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South Korean National Assembly to discuss transparency of cryptocurrency transactions

July 10, 2020

The South Korean National Assembly will give a talk on July 10 entitled “How to Increase Transparency in Cryptocurrency Transactions”. This message occurs in the middle of A new scandal about child pornography with cryptocurrency transactions.

According to the Kukto Ilbo, The seminar will discuss issues related to preventing money laundering and establishing a system to monitor cryptocurrency transactions.

Prevent money laundering through crypto transactions in the dark internet

The initiative is led by the Congressman of the Democratic Party, Lee Soo-jin. The Blockchain Law Association and representatives of the South Korean blockchain media will also attend this seminar.

South Korean National Assembly to discuss transparency of cryptocurrency transactionsSouth Korean National Assembly to discuss transparency of cryptocurrency transactions

A special law that was already passed in the plenary session of the National Assembly The goal is to introduce a business reporting system for digital assets that includes identifying customers and setting commitments to prevent money laundering.

When the government signs this law, Preventing money laundering could potentially block cryptocurrency transactions related to secret dark websites until March 2021.

Congressman Lee said:

“Blockchain is at the root of the digital economy and transparency is key, but since cryptocurrencies are used for crime, negative images piled up. We need to avoid money laundering through technical cooperation with agencies from investigating.”

In June, The Korean Internet and Security Agency (KISA) announced plans to develop artificial intelligence-based software to track cryptocurrency transactions in the dark Internet in response to the Telegram Nth Room case.

South Korean Finance Minister Hong Nam-Ki also announced plans to tax cryptocurrencies when speaking to the parliamentary finance committee on June 17.