A top Korean official from the Financial Services Commission (FSC) is urging country's lawmakers to adopt a cryptocurrency bill immediately as crypto thefts are on a rise amid rapid market expansion. One particular law has been proposed in March by several parliamentarians but its still waiting to be voted on.
Hong Seong-ki, head of digital currencies team within FSC said that the proposed law will finally allow the authority to regulate and govern cryptocurrency exchanges. The need for investor protection is becoming more apparent after recent attacks on Bithumb and Coinrail exchanges, as the result of which more than $70 million in cryptocurrencies was stolen from wallets of the clients.
In September last year Korea has moved to ban initial coin offerings (ICOs), however, this move is not designed to prohibit or hinder crypto exchanges according to the politician. Since then several MP’s petitioned to lift the ban on ICO’s and introduce rules to govern the sector.
Earlier South Korean Politicians set up a two week long discussion to come up with regulations to govern cryptosphere of the country.