Korea Adopts Cryptocurrency Regulation Law

The representative of the regulator - the Financial Services Commission (FSC) - said that the adoption of the law will increase transparency in the cryptocurrency sector and legitimize investments.

The draft says that all companies working with cryptocurrency must keep accounts and have registration in the appropriate FSC unit.

Companies that will not receive permission to work with cryptocurrency assets:

• having compromised and fake bank accounts;

• unregistered at the Korea Internet and Security Agency;

• without the certificate of Information Security Management System.

If the bill is approved by the National Assembly, it will enter into force one year later.

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