South Korea legalizes cryptocurrencies

South Korean financial regulators endorse cryptocurrency trading activities.

Amendment permittinglegally trade cryptocurrencies,was adopted today during the full session of the National Assembly, the day after the rejection of the crypto ban in India. Now, South Korean citizens are allowed to legally conduct all cryptocurrency transactions.

Trading crypto platforms will need tocomply with new reporting requirements and restructure its activities until September next year. First of all, the regulator insists on following KYC procedures, opening bank accounts with verified and verified user names, using a certified information security management system (ISMS), and observing financial statements.

Possibility of legalizing digital assets in the countrydiscussed for two years. Previously, the country's financial regulator tried to tax crypto profits, and the Financial Intelligence Unit (FIU) said it would directly regulate cryptocurrency platforms. However, during this time, South Korea has become one of the leading countries in the blockchain industry.

Crypto enthusiasts suggest that this turn of events will lead to a restructuring of the blockchain sector in the country and the development of the cryptocurrency market.