South Korean Parliament has passed the amendment to the Act of Reporting Use of Specific Financial Information that has officially opened up doors for the fully legal status of cryptocurrencies in the country, reported News Asia on March 5.
Now the president of South Korea Jaein Moon is to sign the amendment into law to start the enactment process, that could take a year. But once the process is over, cryptocurrencies will be fully legal in South Korea.
Now South Korean blockchain industry will be asked to follow government regulations: crypto currency exchanges, trusts, wallet companies and ICO will have to obtain “a real-name verification partnership with an approved Korean bank” and an information security management system (ISMS) certification, within next six months, reported News Asia.
The cryptocurrency community appears to have mixed feelings about the news: while some predict that such security measures might push crypto business outside South Korea, others welcome the regulatory act as a positive sign on a path to “New Coin Age”.
As Future Time previously reported, this week The Supreme Court of India has lifted restrictions for providing financial and banking services to cryptocurrency sector, imposed by Indian central bank in 2018.