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Wednesday, 13 December 2017

South Korea Reveals 6 Conditions For Crypto-Trading

The South Korean  government, while preparing a bill to amend the Act On Similar Regulations,  has prohibited all Bitcoin transactions in the country unless they satisfy 6 conditions.

While recognising the large volume transaction of Bitcoin in the country, the government has made provision for the crypto-trading to take place lawfully. Six conditions have been meted out that must be met and a presidential decree will provide added conditions;  Money Today reported

The Six Conditions are:
1.Customers funds must be kept separately.

2.Cryptocurrency exchanges must provide customers with thorough explanations of investment risks.

3.They must confirm user's real names.

4.They must establish an adequate anti-money laundering system

5.They must have an asset protection system such as dispersion of cryptographic keys.

6.They must increase transparency by revealing transactions to the public.

Under the current law, the penalty fir violating the Similar Receiving Behaviour law is "imprisonment of up to 5 years or a fine up to 50 million won". But after the amendment,it will include a“punishment of 10 years
imprisonment” or a fine of up to 500 million won.

See Also - NEWS: Bitcoin Exchanges Raided In India!

South Korea is one of the countries that show a bright future for the cryptocurrency.

What do you think about this proposed amendment? Is this going to go well for the country's digital currency future? Do the 6 conditions defeat the aim of the digital currency? Please share your thoughts and subscribe to our newsletter for updates on Bitcoin

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