South Korea Progresses Bill to Provide Legal Foundation for Cryptocurrencies

South Korea’s National Assembly is progressing a bill that will provide a legal basis for cryptocurrencies in the country. The bill categorizes virtual currencies as digital assets and intends to bring regulatory clarity and transparency to crypto markets in South Korea, English-language newspaper Korea JoongAng Daily reports on Nov. 27.

According to the report, the bill was passed by the National Assembly’s national policy committee and still needs to be approved by the judiciary committee. If approved, the law would come into force in 2020, the report notes.

All crypto businesses will have to register with the Financial Intelligence Unit

Under the bill, all crypto-related businesses in South Korea would be required to register with the Financial Services Commission’s (FSC) Financial Intelligence Unit (FIU) and report to the authority. 

In order to be approved as a crypto firm in the country, crypto businesses will have to obtain an Information Security Management System…