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South Korean National Assembly Organizes Seminar to Talk about Crypto Laundering and Transparency

By Katelyn James | July 10, 2020
South Korean National Assembly Organizes Seminar to Talk about Crypto Laundering and Transparency

The South Korean National Assembly is reportedly going to organize a meeting, to primarily discuss ways to make crypto transactions more transparent. 

Specifically, the talk – with the title “How to boost transparency in cryptocurrency transactions” – will reportedly be held to go deeply into topics associating with money-laundering prevention, as well as establishing a system supervising crypto transactions. 

Lee Soo-jin – Democratic Party Congressman – is reportedly the individual leading the initiative. The Blockchain Law Association and blockchain media representatives from South Korea will reportedly also take part in the seminar. 

A special act law – which has previously been approved during the plenary session of the National Assembly – reportedly looks to establish a crypto asset business reporting system, covering customer identification and the establishment of money laundering prevention obligations.

Should the authorities provides the greenlight, the new laundering prevention law could reportedly be able to prevent crypto transactions concerned with illicit dark web sites from being carried out, beginning March next year. 

Blockchain is the root of the digital economy, and transparency is key, but as cryptocurrencies are being used for crime, negative images started to accumulate. We need to prevent money laundering through technical cooperation with the investigative agencies.”

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