The crypto world topic has taken the South Korean National Assembly after seven crypto exchanges proposed a debate this week as a way to discuss possibilities on the crypto market adoption in the Asian country.
Bithumb, Coinone, CobitCoin, Gopax, Upbit, Coinplug and Hanbitco attended the debate with politicians and South Korean financial watchdog plus entrepreneurs and representatives from different political parties.
Previously, the FSC allows banks to provide crypto exchange services after following Anti-Money Laundering safeguards and Know Your Customer checks. The debate also took these topics and talked about solutions to improve the measures against those practices.
“We need to enforce the registration system so that a sound exchange can be created and make sure that the minimum requirements are met to operate the exchange,” said Lee Seek-Woo, speaker at the Codec Exchange Exchange and CEO of Dunamu.
As a framework, remember that South Korea has a tight regulation against Initial Coin Offering and an official position against the, since 2017.
The legal battle has just started regarding the facto ban on ICOs as local blockchain startup Presto is ready to file a constitutional appeal against the ICO regulation.
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