Cryptocurrency Becomes Fully Legal In South Korea

The amendment to the Special Reporting Act passed in South Korea by which cryptocurrency becomes fully legal in the country, reported on 05 March 2020.

According to the report, The amendment to the Act on Reporting and Use of Specific Financial Information passed this afternoon in a full session of the National Assembly. The passing of the amendment specifies bitcoin and other cryptocurrencies as the official entry into the legal system for the South Korean government and the domestic blockchain industry is re-established that expected to take place as a result of this event.

All of the larger exchanges already working with the new rules but some small and medium-sized exchanges expected to get some trouble while obtaining the contracts in order to achieve full compliance.

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 which means every business or company required to be in full compliance by September 2021.

Exchanges, trusts, wallet companies, and ICO are now needs to have a real-name verification partnership with an approved Korean bank as per the new official law as it also prevents the money laundering issues.

Local Korean investors of bitcoin and cryptocurrencies showed mixed reviews on the newly introduced cryptocurrency law into the system.

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