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South Korean National Assembly Passing Of Two Amendments, Making Crypto Legal

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First, it was India, now South Korea has taken a positive step towards cryptocurrencies. The recent amendment of the Act on Reporting and Use of Specific Financial Information passed today during a session of the National Assembly, which officially allows crypto trading and holding.
After 2-years of deliberations, trial and error, South Korean lawmakers officially passed this amendment, which provides crypto traders official entry into the legal system of the country, according to The News Asia. However, this new amendment requires crypto exchanges to comply with the legal requirements.

For the amendment to be enacted, it still needs an official sign-off by President Jae-in Moon. Once he signs the amendment, the enactment process will begin one year from then, including a 6 months grace period. It also means the crypto exchanges have to be in full compliance by Sept. 2021.

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