Bitcoin in South Korea will be legal

Finally, South Korea will join the top countries where Bitcoin is legal. The groundbreaking news that Bitcoin in South Korea will be legal came from Park Yong-Jin, leader of Democrats in South Korea.

4 July, AtoZForex Just yesterday, South Korean authorities have informed the public about their intentions to review the regulatory rules for cryptocurrencies. The Representative of the leading Democratic Party of South Korea, Park Yong-Jin,  has announced this decision.

Bitcoin in South Korea will be legal

Specifically, three regulatory bills will be drafted and revised by Mr. Park. The bills will be focusing on the legalization of Bitcoin and Ethereum. Some of the local online reports stated that Mr. Park highlighted the necessity to safeguard South Korean investors from the potential risks. He also noted that the regulations could protect traders from Cryptocurrency mining bubble burst.

What are the steps of South Korea cryptocurrency legalization?

Mr. Park and his colleagues will need to revise Electronic Financial Transactions Act as a first step of the process. This will order businesses and other firms that involve cryptocurrencies to retain capital of at least $436,000. Such companies include South Korean cryptocurrency trading platforms and Bitcoin exchanges. Moreover, the revision of the Act will order for implementation of strict KYC and AML practices.

However, this requirement does not appear as a potential issue for most of the South Korean Bitcoin and cryptocurrency exchanges. They already have support from a number of the biggest South Korean corporations and other global venture capital companies.

All South Korean Bitcoin exchanges will need to obtain license from FSS

As of now, the three largest cryptocurrency trading platforms in South Korea do not have any legal grounds. These include Bithumb, Korbit, and Coinone, according to Mr. Park. In fact, there three digital currency trading platforms have control over almost 100 percent of the South Korean Bitcoin exchange market.

Thus, all of the three biggest exchanges, along with other small cryptocurrency involving firms will need to obtain the license. They will be regulated by the South Korean Financial Supervisory Service.

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