Korean Exchanges Pass Review; Lawmakers Rush to Revise Bills
This morning, the KBA announced the results of their regulatory review on twelve Korean exchanges. The reviewed exchanges included Upbit, Bithumb, Huobi Korea, OKCoin Korea, Korbit, CoinOneKorea Digital Exchange (Dexco), NeoFrame, Gopax, Coin Jest, Coin Plug (CPDAX), and Hanbit. KBA looked at operations, security measures etc. and found that all twelve exchanges met at least the minimum requirements of the self-imposed regulations.
Following on from our previous report, this newest piece of information should further increase legitimacy of cryptocurrency and make it easier for Korean citizens to once again invest into crypto. Industry insiders expect that new issuances of commercial bank accounts will begin shortly following the announcement and this will allow exchanges to increase their user base and circulating supply of funds.
Since the beginning of this year, many Koreans could not purchase cryptocurrency due to the denial of commercial bank accounts. We can expect new money to flow into the Korean exchanges again when this clears up.
Lawmakers revise bills ahead of the upcoming National Assembly
Also on the heel of this news is the upcoming extraordinary session of the Korean National Assembly from July 13 to 26. South Korean lawmakers are racing to revise regulations on cryptocurrency, initial coin offerings (ICO) and blockchain. Some have unveiled drafts of the bills they will submit during the meeting but it is unclear as of yet if they will be passed.
Even with the recent positive news, opinions still remain widely divided and more urgent political and economic issues are also on the table. Rep. Park Yong-jin of the ruling Democratic Party of Korea, Rep. Chung Tae-ok of the main opposition Liberty Party Korea (LPK) and Rep. Choung Byoung-guk of the minor opposition Bareun Mirae Party are most committed to the issue. They plan to submit their respective bills regarding the legal status of cryptocurrency and requirements for crypto exchanges, among other things.