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.

Full article here: https://cryptopotato.com/crypto-is-now-legal-in-south-korea-parliament-passes-landmark-cryptocurrency-bill/

Master Asked on March 5, 2020 in Cryptocurrency.
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