The National Assembly Seminar for the Virtual Asset Business Law argued the laws were needed to protect revenues and help develop the fledgling digital currency sector in Korea.
The investor had taken Bithumb exchange to court in connection with the losses, which he alleges were the result of a 2017 data breach.
The new KYC laws will affect financial services providers and will require the use of social security numbers, which contravenes privacy laws.
The Bithumb exchange is for sale. According to officials, Bithumb is selling their exchange because investors are trying to recover their investment.
The digital currency exchange launched Bitcoin SV in its aggregate trading section with two trading pairs, BSV/USDT and BSV/BTC.
Bithumb exchange chairman Lee Jung-hoo has been summoned to court in regard to the Bithumb fraud investigation; Lee is accused of fraud and evading property
The Seoul Central District Court has ruled that shares in Bithumb should be seized from major investors due to the ongoing Bithumb fraud investigation.
This week in Bitcoin, lawmakers in the United States introduced a bill that could pave the way for greater research into blockchain.
South Korean Police have raided the Bithumb office twice in just one week; this time around, the police seized documents related to a fraud investigation.
The Seoul Central District Court ruled that Bithumb exchange and the claimant were both partly responsible for the data breach.
The move signals the original Bitcoin is gradually gaining more acceptance, despite disinformation campaigns from competitor cartels.