Fri, March 29, 2024

Cryptocurrency Bill and South Korea

Crypto exchanges and various challenges

Recently, the parliament of South Korea passed a new amendment. As a result, digital assets are entirely legal in the East Asian country. The National Assembly amended the act on Reporting and Use of Specific Financial Information. The country’s parliament approved a landmark cryptocurrency bill.

Thus, cryptocurrency trading is now entirely into the legal system for the South Korean government. The country’s President Jae-in Moon is expected to sign the amendment passed in the country’s parliament.

It worth mentioning that it will take one year from the date of the signing, followed by a 6-month grace period.

It means that, once the required time passes, crypto-related companies such as exchanges, trusts, wallet companies, and token-sales will need to follow the new rules. One of the requirements is to have a real-name verification partnership with an approved local bank. This way, it will be easier to prevent money laundering.

Moreover, cryptocurrency-related companies would obtain an information security management system certification. Government agency, Korea Internet Security Agency will provide the certification after it examines each company. This agency has to check whether the company has the ability to protect vital information assets for itself as well as the users. Also, all exchanges must comply within six months of the enactment.

Cryptocurrency bill and local crypto communityCrypto industry news

There is no unique approach when it comes to cryptocurrencies, as can be seen from the reaction.  For example, some people indicated that the introduction of the new amendment is a step forward. The cryptocurrency bill will benefit the industry.

Nevertheless, others disagree with this opinion. They believe that the added security measures might complicate the situation for most cryptocurrency exchanges. As a result, most cryptocurrency exchanges in South Korea may move to other countries. There are other factors, as well.

It will take time to learn more about the impact of this amendment on the crypto industry in the one most developed country in Asia.

YOU MAY ALSO LIKE

Ford

Quick Look: CVA Family Office LLC snaps up 4,559 shares of Ford

The government aspires to make Portugal Europe's top producer of prime lithium for electric car batteries.

Quick Look: Atlas Lithium signs investment and offtake agreements with Mitsui. Mitsui

Stocks and various factors, Baltimore

Quick Look: The Francis Scott Key Bridge in Baltimore collapsed after a

COMMENTS

Leave a Comment

Your email address will not be published. Required fields are marked *

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

Plus500 Expands Office Space in Haifa and Boosts Hiring

Plus500 has significantly expanded its Haifa office space and increased recruitment efforts across various departments. Local news source Walla reports the brokerage has leased an additional 5,800 square meters in the Gev-Yam complex

BROKER NEWS

Stock Report – stock exchange background – WibestBroker

Plus500 Expands Office Space in Haifa and Boosts Hiring

Plus500 has significantly expanded its Haifa office space and increased recruitment efforts across various departments. Local news source Walla reports the brokerage has leased an additional 5,800 square meters in the Gev-Yam complex in