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Baek Sun-hee Proposes Bill Requiring Real-Time Crypto Balance Reconciliation

Baek Sun-hee Proposes Bill Requiring Real-Time Crypto Balance Reconciliation

  • Baek Sun-hee said she introduced an amendment that would require virtual asset operators to keep their actual holdings and internal ledgers synchronized in real time.
  • The amendment would require the creation of an information-processing system that automatically restricts or halts transactions when it detects balance mismatches or abnormally large transfers.
  • It would also require virtual asset service providers to establish internal control standards and appoint compliance officers, while adding a provision requiring operators to compensate users for losses caused by computer outages or other system failures.

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Photo: Shutterstock
Photo: Shutterstock

Baek Sun-hee, a lawmaker from the…

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