South Korea Passes Bill to Regulate Cryptocurrency in Line With FATF Standards

South Korea’s National Assembly finally passed a bill that provides a framework for the regulation of cryptocurrencies and exchanges. Crypto service providers will be required to use the real-name verification system and comply with reporting requirements in line with the global cryptocurrency standards set by the Financial Action Task Force (FATF).

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South Korea Will Now Regulate Cryptocurrency

The South Korean National Assembly unanimously passed the amendment to the Act on Reporting and Use of Specific Financial Information on Thursday, after years of deliberation. The new legislation provides a regulatory framework for cryptocurrencies and related service providers. Previously, the government had only issued guidelines but there was no actual law passed. “Cryptocurrency now fully legal in South Korea,” the News Asia…