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Crypto Is Now Legal In South Korea

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South Korea is following in the footsteps of India in terms of legalizing cryptocurrency trading and holding after passing a new amendment a few hours ago. From now on, digital assets are entirely legal in the East Asian nation.

Cryptocurrency trading is now entirely into the legal system for the South Korean government, according to a local report. To receive this outcome, the National Assembly amended the Act on Reporting and Use of Specific Financial Information.

After President Jae-in Moon signs the amendment passed in the country’s parliament, the enactment process will begin. It will take one year from the date of the signing, followed by a 6-month grace period.

Once the required time passes, cryptocurrency-related businesses, such as exchanges, trusts, wallet companies, and token-sales, will need to comply with new rules. Those include having a real-name verification partnership with an approved local bank. Thus, when a verified individual is assigned to a single bank account, it helps prevent money-laundering when they deposit or withdraw fiat currencies.

Cryptocurrency-related businesses would also need to obtain an information security management system (ISMS) certification. The Korea Internet Security Agency (KISA) provides the certification when it examines each company to ensure that it can protect vital information assets for itself and the users. All exchanges must comply within six months of the enactment. Otherwise, they risk being shut down.

The Korean new bill is coming just one day following India’s Supreme Court lifting the crypto ban by RBI from 2018.

Source: https://cryptopotato.com/crypto-is-now-legal-in-south-korea-parliament-passes-landmark-cryptocurrency-bill/

 

Another day, another nice news of a government legalizing cryptocurrency in their country, i think this is another good sign for the future of crypto :D 

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That would be good news and bad news as well. Good news in the sense that koreans can now trade and earn with crypto currencies. On the other hand, the bad news is with other people who will try to deceive those people will little knowledge about crypto currencies which will then lead to scam or fraudulence. I suggest that korean people should first do research before investing their money on crypto currencies. 

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There are many chances to become using cryptocurrencies in all the world. This task will done with cronavirus. Because it is spreading fastly in those countries who blocked cryptocurrencies such as China blocked Bitcoin and will open his own cryptocurrency but now it is not possible because of coronavirus.

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yes its good news if any country took that step but sadly wrong timing for this step when coroana virus already taking over world, thats why this news cant help in price hike, its going down and more down but hope in future it will be back at its peak.

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On 3/14/2020 at 12:52 AM, sahil777 said:

yes its good news if any country took that step but sadly wrong timing for this step when coroana virus already taking over world, thats why this news cant help in price hike, its going down and more down but hope in future it will be back at its peak.

No matter in which conditions they accepted bitcoin brother but it's a good news they finally accept it and soon in south korea will have a revolution of bit coin and this might change the bitcoin right position... Hope all country accepted bitcoin soon as it advantage very good nowadays

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On 4/12/2020 at 5:53 PM, Sunskid01 said:

This is a very good news and a good development for the cryptocurrency.

Yup you are right that it is a good news that finally south korea accepted bitcoin which will surely increase the popularity of bitcoin then and every trader of south korea now happily trade on bitcoin..it's a good step to grow up good economic rate now in south korea...

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Thats was good for Crypto world because world needed a Cryptocurrency for to make a better lets see the upcoming the years of crypto would be the best because crypto going very strong now

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I'm having a bad feeling about this, on the bright site that Bitcoin is now legal in South Korea, it gives other people in there to buy and invest on their own and have a potential on gaining profits. But on the bad side, some high intelligent criminals or drug users will exploit this as a way to buy illegal stuffs in the black market in a way to evade purchase history, since it's Bitcoin, they can buy weeds anonymously on the internet or perhaps buy shady items, underage prostitutes, and etc. unless if the South Korean government implemented a crackdown before legalize the coin itself.

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