The South Korean Nationwide Meeting will host a chat titled "Methods to increase transparency in cryptocurrency transactions" on July 10. This info
The South Korean Nationwide Meeting will host a chat titled “Methods to increase transparency in cryptocurrency transactions” on July 10. This information comes amid a current youngster porn scandal that concerned crypto transactions.
In accordance with the Kukto Ilbo, the seminar will talk about matters associated to money-laundering prevention and the creation of a system that oversees crypto transactions.
Stopping cash laundering via darkish net crypto transactions
The initiative is led by Democratic Social gathering Congressman, Lee Soo-jin. The Blockchain Regulation Affiliation and blockchain media representatives from South Korea may even be part of the seminar.
A particular act regulation —already authorized within the plenary session of the Nationwide Meeting— goals to introduce a digital asset enterprise reporting system that features buyer identification and the institution of cash laundering prevention obligations.
If the Authorities indicators the regulation, the brand new laundering prevention regulation might probably block crypto transactions associated to illicit darkish web pages as early as March 2021.
Congressman Lee mentioned:
“Blockchain is the foundation of the digital financial system, and transparency is essential, however as cryptocurrencies are getting used for crime, unfavourable pictures began to build up. We have to forestall cash laundering via technical cooperation with the investigative businesses.”
In June, the Korea Web and Safety Company, or KISA, introduced plans to develop a synthetic intelligence-based software program to hint cryptocurrency transactions on the darkish net in response to the Telegram Nth Room case.
The South Korean Finance Minister, Hong Nam-Ki, additionally revealed plans to impose a tax on cryptocurrency, whereas talking to the parliamentary finance committee on June 17.