South Korea’s National Assembly to discuss transparency of crypto-currency transactions

The South Korean National Assembly will host a talk entitled “How to Increase Transparency in Crypt Coin Transactions” on July 10. This news comes in the midst of a recent child pornography scandal involving transactions with crypto currency.

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According to Kukto Ilbo, the seminar will discuss issues related to the prevention of money laundering and the creation of a system to monitor transactions with crypto-currencies.

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The initiative is led by Democratic Party Congressman Lee Soo-jin. The Blockchain Law Association and representatives of the South Korean blockchain media will also join this seminar.

A special law, which has already been passed by the plenary session of the National Assembly, aims to introduce a digital asset trading report system that includes customer identification and the establishment of obligations to prevent money laundering.

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If the government signs this law, money laundering prevention could potentially block transactions with Immediate Edge related to the dark web’s underground sites by March 2021.

Congressman Lee said:

“Blockchain is the root of the digital economy and transparency is key, but as crypto currencies are used for crime, negative images began to build up. We need to prevent money laundering through technical cooperation with investigative agencies.

In June, the Korea Internet & Security Agency, or KISA, announced plans to develop software based on artificial intelligence to track crypto-currency transactions on the dark web, in response to the Telegram Nth Room case.

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South Korean Finance Minister Hong Nam-Ki also revealed plans to impose a tax on crypto-currencies while speaking to the parliamentary finance committee on June 17.