South Korean National Assembly to Discuss Crypto Transaction Transparency

The South Korean National Assembly will host a talk titled “How to boost transparency in cryptocurrency transactions” on July 10. This news comes amid a recent child porn scandal that involved crypto transactions.

According to the Kukto Ilbo, the seminar will discuss topics related to money-laundering prevention and the creation of a system that oversees crypto transactions.

Preventing money laundering through dark web crypto transactions

The initiative is led by Democratic Party Congressman, Lee Soo-jin. The Blockchain Law Association and blockchain media representatives from South Korea will also join the seminar.

A special act law —already approved in the plenary session of the National Assembly— aims to introduce a digital asset business reporting system that includes customer identification and the establishment of money laundering prevention obligations.

If the Government signs the law, the new laundering prevention law could potentially block crypto transactions related to illicit dark web sites as early as March 2021.

Congressman Lee said:

“Blockchain is the root of the digital economy, and transparency is key, but as cryptocurrencies are being used for crime, negative images started to accumulate. We need to prevent money laundering through technical cooperation with the investigative agencies.”

In June, the Korea Internet and Security Agency, or KISA, announced plans to develop an artificial intelligence-based software to trace cryptocurrency transactions on the dark web in response to the Telegram Nth Room case.

The South Korean Finance Minister, Hong Nam-Ki, also revealed plans to impose a tax on cryptocurrency, while speaking to the parliamentary finance committee on June 17.