According to the Korean Herald, the South Korean Government is working on establishing a new set of rules and regulations for digital currencies such as, Bitcoin, Ethereum, Litecoin and more. The rules will protect South Koreans from the potential risks in transacting with cryptocurrencies.
A statement by Rep. Park Yong-jin of the Democratic Party of Korea on July 3, 2017 said three revisions will be introduced this month [ July ] to build a set of frameworks to regulate digital currencies. Revisions will be made to the Electronic Financial Transactions Act [PDF], which will require brokers, traders and any other business entities involved with cryptocurrencies to get regulatory approval from the Financial Services Commission ( FSC ).
The new set of regulations will put digital currencies under state control which according to Kim Kyung-hwan, head attorney of law firm Minwho, translates to “removed uncertainties” and “boosted transparency”.
We’ll be following these developments closely. If South Korea can regulate and legalize, what will this mean for the western worlds like Canada? Can Canadians take note from Japan and South Korea regarding cryptocurrencies? Let us know your thoughts in the comments below.
Read the full Korean Herald article here:
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