South Korea’s Democratic Party plans to prepare to pass a crypto bill as early as October this year
According to Yonhap News Agency, an official of the Democratic Party’s Virtual Asset Task Force (Task Force) said on the 27th that it plans to formulate a bill to reconcile differences after consulting with the party government in late July to early August. The Democratic Party’s Task Force on Virtual Assets is currently requesting a summary and submission of the government’s position on the bill to be presented to the National Assembly. That is, it is ready to pass the bill after coordinating the party government at the National Assembly plenary session in October this year at the earliest. The bill to regulate price manipulation in the cryptocurrency market, prohibit the use of undisclosed information for trading, and regulate the liability of operators for damages in case of accidents such as hacking and registration or authorization requirements. The common denominator of the six bills related to virtual currencies is that “no one should be involved in market manipulation. However, there is disagreement over the introduction of an exchange registration or authorization system to protect cryptocurrency investors.