South Korea speeds up the adoption of crypto regulation; market reaction is muted so far
|- South Korean government needs crypto laws to prevent fraus and hack attacks.
- Bitcoin recovered from daily lows, but the momentum is weak.
“While crypto markets have seen rapid growth, such trading platforms don’t seem to be well-enough prepared in terms of security. We’re trying to legislate the most urgent and important things first, aiming for money-laundering prevention and investor protection. The bill should be passed as soon as possible,” Hong Seong-ki, head of the virtual currency response team at South Korea’s Financial Services Commission, explained.
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