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South Korea's parliament reportedly 'legitimizes' Cryptocurrency as a legal entity

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According to reports, a full session of the National Assembly of the South Korean parliament has passed an amendment to the Act on Reporting and Use of Specific Financial Information. Owing to this amendment, cryptocurrency trading is now ‘legitimized’ and has made its way into the legal system for the South Korean government.

This is a huge win for the digital asset industry, especially for the many exchanges and platforms based in South Korea, as the report claimed that this amendment will usher in a complete restructuring of the blockchain industry.

With the passage of this amendment, cryptocurrency exchanges in South Korea will have to adhere to reporting requirements from the government. The amendment would be turned into law once President Jae-in Moon signs it, with the approval process beginning a year after.

The article is being updated….



Biraajmaan Tamuly, Khareem Sudlow