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South Korea's crypto-currency community expects major changes

The authorities decided to take the industry seriously.

21.Jun.18 5:36 AM
By Shawn Highstraw


South Korea's crypto-currency community expects major changes
Cracking crypto-birz, recently reported more often by the media, did not go unnoticed by the authorities. To reduce the risks existing in the industry at the moment, the government of South Korea has decided to tighten regulation in this area. According to the press, a document has already been submitted for consideration, implying new obligations for crypto-exchange sites.

Recall, literally two days ago, one of South Korea's largest cryptographic exchanges Bithumb reported on its page in the social network about a major hacker attack. According to published information, the cybercriminals managed to seize the virtual currency for more than $ 31 million. Experts from a number of countries commenting on the current situation said that the main reason for this incident was the lack of necessary decisions in the field of cybersecurity.

Chairman of the Commission for Regulation of Financial Services Markets (FSC) of South Korea, Choi Jong-ku, spoke about the regulator's intentions to strengthen the protection of traders and make the system of crypto-currency transactions more reliable. In particular, for this purpose, the authorities will introduce a reporting system, thanks to which the crypto sites will no longer be used for money laundering. Also, the state will be able to directly regulate the turnover of digital assets.

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