South Korea Finalizes Pro-Cryptocurrency Law Amidst CoronaVirus Concerns, Bullish Signs …

South Korea has finalized revisions to a bill that reinforces positive sentiments toward the nation’s burgeoning cryptocurrency sector. Despite the pandemic of coronavirus affecting the cryptocurrency markets, this may be an opportune moment for Bitcoin investors in South Korea.

Revised and Revamped

After a cabinet meeting on March 17, 2019, South Korean officials approved amendments to what is known as the ‘Special Financial Information Law‘. When the law officially goes into effect in March 2021, South Korea’s regulatory framework for cryptocurrency assets will fall in line with that of the international standards as laid out by the Financial Action Task Force (FATF).

For South Korea’s cryptocurrency sector, this is a historical moment as the policies will be now official, fully legitimizing any and all businesses related to or involved with cryptocurrency. The newly revised law means that South Korean exchanges and other related firms…