The South Korean Bitcoin exchange market processes over 14 percent of global Bitcoin trades, the third largest market behind the US and Japan. South Korea has officially legalized international Bitcoin transfers and is on the verge of providing a regulatory framework for Bitcoin trading platforms and exchanges.
On July 3, Representative Park Yong-jin of the ruling Democratic Party of Korea revealed that the South Korean government is ready to regulate the Bitcoin market. According to Rep. Park, he submitted three revisions to build a set of regulatory frameworks for Bitcoin users and businesses to further facilitate the growth of the South Korean bitcoin market and industry.
One of the revisions Rep. Park proposed to the financial regulators of South Korea requested Bitcoin businesses and trading platforms to retain capital of at least $436,000 and data processing facilities for Know Your Customer (KYC) and Anti-Money Laundering (AML) purposes.
Son ji-hyoung of the Korea Herald said:
“Under the bill that aims to revise the Electronic Financial Transactions Act, traders, brokers, or other business entities involved in cryptocurrency transactions would be required to get regulatory approval from the Financial Services Commission. The requirements include the retention of capital of at least 500 million won ($436,300) and data processing facilities.”
Well this is a great news for all of us crypto fans…follow me for more and resteem it…