South Korea has been grappling with a rise in criminal activities involving digital assets, prompting the nation to expedite the implementation of a comprehensive Virtual Asset User Protection bill. This bill comprises 19 bills specifically targeting cryptocurrencies, reflecting the country’s commitment to adopting blockchain technology and enacting relevant legislation.
According to a report from Bloomberg, a woman was recently held hostage and murdered in an apartment building in the Gangnam neighborhood of the country’s capital, Seoul. Law enforcement authorities confirmed that the motive behind the crime was a dispute over cryptocurrency and an attempted theft of the victim’s digital assets.
Following this tragic event, Back Hyeryun, the head of the National Policy Committee in the South Korean parliament, stressed the urgency of implementing cryptocurrency-related legislation. She emphasized that there is now a consensus across the political spectrum regarding the need for swift action in enacting laws that address the numerous challenges associated with cryptocurrencies and ensure investor protection.
In efforts to navigate the complex landscape of cryptocurrency regulation, industry representatives have been actively engaging with the South Korean government. Notably, the Digital Asset Exchange Alliance (DAXA), comprising major cryptocurrency exchanges such as Upbit, Bithumb, Coinone, Korbit, and Gopax, has been providing valuable guidance to shape the forthcoming legislation.
The Virtual Asset User Protection bill passed its first examination in the National Assembly and is on track to be enacted into law later this year. This legislation will establish a robust framework that safeguards users and investors in the South Korean cryptocurrency market and promote transparency and security in the industry.
In a separate case, authorities arrested all employees of Coinone, a virtual asset exchange and listing broker, on allegations of accepting payments in exchange for listing specific cryptocurrencies.
Meanwhile, lawmaker Kim Nam-kuk has decided to resign from the Democratic Party. He was earlier suspected of involvement in cryptocurrency while participating in the implementation of South Korea’s digital assets legislation.
Kim expressed his intent to prove his innocence and emphasized that his resignation would alleviate the burden on the party members amidst the scandal. He stressed the importance of not allowing the current issues to negatively impact the party during this critical period.
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