Government Of South Korea Is Finalizing The Crypto And Blockchain Legislation

The government of South Korea is looking forward to the upcoming crypto and blockchain legislation and hurrying it up – all in order to recognize the cryptocurrency and blockchain sectors as legitimate industries.

According to some local reports, the authorities in South Korea disclosed their intent to regulate the crypto market with a stricter but more comprehensive regulatory framework – all in order to protect investors and boost the growth of startups in the field of blockchain.

As the government said earlier this year, financial authorities in the country were reluctant towards regulating cryptocurrencies because they feared that local investors would consider investing in crypto rather than fiat money in the government.

Still, the two major security breaches experienced by Bithumb and Coinrail, both some of the biggest crypto exchanges in South Korea certainly scratched the surface of possibilities and a potential legislation of the local cryptocurrency market.

This is when the government of South Korea saw that a strict regulatory framework for crypto is more than necessary – and what it is working on ever since. Everyone is right now looking forward to the new cryptocurrency and blockchain bill which will make digital asset exchanges regulated financial institutions and under the control of the Financial Services Commission (FSC) of South Korea.

More importantly, there will be strict security measures implemented within the country – such as the Know Your Customer (KYC), Anti-Money Laundering (AML) and transaction monitoring requirements all in order to ensure that crypto exchanges provide the same level of service as other commercial banks and major financial service providers.