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Six blockchain media companies are forming a blockchain media association and plan public hearing to mark its opening

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Six local blockchain-dedicated media companies have established an association to foster the development of blockchain technology and an industry ecosystem. The association will create an environment for open and constructive discussion on blockchain and cryptocurrency. It announced its official launch Monday and said it will open public hearings to draft legislation regarding cryptocurrency exchanges together with Democratic Party lawmaker Kim Byung-wook. Six media organizations are participating, including Join:D The six press organizations forming the association are: D.Street, Decenter, Blockmedia, The Block Post, Join:D, and Coindesk Korea. Decenter will hold the presidency at the outset. Public hearing to commemorate the establishment In commemoration of the establishment, the association will hold a public hearing at 2 p.m. on Aug. 6 at the National Assembly Member’s Office building. The hearing will be about the need for legislation to make cryptocurrency trading transparent. The discussion will be centered on a revised bill proposed by Rep. Kim of the Democratic Party, the “Act on Reporting and Using Specific Financial Transaction Information.” “To commercialize blockchain technology, we cannot leave cryptocurrency (digital assets) trading outside the regulatory system anymore,” the association said in statement. “Beginning with the discussion on the [revised bill], it is time we talk about ways to regulate cryptocurrency trading and exchanges managing that trading.” Discussions on regulating cryptocurrency trading Last month, the Financial Action Task Force (FATF), an intergovernmental organization, introduced a proposal related to international standards on cryptocurrency trading. The Korean government said it will reflect the recommendations in local laws. During the public hearing to take place next month, the association will discuss various topics, including anti-money laundering, a business on verifying the identity of clients, also known also as Know Your Customer (KYC), criteria on how to grant approval on cryptocurrency exchanges, regulations on how to protect cryptocurrency investors and securing transparency in cryptocurrency trading. The Act on Reporting and Using Specific Financial Transaction Information is focused on anti-money laundering, but through the public hearing, we will listen to opinions from cryptocurrency exchanges and discuss ways to protect digital asset investors in depth,” Rep. Kim said. Laying out future for the development of blockchain ecosystem “The government policy stance to separate blockchain technology and cryptocurrency is essentially meaningless with global IT giants like Facebook entering the [blockchain] market,” the blockchain media association said. “To foster development of blockchain industry ecosystem, the blockchain-dedicated media companies will create a forum for constructive debate through the association and propose where the industry should be headed.”

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