South Korea Will Tighten Control Over Crypto-related Businesses
South Korea will adjust legislation to increase the effectiveness of control over crypto business. According to the authorities of the country, the implementation of a stricter regulation will minimize the negative consequences of the crises of companies representing the blockchain industry.
According to a representative of the country’s parliament, it is necessary to give more powers to the Financial Services Commission and the Financial Supervisory Service.
They should be given the right not only to monitor the situation in the crypto sector, but also to request any financial information they are interested in and make specific procedural decisions.
He has said that the People’s Power Party plans to propose a revision of the bill on secure transactions with digital assets. The corresponding initiative will be announced during the next meeting of the Political Affairs Committee of the National Assembly.
