South Korean Parliament Legalizes Bitcoin Trading

South Korean Parliament Legalizes Bitcoin Trading

THELOGICALINDIAN - Expect to see big changes by the end of 2024

The National Assembly of South Korea absolutely accustomed what could be the official access of cryptocurrency trading and captivation into the nation’s acknowledged system.

Cryptocurrency Trading Is Now Legal in South Korea

Following India’s Supreme Court decision to lift the ban on cryptocurrency trading, the South Korean parliament, additionally accepted as the National Assembly, voted in favor of crypto-centric legislation that aims to restructure the country’s blockchain industry. 

The South Korean babysitter adapted and anesthetized the Special Financial Transactions Information Act, which was ahead accustomed in November 2019. 

Now, the authoritative anatomy will assignment appear creating a new framework about how the federal government should badge what it defines as basic asset account providers (VASPs). Cryptocurrency exchanges, for instance, abatement able-bodied aural this definition.

Some of the best arresting abstracts in the amplitude reacted to the account advertence that South Korea could anon be at the beginning of blockchain technology acknowledgment to the new legislation. 

“There has been abundant ambiguity apropos regulations in cryptocurrency in South Korea until now. However, with the new law, cryptocurrency has been clearly classified as an asset chic by the institutions and basic asset operators are able to accomplish beneath able law in Korea. I accept this is a strong, absolute arresting for South Korea affective advanced and proving itself as the absolute testbed for blockchain and cryptocurrency on the all-around scene,” said Simon Kim, CEO of Seoul-based blockchain incubator Hashed.

South Korean President Jae-in Moon now has to assurance the alteration into law to alpha the achievement process. Based on the nation’s aldermanic system, it will booty one year from the date of the signing, followed by a six-month adroitness period.

The new bill will see crypto-related businesses, such as exchanges, trusts, and careful account providers, acknowledging with anti-money bed-making (AML) rules and apperceive your chump (KYC) procedures by the end of the aboriginal division of 2024.

Relevant firms will charge to accept a real-name analysis affiliation with an accustomed South Korean coffer as able-bodied as an advice aegis administration arrangement (ISMS) certification.

Sunga Kim, CEO at one of the arch South Korean crypto-exchanges Hanbitco, said that the new measures will advice abate the bulk of artifice in the industry. 

“A foundation has been created to ablution abroad the stigma of cryptocurrency exchanges, fraud, and bender and authorize itself as a cellophane and reliable industry. It will advance to the development of the industry with the arrival of new capital,” said Kim.

With added nations such as China, Germany, and Ukraine cardinal in favor of crypto regulation, the cryptocurrency industry seems to be accretion its acknowledged ballast worldwide.