South Korea Parliament Legalizes Cryptocurrency

More good news has been rolling to all crypto lovers as South Korea Parliament recently passed a bill that makes cryptocurrency Legal in South Korea. Recall that we had earlier brought you a report that the Indian Supreme court had lifted the 2 years ban that was placed on cryptocurrency in the country by the reserve bank of India. This two news shows that cryptocurrency is gradually gaining more acceptance and adoption.

Read more on the Indian supreme court judgement here.

 

Heading back to South Korea, This bill means that cryptocurrency is now fully legal in the country. However, the president of the country is required to accent to the passed bill by the South Korea Parliament for the process to be completed.

Below is an excerpt from NewsAsia for more in-depth analysis:

“President Jaein Moon must sign the amendment into law to start the enactment process which will be one year from the date of signing followed by a 6-month grace period. This means that all entities affected by the law will need to be in full compliance by September 2021. The passing of the amendment comes after a lengthy 2-year process of deliberations and trial and error of recommended guidelines but few official laws. Exchanges and companies handling cryptocurrency up to this point have been mostly self-governing in regard to their cryptocurrencybut have run into trouble with how the cryptos are turned into fiat currency.

Exchanges, trusts, wallet companies, and ICO are now required by law to have a real-name verification partnership with an approved Korean bank. Real-name accounts prevent money laundering by assigning a verified individual to a single bank account with which they may withdraw and deposit fiat currency from and to an exchange. Also, companies must obtain an information security management system (ISMS) certification.”

Read the full post by clicking here.

The passage of the Bill has witnessed a mixed reaction from the Korean financial gurus, but we think its the beginning of a secure future for the people of South Korea.

 

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