South Korea Pushes For More Cryptocurrency Adoption With New Taxation Laws

 Cryptocurrency adoption has been on the rise in recent weeks and the countries of South Asia have been at the forefront. Reports have shown that developments in Asia have surpassed that in the US, with proponents betting on China and South Korea.

South Korea’s recently reported that it had taken significant steps to integrate cryptocurrencies into its economic systems after providing amendments to its economic framework. 

The country claimed that it would step up efforts to tax cryptocurrencies after the National Assembly passed a new revision. The amendment will be made to the Reporting and Using Specific Financial Transaction Information Act, with the aim of putting the cryptocurrency industry under government regulation.

Cryptocurrency companies will now be asked to take anti-money laundering measures and conduct their business on the basis of real-name accounts.

South Korea has stated that any exchange that does not comply with the stipulated rules will be banned from…