Korea Blockchain Association launched team to cope with new act

The Korea Blockchain Association has formed a task force team to prepare for the revised Act on Reporting and Using Specified Financial Transaction Information. The association worked with government bodies in a deliberation process, expressing its view on the change of the term for virtual currency businesses and requiring Information Security Management System certificate. The association established the team to collect opinions from business operators ahead of the implementation of the act. The team consists of experts in different sectors including finance, security, blockchain technology and law. The act was passed at the National Assembly on March 5 and announced on March 24. It will come into force on March 25 next year, and the related ordinance will be devised before implementation. The blockchain association sent its opinions to the Financial Services Commission and the State Affairs Committee at the National Assembly during the deliberation process. The agendas proposed and accepted include the change of the legal term for virtual currency businesses and setting up a grace period for the closure of businesses that failed to acquire the Information Security Management System certification. “We feel a great responsibility since the ordinance is significant enough to determine the fate of each business player,” said Lee Jong-goo, head of self-regulatory committee at the association. “We will do our best to reflect the industry’s voice.”

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