Korean Regulator After Exchange Hacks Passes Crypto Bill Urging Haste

A senior official at South Korea’s Financial Services Commission (FSC) has approached government officials to pass a bill regulating domestic cryptocurrency exchange with urgency so as to counter lax security in the industry.

In a meeting with Bloomberg, Hong Seong-ki, leader of the virtual currency response group at the FSC, stated:

“While crypto markets have seen rapid growth, such trading platforms don’t seem to be well-enough prepared in terms of security.”

In March, the Democratic Party of Korea proposed a bill that would put trades exchanges under the supervision of the FSC.

Hong told the news source that the bill ought to be passed “as soon as possible,” including that it will most likely occur toward the finish of the year when the country’s National Assembly is relied upon to proceed on the activity.

“We’re trying to legislate the most urgent and important things first, aiming for money-laundering prevention and investor protection,” he stated, expressing that, personally he wouldn’t investing into cryptos.

The regulator’s comment comes after two Korean crypto trades were hacked in June alone.

At first, Coinrail lost around $40 million in assets because of an assault on June 9, including 1,927 ether. Under two weeks later, Bithumb also experienced a hack, losing around $31 million, generally in XRP tokens.