fbpx
Skip to content Skip to sidebar Skip to footer

South Korea Progresses with New Cryptocurrency Regulations

On Tuesday, the National Assembly of South Korea progressed a bill which officially categorised cryptocurrency as digital assets and cryptocurrency exchanges as financial business units.

The new bill, when passed by the national policy committee, will be definitive for cryptocurrency enthusiasts in South Korea as cryptocurrencies will become more transparent and investments in cryptocurrencies could then be legitimised. The Financial Services Committee (FSC) also states that businesses which fall under the category, will have to ensure that anti-money laundering (AML) procedures are put in place and ground rules set for transactions are closely followed.

Registration with the FSC’s Financial Intelligence Unit (FIU) and acquisition of the Information Security Management System (ISMS) certificate from state-owned Korea Internet and Security Agency (KISA) will be required. Cryptocurrency-related businesses which fail to do so will have to face penalties according to the Financial Action Task Force (FATF) standards.

Should the bill be passed, cryptocurrency businesses will have a year to prepare for it to be in effect.

Leave a comment

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain & crypto news provider, covering daily news focused on trading and investment developments in bitcoin and crypto. We bring you expansive crypto news coverage around the world. We offer many thought leadership opinions from blockchain experts and leaders of the industry.

Subscribe to SCN

© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

111 North Bridge Road, 21-01, Peninsula Plaza, Singapore 179098.

Phone: +65-80282938

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in crypto. We bring you expansive crypto news coverage especially in Asia, with a focus on Singapore, Thailand and Southeast Asia.

Follow Us On

© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us