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.
