Bitcoin (BTC) and crypto trading will soon be fully legal in South Korea

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South Korea legalizes the trade in bitcoin (BTC) and others crypto currency, according to various media in the country. The government is introducing a licensing system for crypto grants. Until now, there has been a tolerance policy, but a compulsory license has replaced it. South Korea legalizes Bitcoin (BTC) trade South Korea’s parliament has adopted a revision of existing law. The law focuses on the reporting of financial transactions, including transactions with bitcoin and other cryptos. By means of a licensing system, the government wants to regulate the crypto’s sector, in particular the stock exchanges. Just as the plan is in the Netherlands, exchanges, and brokers must report their customer data and thus the transactions to the Financial Intelligence Unit (FIU). Customers must register in their own name. Moreover, the regulator will enforce stricter compliance with the AML procedures to prevent money laundering. If a scholarship does not meet this requirement, then one risks being punished. Ranging from a fine of converted $ 42,000 to 5 years in prison. Please be patient, because the new law will not take effect until March 2021. In the country, there are four larger exchanges such as Upbit, Coinwon, Bithumb and Korbit. Just as in the Netherlands, it is feared whether the little ones will survive the rule and administrative pressure. This week, the Supreme Court in India has a circular from the central bank to ban cryptocurrency transactions lifted. This is in particular the exchange of bitcoin (BTC) in rupee or dollar at your bank easier. The question is how banks will put this into practice. To know more : https://localbitcoinswiki.com/bitcoin-legal-south-korea/

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