New Law in South Korea Could Legitimize Digital Currency

South Korea is introducing its citizens to a new law that’s likely to set crypto on a very legitimate path.

South Korea Initiates New Crypto Law

The law requires that South Korea obey all international financial regulations and adhere to know your customer (KYC) laws for all its digital trading platforms. This will lessen the chance of money laundering, terrorist financing and other illicit activities.

South Korea, at one point, was one of the world’s biggest cryptocurrency hubs. The nation accounted for nearly one-quarter (about 25 percent) of the globe’s total crypto transactions, but in the end, it took a route similar with China and sought to ban various cryptocurrency projects such as initial coin offerings (ICOs) as a means of combatting criminality.

Thus, much like China’s, South Korea’s crypto underbelly fell into the dark and dismal waters of oblivion.

However, this new string of legislation also suggests that crypto is important to regulators in the nation. At the…