South Korea Give Green Light For Crypto Trading

  • South Korea Give Green Light For Crypto Trading


    Currently seeing a resurgence in its price, bitcoin is seeing some bullish movement and has been over the past 24 hours. Some crypto commentators believe that this is in response to the recent news surfacing from India and South Korea.

    An act which was approved by the national assembly finance in November 2019 (The Special Financial Transactions Information Act), is set to create a framework for the cryptocurrency space in the two countries.

    The parts of the bill that specifically focus on cryptocurrency are mainly based on the G7’s FATF guidelines and how governments should regulate what it terms as a virtual asset service providers. This is essentially in reference to platforms and brokers.

    The house voted in significant favour of the bill with 182 votes for and zero against.

    Such an act is set to come into effect in March next year and will also see your system of cryptocurrency taxation officially introduced for the first time in the countries. This will eclipse the current guidelines for dealing with crypto platforms and bring it into law. One of the more likely things to happen as a result of the bill is that anonymous trading is probably going to be put to an end.

    There were a lot of fears surrounding the bill in that it would be derailed by the several disruptions caused to the national assembly schedule due to the recent outbreak of the coronavirus. Parliament buildings were temporarily shut down after it was discovered that the virus had infected several people on the premises.

    Currently under a deep clean process, the parliament’s facilities are well underway to making further measures to protect themselves from the coronavirus.

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