South Korea legalizes the crypto trade and Bitcoin in France as money!
It’s getting really bullshit! According to a new regulation of the National Assembly of South Korea, the crypto trade in this country has been completely regulated. Today, we also received news of the verdict of the French Court, which granted bitcoin the status of money. It’s happening!
The National Assembly of South Korea voted in favour of legislation to restructure the blockchain sector and legalise the crypto trade. After India and Germany, this is another country that has taken a big step in this direction.
Cryptocurrencies in Germany officially as a financial instrument!
The Korean regulator amended and passed the Special Financial Transactions Information Act – the Act of November 2019. Now the regulator will work on creating a new framework that will determine how to supervise the activities of virtual asset service providers (VASPs). Within this definition are, of course, the crypto exchanges.
Crypto trading in South Korea | Regulation is gaining momentum
Simon Kim, the CEO of Seoul’s blockchain Hashed incubator, said yesterday:
Until now, there has been a great deal of uncertainty about the cryptocurrencies regulations in South Korea. However, under the new law, cryptocurrencies have been officially classified by the institutions as an asset class, and operators of virtual assets can operate under Korean law. I believe this is a strong, positive signal for South Korea, which is moving forward and is proving to be an excellent breeding ground for blockchain and cryptoeson the world stage.
The new law will cover companies related to cryptocurrencies. These will include entities such as stock exchanges and trust service providers. All of them will follow Anti-Money Laundering (AML) rules and implement KYC procedures.
The companies concerned will have to cooperate for verification with the relevant South Korean bank. They will also need to obtain certification of the Information Security Management System (ISMS). All by the end of the first quarter of 2021
Sunga Kim is the CEO of one of the leading South Korean Hanbitco crypto exchanges. In her recent speech she admitted that the new measures will help to reduce fraud in the industry:
A foundation has been set up to wash away the stigma of fraud […] from the crypto exchanges and to consolidate their position as transparent and reliable players in the industry. This will lead to the development of the industry through the inflow of new capital.
The crypto industry has recently witnessed many regulatory movements and new court rulings in cryptocurrencies cases around the world. Among the most active centres in this area are China, Germany, Ukraine and …
As reported by Les Echos, Bitcoin has just gained official status of money in France! After all, BTC was recognized by the Court in the decision concerning the cryptocurrencies already at the end of February, but the message has been officially announced only now.
The decision was made by the Court in Nanterre. BTC was recognized as a removable intangible asset, similar to the fiduciary currency.
Lawyer Hubert de Vauplane from Kramer & Levin says that this decision now allows Bitcoin to be legally used as money. This should stimulate the number of bitcoin transactions in France – borrowing, trading, repo transactions, etc. – and thus considerably liquidate the crypto market.