THELOGICALINDIAN - The government of South Korea is advancing a bill which attempts to prohibit all affairs involving cryptocurrencies including bitcoin unless they booty abode through exchanges that accommodated six conditions
Also read: South Korea Clarifies Position After Reports of Possible Ban on All Crypto Transactions
The Proposed Bill
The South Korean government is advancing a bill to alter the Act on Regulation of Similar Reception to accommodate accoutrement for cryptocurrency transactions. “The purpose of this Act is to assure acceptable traders and to authorize a complete banking adjustment by acclimation Similar Receiving Behaviors,” states Article 1 of the law.
According to Money Today:
The analogue of agenda bill affairs includes “storing, managing, acquiring, exchanging, trading, arranging, arbitrating and arising basic currency,” which is “all of the accepted exchanges’ business areas,” the advertisement elaborated.
In an email to Reuters, South Korea’s better bitcoin barter Bithumb commented, “A appropriate set of regulations will rather breeding the (virtual currency) market, and we would acceptable that,” advertence that it could accommodate angary to the market.
Six Conditions Must All Be Met
In acquainted that cryptocurrency affairs are already demography abode in aerial volume, the regulators accept fabricated accoutrement to acquiesce crypto exchanges to accomplish legally. Six altitude accept been called that charge all be met and “a Presidential Decree will accommodate added conditions,” Money Today reported.
Firstly, customers’ funds charge be kept separately. Secondly, exchanges charge additionally accommodate users with absolute explanations of advance risks. Thirdly, they charge affirm users’ absolute names. In addition, they charge authorize an able anti-money bed-making arrangement and charge additionally accept an asset aegis arrangement such as dispersion of cryptographic keys. Lastly, they charge access accuracy by advice transaction capacity to the public.
Increased Penalties
The regulators plan to accommodate the byword “no one should appoint in agnate bill transactions” in the amendment, the account aperture explained, acquainted that the bill will additionally adapt the affair of cryptocurrencies acclimated to accession funds, to annex added cryptocurrencies, to accord credit, to dispense prices and to use with multi-level and door-to-door sales. Meanwhile, antecedent bread offerings (ICOs) are still banned in South Korea.
Under the accepted law, the amends for actionable the Similar Receiving Behavior law is “imprisonment for up to 5 years or a accomplished of up to 50 actor won.” The accessible bill will strengthen the chastening article and acquaint “punishment of 10 years imprisonment” or a accomplished of up to 500 actor won. News.Bitcoin.com aboriginal reported on the government because these added penalties in October.
The bill absolute the above proposals will anon be submitted to the National Assembly. The account aperture added:
What do you anticipate of this bill and the altitude imposed on bitcoin exchanges? Let us apperceive in the comments area below.
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