This afternoon in Seoul, The Korea Blockchain Association visited National Assembly, Korea’s legislative body, to give their official opinion on the amendment to the Act on the Reporting and Use of Specific Financial Transaction Information which was announced weeks ago amidst some controversy surrounding the new FSC chairman.

(from left) Jonggoo Lee, Self-Regulatory Chairman, Gapsoo Oh, Korea Blockchain Association Chairman, Byungdoo Min, Chairman, and Yongsoo Cho, Association Vice Chairman. Courtesy FNTimes

An amendment to the Special Allowances Act will be passed as soon as possible to form a consensus that minimum safeguards should be in place to prevent money laundering of virtual asset transactions.

Kapsoo Oh, chairman of the Korea Blockchain Association, met with the Deputy Democratic Party Byungdoo Min, who is also the chairman of the political affairs committee. Oh said, “A team of experts in fields such as legal, security, and anti-money laundering met several times to analyze the amendment and to hold a briefing session for all members of the exchange.”

The Korean Blockchain Association

Byungdoo Min stated a desire for the blockchain industry to develop further and more safely while the appropriate committees prepare to launch the FATF by next June.

The meeting today comes after the new Financial Services Commission commissioner Sungsoo Eun announced that he would like to see this amendment pass. The amendment would make it mandatory for crypto exchanges in the country to report all of the transactions made on the platform with cryptocurrencies. It would also make mandatory the reporting of any transactions made with cryptocurrencies between businesses or for business be recorded and reported to the proper authorities.

Sungsoo Eun, Financial Services Commission Chairman. courtesy

Eun voiced the opinion that changes will need to be made to current laws because of the inevitable use of cryptocurrencies on a broader scale in times to come. He urged National Assembly to pass the amendment to allow the industry to grow but their responsibility to prevent money laundering and fraud would remain unchanged.