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South Korea To Discuss Transparency Of Crypto Transaction

In a growing world of digital currency, countries are still adapting ways to welcome crypto currency and the transaction related to it. South Korea is now finding ways to discuss ways about transparency of the crypto currency.

According to the Kukto Ilbo, the seminar will discuss topics related to money-laundering prevention and the creation of a system that oversees crypto transactions.

A special act law —already approved in the plenary session of the National Assembly— aims to introduce a digital asset business reporting system that includes customer identification and the establishment of money laundering prevention obligations.

“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.”

In June, the Korea Internet and Security Agency, or KISA, announced plans to develop an artificial intelligence-based software to trace cryptocurrency transactions on the dark web in response to the Telegram Nth Room case.

The South Korean Finance Minister, Hong Nam-Ki, also revealed plans to impose a tax on cryptocurrency, while speaking to the parliamentary finance committee on June 17.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.