South Korea will conduct a face-to-face audit of exchanges …

South Korea will conduct a face-to-face audit of exchanges …

South Korea will conduct a face-to-face check of cryptocurrency exchanges

The Communications Commission and the Ministry of Science and Technology of South Korea announced the beginning of a joint face-to-face verification of cryptocurrency exchanges. Writes about this with reference to local news outlets.

Zdnet Korea reports: “The Communications Commission (KCC) intends to conduct a prompt review of the implementation of technical and administrative measures to ensure the security of personal information in accordance with the law on the dissemination of information, disposal of communication networks and information protection”.

In addition, “KCC will provide advice on information security issues and technical support to services working with digital currencies on the network in order to eliminate security vulnerabilities.”.

“The verification is associated with an increase in cases of harm to users in connection with the hacking of virtual wallets and theft of personal information,” – writes The Korea Herald. “The government intends to prevent similar incidents in the future and create an environment for the safe use of services by checking companies working with virtual currencies.”.

In July, the country’s largest exchange Bithumb was hacked, as a result of which the data of more than 30,000 of the site’s customers were stolen. In addition, the American cybercrime investigation firm Fireeye reported earlier this month that Temp.Hermit carried out attacks on Korean cryptocurrency exchanges between May and July..

South Korea will conduct a face-to-face audit of exchanges ...

Along with the growth of the Bitcoin ecosystem in South Korea, the government of this country is discussing possible approaches to regulating cryptocurrencies. In July, a working group was formed to study the issue of the need to develop an appropriate regulatory framework.

At the beginning of the month, Korean regulators announced that at the current stage, banks are required to verify accounts belonging to cryptocurrency companies, and exchanges do everything necessary to identify the identities of their customers. At the same time, small transfers in bitcoin received legal status back in July..

Along with this, the volume of cryptocurrency trading in the country is growing. Bithumb has long been among the leaders in Bitcoin trading volume among all exchanges in the world, according to Coinmarketcap. On August 21, daily trading volume on Bithumb was 2.6 trillion won ($ 2.28 billion), exceeding the trading volume on Kosdaq of the previous day..

South Korea will conduct a face-to-face audit of exchanges ...

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