Korea’s Regulator Calls for ‘Urgent’ Crypto Laws amid Security Concerns

South Korea’s primary financial regulator is urging lawmakers to hasten the country’s first regulatory bill for the cryptocurrency sector amid fears of substandard security in the industry.

Hong Seong-ki, head of the virtual currency response team at South Korea’s Financial Services Commission (FSC), has joined the chorus among authorities and lawmakers seeking to regulate the cryptocurrency sector by stressing the importance of new laws centered on investor protection and anti-money laundering (AML) norms in the sector.

“while crypto markets have seen rapid growth, such trading platforms don’t’ seem to be well-enough prepared in terms of security,” the senior FSC official told Bloomberg in an interview.

Notably, Hong added:

“We’re trying to legislate the most urgent and important things first, aiming for money-laundering prevention and investor protection. The bill should be passed as soon as possible.”

The official’s concerns stem follows two notable…