Despite cryptocurrency going through a rough phase, crypto trading is emerging and is gaining a major foothold. Many economists and financial bankers are figuring out ways to promote cryptocurrency trading and development of exchanges. The recent example being the Korean lawmaker who introduced a bill to encourage trading and exchange in the crypto space.
Korean lawmaker, Kim Sun-dong, proposed a bill establishing a committee to promote and support cryptocurrency activities. He highlights the need for laws and measures that are dedicated to fostering the growth of crypto businesses to avoid companies leaving Korea. He pointed out the example of Bithumb, one of the largest crypto exchanges, that was recently sold to a Singapore-based association.
As per the media reports, Kim announced about the Digital Asset Trading Promotion Act. Seoul Finance elaborated: ‘The Digital Asset Trading Promotion Act’ includes a comprehensive plan for establishing a guideline for promoting the development of virtual currency exchanges and blockchain technology, tax reduction and exemption, measures against hacking damage, and prevention of market disturbances, as published on Bitcoin News.
In the meantime, South Korea’s largest crypto exchange UPbit, has become the first one to own an ISMS license. According to reports, South Korea’s Internet and Security Agency (KISA) awarded UPbit an information security management system (ISMS) license, for its strong infrastructure.
In December 2017, KISA decided that all internet and data related companies generating more than $100 million in revenue would require an ISMS license, as mentioned on Bitcoinist. KISA assesses these firms based on over one-hundred criteria, to ensure they have strong internal management systems and security protocols. Overall, Korean regulators are fostering and encouraging crypto trading and exchange but are introducing certain guidelines to prevent risks associated with cryptocurrency.
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