The number of countries that officially put the Cryptocurrency Industry on the agenda is increasing. Park Yong-jin of the ruling Democratic Party of Korea, revising a bill that will legalize Bitcoin, Ethereum and other digital currencies works for According to the Korea Herald, this was a long-awaited move to protect the Korean people.
This new regulation will revise the Electronic Financial Transactions Law. This means that traders, dealers, brokerages, and others in the ecosystem must now register with the Financial Services Commission in Korea. One of the registration requirements is that each company has a capital of $436,300. The new law will also create a strong regulatory environment that will allow authorities to further deal with tax evasion and other financial crimes in the cryptocurrency space.
No Legal Framework for Bitcoin Trading in South Korea;
Currently South Korea has little or no regulation that controls institutions and businesses. The Korea Herald expresses the politician’s fears on this issue:
“the invalidity of a state-mandated protection that guarantees the value of digital currency”, “that digital currency cannot replace other existing currencies” and “digital currency He stated that the currency bubble burst should offer the possibility of “devastation to the national economy.” Bithumb is up 75.7% by itself. According to MP Park, this is a problem. Because there is no oversight or legal structure that informs a business about what action to take.
Legislators in South Korea have been skeptical about cryptocurrencies until now. Authorities view these assets only as speculative opportunities. Officials particularly criticized ICOs because they seem to be a tool for “irrational gains.”
Legal Considerations of Past Cryptography in South Korea
Current legal action by politicians in South Korea The transactions were shown in June, when lawyer Kim Kyung Hwan highlighted the numerous legal issues surrounding cryptocurrencies.
” In an article published on June 23 in Chosun, Kim said that the Bitcoin price increase is more likely to affect South Korea. He noted that it caused the person to take part. However, the country has no regulations regarding cryptocurrency. This has caused uncertainty and “a lot of distress” for anyone who trades bitcoin, he added, adding: “Regulations are expected to be introduced in South Korea in the near future like Japan.” The government and the Financial Services Commission had difficulty determining whether digital currencies were money, security, or assets. It is still unclear how the South Korean authorities have resolved this issue.
Do you think it’s time for the legal regulations covering the Cryptocurrency industry in our country to come into effect?
Source: bitcoin.com
Cryptocurrency dictionary: Cryptocurrency terms and their meanings