South Korea’s National Assembly is progressing a bill that will establish a legal foundation for cryptocurrencies in the country. The bill categorizes virtual currencies as digital assets. The legislative move intends to make cryptocurrency markets more transparent and legitimize investment in digital assets in South Korea.
The National Assembly’s national policy committee was progressing the bill. But it still needs to be approved by the judiciary committee, the report says. According to the report, if approved, the law would come into force in 2020.
The law will require all crypto-related businesses in South Korea to report the authority and register with the Financial Services Commission’s (FSC) Financial Intelligence Unit (FIU).
According to the report, in order to be approved as a crypto firm in South Korea, crypto businesses will have to obtain an Information Security Management System certificate. The firms can get the certificate from the state-run Korea Internet and Security Agency, the report notes.
Moreover, all crypto-related firms will have to adopt their own oversight systems for the transactions in compliance with standards by the Financial Action Task Force. Those who fail to establish their monitoring systems will be penalized, the report says.
The new bill is not the first time South Korean authorities attempt to provide an Anti-Money Laundering (AML) framework. South Korean regulators banned anonymous trading on crypto exchanges in line with AML and identification efforts in the country, in early 2018. Afterward, the FSC released a set of revised AML guidelines for virtual currencies in June 2018.
Key Points: AUD/JPY broke below a rising wedge, signalling possible bearish momentum, with immediate resistance at 103.00 and support at…
Key Points EUR/JPY Rises to 168.25: Strengthened by robust Eurozone economy and steady ECB policy. Eurozone GDP Grew by 0.3%…
Key Points: Nio's shares hit 44.20 HKD, up 20%, with electric vehicle deliveries up 134.6% year-on-year to 15,620. BYD leads…
Key Points: Ethereum fell sharply from $3,355 to a low of $2,813, reflecting high volatility and sensitivity to market dynamics.…
Key Points Nikkei 225 slightly fell by 0.1%, while the Hang Seng index surged by 2.4%. USD/JPY increased slightly, highlighting…
Key Points: Gold prices rose on MCX India to ₹71,278/10 gm and COMEX US to $2,328/oz. The US Dollar Index…
This website uses cookies.