The Korea Blockchain Association has formed a task force to press the National Assembly to pass a bill on cryptocurrencies.
The task force would forward its position paper to the National Assembly for passage of the bill.
The bill once passed through the National Assembly, would set a legal framework for trading cryptocurrencies. The cryptocurrency exchanges would be responsible for preventing money laundering.
The bill honors the recommendation by the global anti-money laundering body called the Financial Action Task Force.
The local cryptocurrency exchanges, including Gopax, Bithumb, Upbit, and Hanbico are pooling wisdom to have the bill passed, according to a Korea Blockchain Association spokesman.
