South Korea Passes Specific Financial Transactions Act on Cryptocurrency
South Korea Passes Specific Financial Transactions Act on Cryptocurrency
  • Yoo Mi-ja Reporter
  • 승인 2020.03.07 06:48
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The Act on Reporting and Use of Specific Financial Transactions passed the plenary session on March 5 following the Justice Ministry's judicial committee. That was the first passed a regulation law in the cryptocurrency industry in South Korea. 

It requires the cryptocurrency exchange to report its business to the Korea Financial Intelligence Unit(KOFIU). The purpose of the bill is that the cryptocurrency industry will also enter the institutional system and managed by financial authorities.

The revision to the Special Financial Information Act includes the definition of "virtual assets" and "virtual asset operators," the imposition of an obligation to prevent money laundering by virtual asset operators, and the "requirements for reporting repairs by virtual asset operators," etc.

The revised special Act includes the report system for cryptocurrency exchanges. it will take effect from March next year, and virtual asset operators, including the cryptocurrency exchange, must complete their business reports by September next year, within six months of the enforcement of the law.

In the meantime, the blockchain-related industry has been constantly asking the government that removes unnecessary regulations that are hampering business.

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