South Korean political parties set to propose fresh cryptocurrency laws


South Korean political parties have decided to propose bills focused on cryptocurrency and Initial Coin Offerings (ICOs) regulations, amid controversies surrounding their usage.

The government is expected to bring major legislative changes around cryptocurrencies in the upcoming days as various political parties in the country are expected to submit the proposed bills between July 13 and July 26

The bills are aimed at regulating cryptocurrencies and blockchain systems.

The development comes after two popular South Korean cryptocurrency exchanges — Coinrail and Bithumb were hacked.

The parties expected to submit bills include South Korea’s main opposition party, Liberty Party Korea (LPK).

According to reports, there are major differences between Assembly Members regarding cryptocurrency and its regulations.

South Korea had banned blockchain funding in 2017.

LPK’s Song Hee-Kyung will be co-hosting a debate with the Korea Internet and Security Agency (KISA) on July 19, to discuss security concerns of major domestic cryptocurrency exchanges, according to a report by Coindesk.

KISA is a government organisation which supervises internet and cybersecurity issues in the country.

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