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The South Korean Nationwide Meeting will host a chat titled “Learn how to increase transparency in cryptocurrency transactions” on July 10. This information comes amid a latest little one porn scandal that concerned crypto transactions.
In response to the Kukto Ilbo, the seminar will talk about subjects associated to money-laundering prevention and the creation of a system that oversees crypto transactions.
Stopping cash laundering by darkish internet crypto transactions
The initiative is led by Democratic Social gathering Congressman, Lee Soo-jin. The Blockchain Legislation Affiliation and blockchain media representatives from South Korea may even be a part of the seminar.
A particular act legislation —already accepted within the plenary session of the Nationwide Meeting— goals to introduce a digital asset enterprise reporting system that features buyer identification and the institution of cash laundering prevention obligations.
If the Authorities indicators the legislation, the brand new laundering prevention legislation may doubtlessly block crypto transactions associated to illicit darkish websites as early as March 2021.
Congressman Lee mentioned:
“Blockchain is the foundation of the digital financial system, and transparency is vital, however as cryptocurrencies are getting used for crime, unfavorable photos began to build up. We have to stop cash laundering by technical cooperation with the investigative companies.”
In June, the Korea Web and Safety Company, or KISA, introduced plans to develop a man-made intelligence-based software program to hint cryptocurrency transactions on the darkish internet in response to the Telegram Nth Room case.
The South Korean Finance Minister, Hong Nam-Ki, additionally revealed plans to impose a tax on cryptocurrency, whereas talking to the parliamentary finance committee on June 17.
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