Report: Korean Political Parties to Propose New Crypto Laws

Lawmakers in South Korea are said to be racing to make laws to regulate the sector.

AccessTimeIconJul 11, 2018 at 5:30 p.m. UTC
Updated Sep 13, 2021 at 8:09 a.m. UTC

South Korea's National Assembly is reportedly set to witness a whirlwind of legislative efforts around cryptocurrencies in the coming days.

Between July 13 and 26, members of a number of Korean political parties are expected to submit bills focused on regulating cryptocurrencies, initial coin offerings and blockchain, according to a report from The Korea Times.

Among the members who are expected to submit bills are Representative Park Yong-jin of the ruling Democratic Party of Korea, Representative Chung Tae-ok of the main opposition Liberty Party Korea (LPK) and Representative Choung Byoung-gug of the minor opposition Bareun Mirae Party.

While a flurry of activity is anticipated, it's not entirely clear how the process will play out. According to the Times, members of the Assembly "remain widely divided" on the issue. That said, the moves will nonetheless spark a fresh debate over the status of cryptocurrencies in the country, which is home to a vibrant community as well as a number of exchanges.

The focus on ICOs is especially notable, given that Korea was one of a number of countries to ban the blockchain funding model back in 2017.

One member of the Assembly is also holding an event later this month that could have implications for the country's domestic exchange ecosystem.

Rep. Song Hee-kyung, another assembly member from the LPK, will co-host a debate on security for domestic crypto exchanges with the Korea Internet and Security Agency (KISA), a government organization that supervises internet and cybersecurity issues, on July 19.

The event comes in the wake of twin exchange hacks – targeting Coinrail and Bithumb – both of which took place in June. The hacks have caused a loss of at least $70 million in total and triggered a wide discussion and critique among the country's crypto community.

Image via Shutterstock


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