By Park Si-soo
South Korean lawmakers are racing to make rules on cryptocurrency, initial coin offerings (ICO) and blockchain.
Some have unveiled drafts of bills they will submit during an extraordinary session of the National Assembly from July 13 to 26.
It is unclear if any of the bills will become law during the session because opinions remain widely divided and more urgent political and economic issues are on the table. But at least their submissions will play a "catalyst" role in triggering related debate within the Assembly.
Rep. Park Yong-jin of the ruling Democratic Party of Korea, Rep. Chung Tae-ok of the main opposition Liberty Party Korea (LPK) and Rep. Choung Byoung-gug of the minor opposition Bareun Mirae Party are most committed to the issue. They plan to submit their respective bills regarding the legal status of cryptocurrency and requirements for crypto exchanges, among other things.
Rep. Song Hee-kyung of the LPK will host a policy debate on the security of domestic crypto exchanges on July 19. The Korea Internet and Security Agency (KISA), which has been conducting a security inspection of crypto exchanges here since July 2, will co-host the debate.
Song has called for regulations on exchanges to prevent money laundering, hacking and the leak of personal information.
The leader of the Bareun Mirae Party's taskforce on crypto issues, Oh Se-jung, has voiced the need for tight rules on exchanges' cybersecurity following a series of hackings.