South Korea could make Bitcoin legal this year

Having the fourth highest Bitcoin exchange trading volume, South Korean government’s increased attention to regulate and legalize Bitcoin is no surprise. This long awaited move is in line with Tokyo’s fresh set of Bitcoin regulations introduced in May 2017.

Putting digital currency under state control is translated into “removed uncertainties” and “boosted transparency,” said Kim Kyung-hwan, head attorney of law firm Minwho.

Under the bill that aims to revise the Electronic Financial Transactions Act, all parties involved in Bitcoin ecosystem including traders, brokers, or other business entities would be required to get regulatory approval from Financial Services Commission.

In the event South Korea implements the Bitcoin regulation this year, it will certainly be a big feather in Bitcoin’s cap and increase the receptiveness of bigger mammoths with high trading volume like US and China to follow suit.

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