South Korea’s representative body, the National Assembly, has held a crypto regulation debate organized by major native cryptocurrency exchanges, IT media oulet ZdNet Korea reports weekday, Dec. 10.

According to native business outlet financial Leaders, the topics of the debate were projected by seven crypto exchanges — Bithumb, CobitCoin, Coinone, Upbit, Gopax, Coinplug and Hanbitco.

The debate was attended each by crypto entrepreneurs and politicians, like Democratic Party member Kim Byung-wook and representatives for the liberty Korea and Bareunmirae parties, each with a big range of seats within the National Assembly. The country’s monetary watchdog, the financial Services Commission (FSC), conjointly sent a representative to the discussion.

ZDNet reports that Lee Seok-wu, chief executive officer of Dunamu — a subsidiary of Kakao that operates Upbit — led a discussion that was attended by FSC members and also the president of Gopax, among others. The discussion reportedly centered on Anti-Money wash (AML), client protection and know Your customer (KYC) practices..

The debate within the National Assembly was preceded by the FSC’s decision to permit banks to service crypto exchanges, as shortly as they need adequate AML safeguards and apply KYC checks.

At the identical time, South Korea features a strict policy against Initial Coin Offerings (ICOs), issuance sturdy warnings against them back in 2017. However, native blockchain startup, Presto, is reportedly visiting file a constitutional charm over this policy.

According to a recent report ready by Top Market Group LLC, the crypto trade in South Korea is systematically growing. In November Korean crypto exchanges overtook Maltese competitors by average daily trade volume. As per report, major Korean players created over $1.4 billion daily.

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