South Korea passes one of the world’s first comprehensive cryptocurrency laws – TechCrun…

The South Korean National Assembly passed new legislation today that will provide a framework for the regulation and legalization of cryptocurrencies and crypto exchanges.

In a unanimous vote during a special session of the legislature convened amidst the country’s worsening novel coronavirus situation, the representatives passed an amendment to the country’s financial services laws that would authorize Korea’s financial regulators to effectively oversee the nascent industry and develop rules around anti-money laundering among other processes.

South Korea has been on the forefront of the cryptocurrency boom and bust over the past few years, and it’s one of the few countries with wide-scale adoption of the technology. Surveys at the height of the crypto craze in 2017 showed that more than a third of the country’s workers were active investors in cryptocurrencies, like Bitcoin, Ethereum and other systems. The country’s largest city, Seoul, led a…