Korea Urgently Needs Crypto Laws as Thefts Rise, Regulator Says
- Lawmakers are considering the country’s first crypto bill
- Two South Korean trading platforms were hacked last month
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South Korea’s financial regulator urged lawmakers to pass the country’s first cryptocurrency bill quickly, warning that local exchanges are rife with security flaws and money-laundering risks.
“While crypto markets have seen rapid growth, such trading platforms don’t seem to be well-enough prepared in terms of security,” Hong Seong-ki, head of the virtual currency response team at South Korea’s Financial Services Commission, said in an interview. “We’re trying to legislate the most urgent and important things first, aiming for money-laundering prevention and investor protection. The bill should be passed as soon as possible.”