Korean Blockchain Media Association will Organize a Hearing for Cryptocurrency Legislation on Aug 6

Six press companies as following are participating: BLOCK MEDIA; D.STREET; Decenter; The Block Post; JOIN:D; and Coindesk Korea.

‘Public Hearing for Legislation of Virtual Asset Transaction Transparency’ will be held on Aug 6 with the participation of Representative Kim Byeonguk of Democratic Party of Korea.

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Korean Blockchain Media Association will Organize a Hearing for Cryptocurrency Legislation on Aug 6

Six Korean blockchain press companies have established an association for the development of blockchain technology and the ecosystem. Blockchain Media Association is planning to organize constructive discussions concerning blockchain and cryptocurrency.

The Blockchain Media Association has publicized its establishment on July 29, and announced to co-host a public hearing with the Representative Kim Byeonguk of Democratic Party of Korea to provide adequate legislation for cryptocurrency exchange platforms.

The six members of the blockchain media association are BLOCK MEDIA; D.STREET; Decenter; The Block Post; JOIN:D; and Coindesk Korea. Decenter will be the first chair company.

As a celebration of the establishment, the association is planning to hold the ‘Public Hearing for Legislation of Virtual Asset Transaction Transparency’ on Aug 6 in the National Assembly Hall. At the upcoming public hearing, legalization of cryptocurrency exchange platform will be intensively discussed mainly relating to the amendments of ‘Act on Report on, and the Use of Specific Financial Transaction Information.’(hereinafter, Act on SFTI)

The association announced, “Cryptocurrency in Korea is outside of legal boundaries in Korea. It is detrimental to the industry. It is time we discuss legalizing cryptocurrency exchange platforms. Let us start with discussing the amendments of Act on SFTI.”

As Financial Action Task Force on Money Laundering (FATF) announced its recommendation proposal on cryptocurrency last month, the government of Korea also has announced its stance to reflect the relevant recommendation proposal on the amendments of Act on SFTI. At the public hearing, anti-money laundering (AML) and know-your-client (KYC) will be discussed as well as standards for approving cryptocurrency exchange platform; cryptocurrency investor protection system; and measures for securing cryptocurrency transaction transparency.

The Representative Kim Byeonguk said, “Although the key point of Act on SFTI is on AML issues, we intend to hear opinions on exchange platforms and intensively discuss the countermeasures for protecting investors of virtual assets.”

The Blockchain Media Association also announced, “The government’s policy of differentiating between blockchain technology and cryptocurrency is practically meaningless as global IT conglomerates are entering the blockchain industry. We will try to indicate the advisable directions by organizing constructive discussions with each press companies for the development of the blockchain-based industrial ecosystem.”

Kim Jinbae(2019.07.29.) ‘블록체인 미디어협회’ 출범… 다음달 6일 암호화폐 거래소 법제화 공청회 개최
Blockmedia, retrieved from https://www.blockmedia.co.kr/archives/101951

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