Thu, December 08, 2022

South Korean Lawmakers and Crypto Industry

Crypto industry in South Korea

Crypto regulations are one of the most debated topics as there is no unique approach when it comes to cryptocurrencies. Nevertheless, the crypto industry continues to evolve, and the topic of crypto regulations will become even more important in the future.

One example of how to deal with cryptocurrencies comes from South Korea, one of the most technologically advanced countries in the world.

Recently, the National Assembly of the Republic of Korea passed the cryptocurrency bill.

Crypto-related companies in South KoreaCrypto and Asian countries

As mentioned, above South Korean lawmakers passed a new amendment. As a result, digital assets are entirely legal in the East Asian country. The country’s parliament amended the act on Reporting and Use of Specific Financial Information.

The country’s parliament approved a landmark cryptocurrency bill.

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

The enactment process will take one year from the date of the signing, followed by a 6-month grace period.

Thus, 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.

Furthermore, cryptocurrency-related companies should 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.

The Crypto industry has the potential to support the local economy. This law will make the South Korean crypto industry more attractive to investors.

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