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South Korea Legislators Passes Crypto Bill
The National Assembly of South Korea has passed a cryptocurrency bill that has set the legal foundation of cryptocurrencies in the country. The bill recognizes virtual currencies as digital assets and it intends to make regulations clear and transparent to crypto markets in South Korea, according to English-language newspaper Korea JoongAng Daily on November 27.
Moreover, the bill was passed by the National Assembly’s national policy committee and still will require approval from the Judiciary committee. If it passes approval,, the law would come into force in 2020, as per the report.
Bill will Support Crypto Growth
Furthermore, the Financial Services Commission (FSC) believes that the bill will support the growth of crypto; while still keeping it legal. The bill will prevent illegal activities such as money laundering. Additionally, it will steer confidence to investors and institutions in the region regarding crypto assets.
Notably, the bill claims that all crypto-related businesses in the country will have to register with the Financial Services Commission’s (FSC) Financial Intelligence Unit (FIU) and report to the authority. In addition, to secure approval, a crypto firm in South Korea will have to get an Information Security Management System certificate; from the state-run Korea Internet and Security Agency.
Crypto Firms to Develop own Oversight System
According to the report, crypto firms should adopt own monitoring systems for financial transactions; in compliance with standards set by the Financial Action Task Force. Those who fail to develop their monitoring system will face a penalty.
In addition, the new bill is not the first time South Korean authorities; have attempted to provide an Anti-Money Laundering (AML) framework. Back in 2018, South Korean regulators banished private trading on crypto exchanges in line with AML requirements; and identification efforts in South Korea.
In conclusion, Korea is a crypto-friendly nation as indicated by the trade volume of Bitcoin against the Korean Won. Won is the third most traded fiat against Bitcoin just after the US dollar and Japanese Yen.
source>>https://www.cryptoknowmics.com/news/south-korea-legislators-passes-crypto-bill