South Korea, a lucrative market and key player in the global crypto market, is almost complete in the process of passing their first blockchain and crypto legislation. The passing of this form of legislation will ensure the blockchain and digital asset industry is legitimate, in the nation. South Korea has had the intention to regulate the digital currency market with stricter rules and frameworks, so investors are protected from fraud and startups are able to flourish in the blockchain industry.
Government employees have disclosed that they felt that the legislation would not pass originally, because the passing of this would cause people to feel that the country embraces the crypto industry with open arms. However, two security breaches occurred with South Korea’s top crypto exchanges, BitThumb and Coinrail. This led the country to research and enforce stricter regulations. In the past, exchanges were considered communication vendors and were outside the scope of the Financial Services Commission (FSC), which is the financial regulatory body of the country. Upon the passing of this new bill, crypto platforms will be considered as regulated financial institutions in the scope of the FSC. If this bill is passed before the year’s end, it will increase the capital flow into the local digital asset market in the next few years, especially through 2019.Many analysts are predicting the price of major cryptocurrencies to rise by the end of this year, and they will sustain their prices in the upcoming years