November 27, 2022

The National Assembly of the Republic of Korea passed a cryptocurrency bill

The National Assembly of the Republic of Korea passed a cryptocurrency bill

Cryptocurrency in Korea is one step closer to legitimacy. National Policy Committee on Tuesday The National Assembly of the Republic of Korea passed a bill that contains the legal basis for virtual currencies. According to the bill, they will be classified as digital assets.

According to representatives of the Financial Services Commission (FSC), this step will contribute to the transparency of cryptocurrencies, as well as legitimize investments in them.

According to the provisions of the law, crypto enterprises are required to prevent money laundering with the establishment of general rules for financial transactions.

According to the new bill, all enterpriseswhose activities are related to cryptocurrency, they will have to report and register as enterprises with digital assets in the FSC financial intelligence unit.

Those companies will not pass certification:

  • who refuse to notify authorities of suspicious activity;
  • who for any reason do not receive the certificate of the Information Security Management System at the Korean State Agency for Internet and Security;
  • that manage bank accounts with fake identification.
  • In addition, such enterprises will be fined.

    One year after the bill is approved by lawmakers, it will enter into force.