A new law is being considered to regulate and legalize electronic currencies such as Bitcoin and Ethereum in Korea.
Park Yong Yin, a lawmaker and member of the ruling Democratic Party, is drafting three amendments this month to build the legal framework. The reason for the electronic currency.
One of these bills will, according to the report, be considered to amend the existing Electronic Financial Transactions Act, which provides for mandates for the approval of electronic money transactions. If this rule goes into effect, it means that traders and even companies involved in electronic money transactions will fall under the jurisdiction of the Korean government.
In the proposed draft, Park pointed out that "the lack of state patronage is a guarantee of the value of electronic money," he said that the problem of "making electronic money is no different. With other currencies, "and said" electronic money has the potential to undermine the national economy from the market bubble burst, "according to a report from Park (he is probably a skeptic on the He compared the price dynamics of electronic money this year with the European tulip fever of the 17th century.
Other amendments also include corporate income tax and corporate income tax laws that allow nancial institutions to limit all cases of tax evasion from digital currency transactions. Statistics show that Korea is one of the largest Bitcoin trading markets in the world. The 24-hour analysis shows that the Korean market accounts for 8.5% of Bitcoin worldwide, second only to the US market for $ 150.
According to the CCN report by the end of 2016, the Financial Services Commission (FSC), the basic nancial regulator, has set up a digital money institution for the purpose of regulating the industry. Monetary industry number this year.
At that time, FSC President Yim Jong-yong said,
"The government will step up full-scale digitization of the digital currency in tandem with global trends in the United States, Japan and other countries."
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