In line with a recent news ‘report‘ by ‘ZdNet Korea’, South Korea’s representative body, the National Assembly, held a crypto regulation discussion organized by major native cryptocurrency exchanges.
As per the native business outlet ‘Financial Leaders’, the topics of the talk were projected by seven crypto exchanges — Bithumb, CobitCoin, Coinone, Upbit, Gopax, Coinplug and Hanbitco.
The debate was attended by both crypto entrepreneurs along with the politicians, like Democratic party member Kim Byung-wook and representatives for the Liberty Korea and Bareunmirae parties, each with a significant range of seats within the National Assembly. The country’s monetary watchdog, the FSC [Financial Services Commission] , additionally sent a representative to the discussion.
ZDNet reports that Lee Seok-wu, chief executive officer of Dunamu — a subsidiary of Kakao that operates Upbit — led a discussion that was attended along by the FSC members and the president of Gopax, among others. The discussion reportedly centered on AML [Anti-Money Laundering], client protection and KYC [Know Your Client] practices..
The debate within the National Assembly was preceded by the FSC’s call to permit banks to service crypto exchanges, as presently as they need adequate AML safeguards and apply KYC checks.
However at the same time, South Korea features a strict policy against ICOs [Initial Coin Offerings], issuing sturdy warnings against them back in year 2017. However, native blockchain startup, Presto, is reportedly progressing to file a constitutional appeal over this existing policy.
In line with a recent report revealed by CryptoCompare, the crypto business in South Korea is considerably growing. In Nov., Korean ‘crypto exchanges‘ overtook Maltese competitors by avg. daily trade volume. As per the report, major Korean players were able to make over $1.4 Bln daily.