Korean Lawmaker Calls for Consumer Protection in Cryptocurrency Bill

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SouthKorea’s nationwide legislature was the website of a public hearing on Tuesday in which just recently proposed cryptocurrency guideline saw brand-new conversation.

Accordingto local media reports, Koreanlawmaker Park Yong- jin utilized the online forum, over which he administered, to call for consumer defenses to be contributed to the bill. Aimedat preparing for guideline in South Korea, the general public hearingcomes 2 weeks after Parkvery first revealed the strategy, which would record cryptocurrencies such as bitcoin and ether.

Panelistsin the hearing consists of legal representatives, teachers, an authorities from South Korea’s leading monetary regulator (the Financial Services Commission), along with a victim of a cryptocurrency- associated Ponzi rip-off.

Assuch, much of the focus of the talk was on reinforcing consumer defenses for market start-ups and technologists.

Park, in specific, voiced issues that trader protection is a hard job without a legal basis, specifying:

“Without a legal framework, we can neither regulate, nurture, nor support the cryptocurrency-related industries. Also, the legal vacuum prevents those who committed virtual currency-related crimes from being punished.”

Still, there were favorable remarks. Jung Sun- seop, a teacher of law at Seoul National University and director of its Center for Financial Law, argued that the law ought to legislate cryptocurrencies as a method of payment.

LeeDae- ki, a scientist at the Korea Institute of Finance, argued that the trading and brokering of cryptocurrency must be controlled prior to the currency itself, due to their capacity for criminal abuse.

Likewise, Chae Won- hee, an agent of a group of Ponzi plan victims, stated the penalty on cryptocurrency- associated lawbreakers must be strengthened to avoid monetary rip-offs.

KimYeon- june, representing the FSC, stated the federal government had yet to choose whether a cryptocurrency must be brought under monetary policies.

Korean national assembly buildingby means of Shutterstock

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