South Korea’s Crypto Regulation Bill Passes First Stage

2023-4-26 13:46

South Korea’s plans for crypto regulations cleared their first hurdle with the National Assembly passing the first phase of review.

Following the successful passage of the cryptocurrency bill in the National Assembly, the Legislation and Judiciary Committee will need to pass the bill. It will likely become law this year.

Hwang Suk-jin, Digital Asset Special Committee member of the ruling People Power Party, told Forkast, “As both the ruling and opposition parties have agreed on the matter, the legislation will become law within the first half of the year.”

Crypto Service Providers Must Be Insured

The bill discourages crypto service providers from co-mingling users’ funds with providers’ funds. Additionally, they must keep the funds insured and have case reserves to tackle situations like a hack or system failure.

The Financial Service Commission (FSC) will oversee the crypto asset class, excluding the Bank of Korea’s Central Bank Digital Currency (CBDC).

Penalties for Non-Compliance

The government of South Korea has tried to draft the bill with consumer protection in mind. As a matter of fact, unfair profit earners may face a penalty of three to five times their illicit gains or up to one year in prison. That includes price manipulation or misleading marketing campaigns.

In cases where the victim reports losses exceeding 5 billion Korean won (approximately $3.73 million), the penalty may be increased. A sentence of between five years and life imprisonment is available to the courts.

Suk-jin wants to bring transparency to the nation’s crypto ecosystem. He concludes, “[The bill] will play an important role in establishing market order as it develops the basic law to block unfair trade acts.”

Also, the European Parliament recently approved the Markets in Crypto-Assets (MiCA) regulation. Experts believe that MiCA could soon become “a universal standard for customer protection and business efficiency.” 

Got something to say about crypto regulation or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or Twitter.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post South Korea’s Crypto Regulation Bill Passes First Stage appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

South African Rand (ZAR) íà Currencies.ru

$ 0 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 0.00 %
Cåãîäíÿ L: $0 - H: $0
Êàïèòàëèçàöèÿ $0 Rank 99999
Äîñòóïíî / Âñåãî 0 ZAR

south bill crypto korea stage regulation passes

south bill → Ðåçóëüòàòîâ: 61


South Korea pushes ambitious crypto tax to 2023

South Korea’s crypto tax plans appear to have hit a snag as the country’s National Assembly has passed a bill pushing the implementation of the tax bill into 2023.  South Korea’s crypto tax bill get 2023 date In one of CryptoSlate’s previous reports, it was stated that the country had proposed to impose a 20% […] The post South Korea pushes ambitious crypto tax to 2023 appeared first on CryptoSlate.

2021-12-2 11:00


US Senators Introduce Legislation to Limit ‘Broker’ Definition in Infrastructure Bill Signed by President Biden

On Monday, President Joe Biden signed the $1 trillion infrastructure bill that contains the controversial over-reaching cryptocurrency tax definition. The bill-signing ceremony was held on the White House South Lawn, where members of both parties came as a bipartisan show of support for the new legislation.

2021-11-17 19:31


Ôîòî:

South Korea’s ruling party plans to pass a bill to delay crypto taxation

South Korea’s ruling party, the Democratic Party of Korea, is planning to pass a bill that postpones the taxation of virtual assets before January 1, 2022. A report disclosed this news earlier today, noting the ruling party objected to Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki’s question of whether the Ministry […] The post South Korea’s ruling party plans to pass a bill to delay crypto taxation appeared first on Invezz.

2021-9-17 21:37


South Carolina’s Senate Passes Resolution to Promote Blockchain Tech Adoption

The solutions around blockchain tech are gradually being considered by stakeholders such as legislators looking to create a sustainable ecosystem for digital assets. It is, therefore, no surprise that South Carolina has passed a bill named ‘A Senate Resolution To Acknowledge The Importance Of Emerging Blockchain Technology And To Call Upon The Residents Of South […]

2020-3-14 22:56


Ôîòî:

Regulatory Roundup: French Court Considers Bitcoin Money, Cryptocurrencies Legitimized in South Korea, Australia, India

The cryptocurrency sector worldwide saw several historic regulatory events last week. In this roundup, we cover a landmark bitcoin ruling by a French court, South Korea’s first crypto bill, an Australian court’s ruling, Germany’s announcement, and a recent FATF meeting where more than 800 delegates discussed crypto regulations.

2020-3-10 05:00


Ôîòî:

South Korea Passes Bill to Regulate Cryptocurrency in Line With FATF Standards

South Korea’s National Assembly finally passed a bill that provides a framework for the regulation of cryptocurrencies and exchanges. Crypto service providers will be required to use the real-name verification system and comply with reporting requirements in line with the global cryptocurrency standards set by the Financial Action Task Force (FATF).

2020-3-8 20:38


South Korean Regulator Compels Lawmakers to pass the crypto bill urgently

Regulation South Korea’s top financial regulator has urged lawmakers to pass the country’s first crypto bill quickly, citing the urgent need from rising incidents at crypto exchanges. Japan Confirms Entrance Into the Crypto Space Crypto Law Urgently Needed South Korea’s top financial regulator, the Financial Services Commission (FSC), has urged lawmakers to “pass the country’s

2018-7-28 11:06


Ôîòî:

Officials in South Africa Propose VAT-Exemption for Bitcoin Trades

Cryptocurrencies are becoming more prevalent to residents living in South Africa and over the past year bitcoin interest stemming from the region has grown exponentially. Furthermore, just recently the South African Treasury has proposed a few amendments that apply to the country’s Taxation Laws Amendment Bill (TLAB) and how cryptocurrencies are taxed.

2018-7-28 23:45


Bitcoin, Ethereum, XRP and other coins to be protected better with the new bill, says South Korean official

On 25th July, South Korean officials made it clear that the country’s governing bodies must come together to enforce cryptocurrency regulations. This comes in the wake of major hacks that has threatened to destabilize the financial markets as well as dissuade people from adopting cryptocurrencies on a larger scale. South Korea is making a steady progress […]

2018-7-27 23:34