Summary: Lee Yong-woo, a legislator of the Democratic Party of Korea, said today that the content of the cryptocurrency system bill will be launched soon and plans to propose a temporary proposal early next week. Lee Yong-woo is an expert in the fields of finance and IT, and was the CEO of Kakao Bank.  The provisional ...

Lee Yong-woo, a legislator of the Democratic Party of Korea, said today that the content of the cryptocurrency system bill will be launched soon and plans to propose a temporary proposal early next week. Lee Yong-woo is an expert in the fields of finance and IT, and was the CEO of Kakao Bank. 

The provisional bill stipulates that when a new cryptocurrency is issued, the exchange should publish a "white paper" specifying the scale and risk of the issuance. In addition, to save virtual assets in financial institutions to deal with the risk of fraudulent losses, exchanges must verify the real-name information of investors.

By Amy Liu