Experts discuss regulation of cryptocurrency at Deconomy 2018

분산경제포럼: 암호화폐 규제와 메인스트림의 적용

The first annual Deconomy Forum on blockchain is taking place in Seoul this week.
On the second day of the forum, experts from around the world put their heads together to focus on cryptocurrency regulation.
Kim Hyesung shares with us what was discussed.

If 2017 was the year that cryptocurrencies took off, then 2018 seems to be the year of regulatory reckoning and its possible mainstream adoption,… with cryptocurrencies even becoming one of the main themes at the G20 summit in Argentina in March.

What governments are mostly concerned with is whether or not people are using financial instruments for terrorism financing, money laundering, or in some cases taking advantage of citizens, you know it’s a sacred bond to keep money on behalf of another person…in terms of what you see countries moving towards is AML, KYC and Bank secrecy act, that’s been pretty established and has been replicated across countries.

AML refers to anti-money laundering, and KYC means ‘know-your-customer’, a process for businesses to report on suspicious behavior by clients and identify potential scams or fraudulent transactions. These measures help enhance security and prevent money laundering in crypto trading.
Another concern is taxation, making sure people pay tax on realized gains.
Market practices, consumer protection, and data privacy are other issues being raised by EU countries.
Countries like China have also upped the level of regulation, banning digital-asset exchanges and initial coin offerings, and blocking online access to overseas trading platforms.
Experts say regulation is needed to enhance safety and prevent hacking, but that it should be balanced to enable blockchain technology to grow.

“Korea recognizes this is a major macro theme, blockchain technology, and tokenization of services business. I think the South Korean government does recognize this, and they are coming up with a balanced approach, recognize making room for ICOs but also wants to make sure that players that are not qualified are not coming to the market.”

The South Korean government banned minors from trading digital currency and enhanced ID verification amid concerns of a speculative bubble, and it is currently working on more detailed guidance, like new taxation rules, set to be announced later this year.
Cryptocurrency is an uncharted territory and experts say mitigating risks while allowing the cryptocurrency ecosystem to grow is key.
Kim Hyesung, Arirang News.

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Experts discuss regulation of cryptocurrency at Deconomy 2018

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Kane Dane