South Korean lawmakers introduced a bill to create a committee which will be engaged in the support and promotion of cryptocurrency trading, development of cryptocurrency exchanges, provision of capital, human resources and internal systems for the needs of the industry.
According to local media, Korean lawmaker Kim Sun-dong, a member of the National Assembly, announced the development of a draft law on the promotion of trade digital assets.
The bill includes a comprehensive plan for the development of guidelines to support developers of cryptocurrency exchanges, development of the blockchain technology, tax reduction, countering hacking attacks and prevention of market disturbances.
Kim Sun-dong claims that this bill need take in order to cryptocurrency companies like Bithumb continued to work in Korea. Despite the fact that in the beginning of the year of cryptocurrency transactions in the country accounted for a significant share of the domestic stock market transactions, one of the largest exchanges Bithumb was sold to the Singapore consortium.
He also noted that Japan has already completed all procedures for the institutionalization of cryptocurrency transactions, and in the US permitted trade cryptocurrency derivatives.
Under the bill, any virtual content with the obvious cost (money, items from computer games, virtual currency) is a digital asset. In addition, the bill defines the operators dealing with them as digital asset trading companies. The bill also provides for the reimbursement of losses to customers at the company's expense in case of a hacker attacks on a exchange.
The publication added:
"Anyone wishing to operate a digital asset trading business should have capital in the amount of three billion won (~ $ 2.66 million), a sufficient number of human resources, computerized systems and equipment, approved by the Financial Services Commission".
At the request of the Commission, the Committee will deal with issues such as setting standards and policies in relation to crypto-assets and coordination between relevant administrative agencies.
Kim Sun-dong said:
"The government is only interested in the risks of virtual currencies and preventing illegal activities in this area. In order to become leaders in developing the blockchain technology, we need as soon as possible to prepare laws and rules for the regulation".