The National Assembly in South Korea has amended the Act on Reporting and Use of Specific Financial Information, making cryptocurrency legal in the nation. Reportedly, the enactment process will begin one year and six months after President Jae-in Moon approves the amendment.
Once the required time passes, cryptocurrency-related businesses, such as exchanges, trusts, and wallets will need to comply with the new rule, which includes having a real-name verification partnership with an approved local bank.
Also, companies must obtain an information security management system (ISMS) certification. Notably, despite the certification being costly, all exchanges must comply within six months of its enactment or risk being shut down.
Crypto community in the nation, especially among local investors are having mixed feelings on the new regulation. Some have applauded the measures proclaiming that a ‘New Coin Age’ has begun in Korea. Others further noted that cryptocurrency trading is no longer recognized as gambling.
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Nurul is an English Language graduate who is highly passionate on writing, she literally breathes on it. An avid reader and a critical thinker, she covers on blockchain news during day and weeps at sad novels at night.