Topic: [2018-12-31] journalducoin.com - South Korea: six bills under review (Read 107 times)

Article in French here > https://journalducoin.com/regulation/coree-du-sud-6-lois-cryptos-examines-par-lassemblee/

Translation (apologies for the possible mistakes):

Six bills were introduced in the South Korean National Assembly. These six laws are isolated, but include common topics such as consumer protection, compensation in case of piracy or the fight against money laundering. This is the first set of measures on which the Korean regulator will look since the change of the identification system in January.

First proposed law on terminology:
This proposal is actually an amendment to the Electronic Financial Transactions Act. The text acts about the frenetic rise of cryptos by emphasizing the need to define them more precisely. In a disambiguation effort, the amendment proposes definitions for the terms: digital currencies, crypto-business, digital currency brokerage companies and digital currency issuers.

Two laws on registration with the FSC:
The first of these two laws proposes the implementation of obligations for crypto-business. The project establishes that: "Those who want to run a digital currency trading business or a digital currency account management company must be approved by the FSC."

The following law seeks to regulate transactions in cryptocurrencies. In addition to a consumer protection measure, the text intends to require registration with the FSC - Financial Services Commission - to all companies involved in the transfer of digital currencies.

Various proposals:
The fourth law, titled "Act on the Reporting and Use of Specified Financial Transaction Information", deals with the reporting that actors in the cryptoworld must make when they encounter suspicious transactions. Always for the purpose of fighting against market manipulation and money laundering.

The fifth law is another amendment to the Electronic Financial Transactions Act. This amendment proposes the establishment of a method of homologation of crypto-business by the FSC.

Finally, the latest text is the Digital Asset Trade Promotion Act, which states: "The purpose of this law is to protect the rights of digital property owners, to ensure the security and reliability of digital goods transactions and to contribute to the development of the national economy by regulating issues relating to digital goods transactions.