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South Korea's New Bill Provides Legal Foundation For Cryptocurrencies
Summary: A bill that provides legal basis for cryptocurrencies is being progressed in South Korea. According to the Korea JoongAng Daily report, this bill will categorize cryptocurrencies as digital assets and will bring regulatory clarity and transparency to the crypto market in the country. All crypto-related businesses are required to register with the Financial Intelligence Unit ...
A bill that provides legal basis for cryptocurrencies is being progressed in South Korea. According to the Korea JoongAng Daily report, this bill will categorize cryptocurrencies as digital assets and will bring regulatory clarity and transparency to the crypto market in the country.
All crypto-related businesses are required to register with the Financial Intelligence Unit and obtain an Information Security Management System certificate in order to get approved. In addition, they will need to implement their own monitoring systems for financial transactions, which have to comply with Financial Action Task Force standards as the bill essentially aims to prevent money laundering and protect investors.
By Minh Nguyen
Tags: Blockchain,Cryptocurrency,Legal,Money Laundering,South Korea
Link: South Korea's New Bill Provides Legal Foundation For Cryptocurrencies [Copy]
