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South Korea legalizes cryptocurrency trading

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South Korea legalizes cryptocurrency trading

On March 5, the South Korean government legalized cryptocurrency trading and storage. The country’s parliament passed amendments to the law, which fully include cryptocurrency trading in the legal field. 

For entry into force, changes must be signed by South Korean President Moon Jae-in. After the amendments are signed by the president of the country, a one-year period of their implementation will begin. At the end of it, blockchain startups will be given a 6-month period to bring their activities in line with the new regulations.

Restructuring the blockchain industry in the country

The amendments will affect crypto-exchanges, funds, crypto-wallets, companies conducting ICOs and other market participants. They will be required to:

  • comply with all financial reporting requirements;
  • use only bank accounts with real names;
  • conduct user identification (KYC);
  • certificate information security management systems.

The government plans to continue discussions to determine the future development of the blockchain industry in the country. They will also immediately respond to increased cryptocurrency speculation and activities that violate the law. Authorities will invest in the development and conduct of research in blockchain industry.

Currently, the country has a trade ban for unknown users. Earlier, the South Korean authorities obliged all cryptocurrency traders to convert anonymous digital accounts into personal accounts in accordance with AML / KYC legislation. In addition, cryptocurrency exchanges will be required to transmit information about the transactions of their customers to banks by decision of the government.  At the same time, digital money is not legally a currency, and its value is not guaranteed by law.

Every day, more and more countries legalize cryptocurrencies and join the blockchain industry. The BitXmi team is pleased with this trend and is happy to invite all traders and crypto enthusiasts to our platform. Sign up and start earning on Bitxmi.com

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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