South Korean lawmakers clear up crypto-regulations
South Korea has officially brought cryptocurrencies under its legal wing. The new regulations are based on the Financial Action Task Force’s (FATF) guidance released last year that are meant to come into play by summer 2020.
Under the new law, all crypto-related businesses will need to comply with Anti-Money Laundering (AML) and Know-Your-Customer (KYC) rules imposed. The latter will include verification of customers’ identities as well as reporting transactions. This all is applicable to exchanges, blockchain-related projects that have raised capital through a token offering and even wallet service providers.
If a company does not comply, the responsible person may face up to 5 years imprisonment or pay a fine of up to 50 million won (approximately £32,000).
South Korea represents an important demographic in the world of cryptocurrencies. In fact, during the 2017 bull-run, most assets were priced at a significant premium in South Korea compared to all other countries. XRP, for example, crossed the $4 mark there whereas it peaked near $3.5 everywhere else in the globe. That goes to show how keen South Korean investors were on getting their hands on digital assets.
This is a fundamental step that every government will need to take as the crypto-wave seems too big to fail. This will take crypto from a “grey-area” to the light and will ensure a supervised growth that will allow new investors to enter this new economy.
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