RE: Cryptocurrency Now Legal In S. Korea
Yesterday we had the news out of India and now this. Big news for Bitcoin and cryptocurrency as S. Korea legalizes crypto trading/holding.
Crypto Is Now Legal In South Korea: Parliament Passes Landmark Cryptocurrency Bill
Cryptocurrency trading is now entirely into the legal system for the South Korean government, according to a local report. To receive this outcome, the National Assembly amended the Act on Reporting and Use of Specific Financial Information.
After President Jae-in Moon signs the amendment passed in the country’s parliament, the enactment process will begin. It will take one year from the date of the signing, followed by a 6-month grace period.
Once the required time passes, cryptocurrency-related businesses, such as exchanges, trusts, wallet companies, and token-sales, will need to comply with new rules. Those include having a real-name verification partnership with an approved local bank. Thus, when a verified individual is assigned to a single bank account, it helps prevent money-laundering when they deposit or withdraw fiat currencies.