South Korea is Preparing to Regulate and Legalize Bitcoin
A a report today by the Korea Herald a lawmaker and member of the country’s ruling Democratic Party is drawing up three revisions this month to build a regulatory framework for digital currencies.
The bills are said to ook at revising the existing Electronic Financial Transactions Act in order to mandate regulatory approval for cryptocurrency transactions and this would also bring traders and even companies engaging in cryptocurrency transactions would be under the purview of the South Korean government.
Revisions also address income tax laws to enable financial authorities to curb any instances of tax evasion from digital currency transactions. South Korea has consistently been among the world’s largest bitcoin trading markets this year.
Data shows the Korean market amounting to nearly 8.5% of the world’s traded bitcoins for an average 24-hour period
Kuddos Korea ;)
You can read more about it here if you wish :
https://cointelegraph.com/news/south-korea-to-soon-legalize-bitcoin-and-ethereum-protect-traders-from-bubble-burst