South Korea Legalizes Cryptocurrency Trade

South Korea is following in India's footsteps in legalizing cryptocurrency trade and holding back after passing a new amendment a few hours ago. From now on, digital assets are fully legal in East Asian countries.




Cryptocurrency is now legal in South Korea


Cryptocurrency trading is now fully a legal system for the South Korean government, according to a local report. To receive this result, the National Assembly amended the Law on Reporting and Use of Special Financial Information.




After President Jae-in Moon signed an amendment passed in the country's parliament, the process of enactment will begin. It will take one year from the date of signing, followed by a grace period of 6 months.




After the necessary time has passed, cryptocurrency-related businesses, such as exchanges, trusts, wallet companies, and token-sales, must comply with new rules. That includes having an original name verification partnership with an approved local bank. So when someone who is verified is assigned to a bank account, it helps prevent money laundering when they deposit or withdraw fiat currencies.




Businesses related to Cryptocurrency also need to get an information security management system (ISMS) certification. The Korea Internet Security Agency (KISA) provides certification when examining each company to ensure that it can protect vital information assets for themselves and users. All exchanges must comply within six months of entry into force. If not, they risk being shut down.




The new Korean bill will come only one day after the Indian Supreme Court lifted the crypto ban by the RBI from 2018.




Mixed Mix


The new bill has brought a different perspective between cryptocurrency investors in the country. Some indicate that the introduction of new amendments is a positive sign because security will increase following new steps. They even call it the "New Coin Age."




However, not everyone is optimistic: Others believe that additional security measures might encourage most digital currency exchanges in the country to migrate outside or close down. In addition, because there is little left, it will open the door for them to charge higher trading costs.




CEO Hanbitco of the leading Korean stock exchange, Sunga Kim, noted that the new steps will ultimately benefit the cryptocurrency space because most fraud companies will be eliminated:


"A foundation has been created to eliminate the stigma of crypto currency exchange, fraud, and debauchery and make itself a transparent and reliable industry. This will lead to the development of industry with the entry of new capital. "

COMMENT

25

preview not available Busola Akinlolu Awosika
07 Mar

Looks like all these countries are beginning to face reality.

5 REPLY

17

preview not available TEDDY FOSU
07 Mar

Crypto surely will be widely accepted in the coming years because it got the potentials to liberate many lives and solve some current problems faced by centralized currencies.This surely is great for South Koreans.

Keep Uptrennding 😎😎😎

1 REPLY

13

Wladyslaw Urbanczyk
08 Mar

That is probably a very good news for ICON holders. Fingers crossed. 

1 REPLY

12

Muhammad Abuzar
07 Mar

Bitcoin is very papuler and important 

0 REPLY

22

Ajala Junior
07 Mar

That is a huge and amazing step by South Korea. This is a sign of an imminent mass adoption of cryptocurrencies 

0 REPLY

14

Crypto News
07 Mar

it's all because of friend coronavirus

You will know why the government is racing to legalize cryptoccurency

0 REPLY

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