Korea May Issue New Crypto Regulation Soon

Ass reported, during the period from July 13 to 26 members of political parties will present their proposals on regulating the sphere of cryptocurrencies
12 July 2018   187

In the coming days, the National Assembly of South Korea, presumably, will consider a number of legislative initiatives related to the regulation of the cryptocurrency.

As reported by The Korea Times, during the period from July 13 to 26 members of a number of political parties of the country will present their proposals on regulating the sphere of cryptocurrencies, the ICOs and blockchain.

According to the source, among others, the representative of the ruling Democratic Party Pak Jon-ji and representative of the leading opposition party "Free Korea" Chun Tae-ou will present their bills.

It is expected that many bills will be considered these days, but it is unknown exactly how the process will proceed. The Korea Times notes that members of the National Assembly "remain mostly scattered" when discussing the problem of cryptocurrency.

In any case, this initiative should serve as a catalyst for a new debate on the status of the country's cryptocurrency, whose population shows an increased interest in this market.

Another member of the National Assembly will hold another event this month, which can also affect the fate of the country's exchanges. The representative of "Free Korea" Song Hy-kun will participate in the debate with the Korean Agency for Internet and Security regarding the safety of local crypto exchanges. The event is organized in the light of the recent hacking of Coinrail and Bithumb.

Coinbase to Issue New Statement

As reported, company says it was wrong about SEC approval of acquisitions of Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC
18 July 2018   170

Vice President of Communications of Coinbase Rachel Horwitz denied the information that the company received approval from the Securities and Exchange Commission of the United States for a deal to buy brokerage companies. This is reported by Bloomberg.

It is not correct to say that the SEC and FINRA approved Coinbase’s purchase of Keystone because SEC was not involved in the approval process. The SEC’s approval is not required for the change of control application. Coinbase has discussed aspects of its proposed operations, including the acquisition of the Keystone Entity, on an informal basis with several members of SEC staff.
 

Rachel Horwitz

Vice President of Communications, Coinbase

On Monday, a spokesman for Coinbase said that the company received permission from the SEC and the Agency for Regulation of Financial Institutions (FINRA) to purchase Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC.

However, despite the refutation from Rachel Horwitz, Coinbase still intends to obtain a license to carry out brokerage activities.