Korean Regulator Urges Haste on Crypto Bill After Exchanges Were Hacked

A senior official at South Korea’s Financial Services Commission (FSC) has approached government officials to pass a bill managing household digital currency trades with desperation keeping in mind the end goal to counter remiss security in the business.

In a meeting with Bloomberg, Hong Seong-ki, leader of the virtual cash reaction group at the FSC, stated:

“While crypto markets have seen fast development, such exchanging stages don’t appear to be all around ok arranged as far as security.”

In March, the Democratic Party of Korea proposed a bill that would put trades under the supervision of the FSC.

Hong told the news source that the bill ought to be passed “at the earliest opportunity,” including that it will most likely occur toward the finish of the year, when the nation’s National Assembly is relied upon to proceed onward the activity.

“We’re endeavoring to administer the most dire and vital things in the first place, going for illegal tax avoidance aversion and financial specialist security,” he stated, expressing that, by and by, he wouldn’t suggest putting resources into cryptos.

The controller’s remarks comes after two Korean crypto trades were hacked in June alone.

In the principal example, Coinrail lost around $40 million in resources because of an assault on June 9, including 1,927 ether. Under two weeks after the fact, Bithumb likewise got hacked, losing around $31 million, generally in XRP tokens.

Read more here: https://cryptocaveblog.wordpress.com/2018/07/26/korean-regulator-urges-haste-on-crypto-bill-after-exchanges-were-hacked/