THELOGICALINDIAN - Legislation analogue the authoritative framework for agenda currencies including bitcoin in South Korea has been alien by administrator Park Yongjin It defines agenda bill introduces bristles classifications of agenda bill handlers as able-bodied as specifies requirements and banned activities
Also read: Korean Digital Currency Bill to Launch Shortly but Government Has Concerns
‘Bitcoin Regulation Act’ Introduced
Korean Democratic Party administrator Park Yong-jin appear aftermost anniversary that he has alien an alteration for the Electronic Financial Transaction Act. Its capital purpose is to actualize a authoritative framework for agenda currencies in adjustment to “maintain advantageous bazaar adjustment and assure users,” Inews24 reported. Business Korea calls this alteration the “Bitcoin Regulation Act.”
“As interests in basic currencies such as bitcoin and ethereum accept soared,” Park said “there is no bright analogue of basic currencies or restrictions on those who can advertise basic currencies.” He aboriginal announced that he would acquaint this legislation aback in July. Business Korea wrote:
Definitions and Classifications
In this amendment, basic bill is authentic as “an apparatus of barter or an cyberbanking abundance of value,” appear Inews24. It additionally distinguishes basic bill from “real” currency. The alteration proposes bristles classifications of agenda bill handlers with the afterward definitions.
Requirements and Prohibited Activities
The revised legislation requires all agenda bill handlers “to accept 500 actor won or added in basic and accept approval from the Financial Supervisory Commission,” abundant Business Korea.
The alteration additionally mandates chump funds be deposited at a abstracted academy with insurance, or some anatomy of acquittal agreement in adjustment to assure customers, the advertisement added.
The legislation prohibits several specific agenda currency-related activities such as their auction and brokering through door-to-door and multi-level business schemes. It additionally carefully prohibits actionable acts involving agenda currencies, such as bazaar amount abetment and money laundering. Violations can backpack a bastille book of up to bristles years or a accomplished of up to 50 actor won, Business Korea detailed.
What do you anticipate of the proposed “Bitcoin Regulation Act”? Let us apperceive in the comments area below.
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