Korea’s financial regulators face growing calls for more effective measures to regulate illegal activities surrounding virtual currencies such as Bitcoin, after many investors suffered massive losses in the wake of a server shutdown of Bithumb, Korea’s largest cryptocurrency exchange.
With the exchange losing trust, experts suggest Korea’s financial regulator, the Financial Services Commission, consider introducing guidelines for transactions of digital currencies because there are no means to protect investors from cyberattacks on virtual currency exchanges.
“Financial regulators should introduce guidelines for traders who self-regulate themselves and protection of investors,” said an executive from a Korean IT company, declining to be named.
How to prevent the side effects of virtual currencies is now emerging as the biggest headache among financial regulators around the world.
Cryptocurrency was one of the hot issues at the 2017 Singapore FinTech Festival held Nov. 13 to 17. The week-long global event attracted more than 25,000 participants, including regulators, policymakers and industry experts.
Source/More: Guidelines for cryptocurrency trading needed