Hi It’s Unicorn

South Korea task force of crypto assets is planning to approve the bill about cryptocurrency in the earliest October to regulate price manipulation in the crypto market. According to reports, the Task Force of the Democratic Party Policy Committee of South Korea said that crypto-related bills will be passed after consulting with the Ruling party in the National Assembly in early October this year. They will hold the public hearings as soon as the middle of July. 

They have proposed the bills to regulate the price manipulation of the cryptocurrency market at the National Assembly, prohibit from using undisclosed information for transactions, and regulate the liability of exchanges to the  damages and authorization requirements in the event of hacking and other accidents. Opposition party legislators also have proposed the punishment against cryptocurrency market manipulation, but it’s still an issue to use the authorization systems to protect cryptocurrency investors.

In addition, The Korean Financial Services Commission (FSC) is considering constituting  exemption condition against banks in cryptocurrency industry and will make decision in next month. The Federation of Banks proposed to the FSC that in case banks do not do any gross negligence or deliberately in the review process of the real-name verification deposit and withdrawal account, even if there is a money laundering problem in the cryptocurrency exchange, it should be exempted. 

According to the revised "Specific Financial Information Law”, crypto asset operators must report to the FSC before September 24, and must obtain a real-name authentication deposit and withdrawal account from the bank. The bank must identify, analyze, and assess the risks of money laundering in the financial transactions by crypto asset operators when the bank opens the account.