South Korean parliament passes a historic bill making cryptocurrency trading legal

South Korean lawmakers have passed a historic bill in the parliament, making cryptocurrency trading legal in the country. In order to make the crypto trading legal, the National Assembly amended the Act on Reporting and Use of Specific Financial Information.

According to local news reports, cryptocurrency trading in South Korea is now into the legal system of the South Korean constitution. After the South Korean President Jae-in Moon signs the amendment passed in the country’s parliament, the implementation process will begin.

 

Crypto companies will now need to comply with new rules.

It will take one and a half years for the bill to come into effect from the date of signing. Crypto-related businesses, such as exchanges, trusts, wallet companies, and token-sales, will need to comply with new rules once the law comes into effect. Cryptocurrency businesses in the country would be required to obtain an information security management system (ISMS) certification.

 

A good week for crypto regulations 

It has bee a couple of good days for the crypto industry in terms of regulations. Indian Supreme Court on 4th March struck down the Reserve Bank of India’s banking ban on the cryptocurrency. The RBI had issued a circular back in April 2018 prohibiting all banks in the country to stop providing any services to the crypto-related companies. The crypto exchanges in India have already started with direct bank deposits. Crypto trading services in India will resume after 19 months of break.¬†

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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