Fourth Industrial Revolution” powered by blockchain initiatives.

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