-
NFL and Crypto’s Growing Entanglement - 7th December 2021
-
Gambling with NFTs and Crypto - 17th June 2021
-
What Exactly is Bitcoin Mining? - 26th April 2021
-
Cryptocurrencies Over The Past Three Years - 12th March 2021
-
Online Crypto Gambling in Canada - 3rd March 2021
-
Some Tips on Crypto - 2nd March 2021
-
Where Does Ripple Fit Into The History of Money? - 2nd March 2021
-
Bitcoin Trading Tips - 4th February 2021
-
The Top Trends In The Fintech Sector In 2021 - 29th December 2020
-
What You Need To Know When Trading Stablecoins - 19th December 2020
South Korea Approves Crypto Bill
An amendment to the Act on Reporting and Use of Specific Financial Transactions Information was passed during a session of the South Korean National Assembly earlier today, signifying the official acceptance of trading and holding cryptocurrency into the country’s legal system.
The bill went through unopposed with 182 votes in favour and no abstentions, and will become effective by March 2021. The South Korean Financial Intelligence Unit (FIU) has been designated as the regulatory body overseeing the enforcement of the Act.
Official Framework
Seemingly based upon the Financial Action Task Force (FATF) advice for how nations should govern Virtual Assets and Virtual Asset Service Providers (VASPs), the bill formalises a framework for cryptocurrency transactions and taxation within South Korea.
The enactment confirms existing guidelines for banks operating with cryptocurrency exchanges and establishes the need for those exchanges to conform to reporting requirements and comply with anti money laundering (AML) and know your customer (KYC) regulations.
While some within the blockchain industry will mourn the diminishing options for anonymous trading, others – such as Binance CEO Changpeng Zhao (CZ) – preferred to view the new bill as a path towards wider cryptocurrency adoption.
When it rains, it pours. #adoption #bitcoin #BNBhttps://t.co/9vszZ84H6n
— CZ Binance 🔶🔶🔶 (@cz_binance) March 5, 2020
The Korean development follows a flurry of worldwide regulatory activity this week that has seen both Germany and India clarify their national stance on cryptocurrency and digital assets.