Experts discuss regulation of cryptocurrency at Deconomy 2018



it's the first named economy forum and blockchain is taking place installed this week on the second day of the forum experts from around the world to put their heads together to focus on cryptocurrency regulation haemyeong 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 it's 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 or money laundering or in some cases you know taking advantage of citizens you know it's a sacred bond to keep money on behalf of another person in terms of what you're seeing countries move towards is you know AML kyc in the Bank Secrecy Act that's that's been pretty established and been replicated across countries AML refers to anti money laundering and kyc means know your customer a process for businesses to report a suspicious behavior by clients and identify potential scams or fraudulent transactions these measures help enhance security and prevent money laundering and crypto trading another concern is taxation making sure people pay tax on realized games market practices consumer protection and data privacy or 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 they recognized this could this is a major macro theme blockchain technology and tokenization of the services business so I think that South Korea does wrecking the South Korean government does recognize this and they're coming up with a balanced approach that recognizes they make for ICL's but also wants to make sure that players that are not bonafide are not coming to market the South Korean government banned minors from training 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 SEO Arirang news

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