South Korea’s top financial regulator has exclusively shared with news.Bitcoin.com information about six cryptocurrency-related bills that have been submitted to the National Assembly. The most recent bill seeks to protect the rights of crypto owners and to ensure the safety and reliability of crypto transactions.
Six Crypto-Related Bills
South Korea’s top financial regulator, the Financial Services Commission (FSC), exclusively shared some information with news.Bitcoin.com on Thursday about various crypto-related bills that have been submitted to the National Assembly. A spokesperson for the regulator said:
There are six proposals made by the National Assembly members … [however] there is no crypto-related bill submitted by the FSC to the National Assembly.
While each bill contains unique proposals for crypto regulation, all of them include clauses for user protection such as damage compensation, prohibition of money laundering and market manipulation, use of nonpublic information, and disclosure requirements.
The South Korean government has not announced any follow-up measures relating to cryptocurrencies since it implemented the real-name system in January. In addition, initial coin offerings (ICOs) have been banned domestically since September last year.
First Crypto Bill
The FSC spokesperson confirmed that the first crypto-related bill submitted to the National Assembly is an amendment to the Electronic Financial Transactions Act introduced in July last year by Rep. Park Yong-jin.
The bill presents that, with the rapid rise in crypto transactions, users have been hacked and “investment fraud has been increasing due to multi-level sales.” Noting the lack of “definition for virtual currencies and regulations for virtual currency transactions in the current law,” it proposes definitions for virtual currency,