South Korea’s drastic cryptocurrency legislation passed the first stage in the National Assembly.
South Korea’s relatively drastic measures Cryptocurrency legislation containing and governing digital assets has passed the first stage of review in the National Assembly. In legislation storage, security, sales It has lots of guidelines on it.
South Korea’s ruling party “Digital Asset Special Committee” Member Hwang Suk Jin said in a statement on the subject, that the legislation will affect the cryptocurrency sector. unfair trade be subject to action to obstruct developed for of the legislation market order in providing increasingly important a role will play told.
The next step of the bill Legislation and Judiciary Committee Stating that it will be sent for approval, Jin said later at the plenary session of the parliament that it would have to be accepted. Moreover power And opposition parties its members above the law in agreement located and possibly will be enacted in the first half of the year. was also among Jin’s statements.
Digital central bank coins (CBDC) legislation that excludes approval existing in most comprehensive cryptocurrency from the legislation It has been suggested that there will be one.
Within the scope of the legislation, the internal assets of service providers and customer assets store separatelytheir assets insure and for non-market related losses keep additional reserves was stated to be required.
In addition, under the legislation companies and individuals also compatibility to continue for irregularities It was noted that it would be under the responsibility of reporting.
On penalties solid and heavy said to contain an attitude of the legislation necessary investor information failure to do or missing from doing, of investors in mislead or price from manipulation caused in losses, subject to loss 3.75 million perpetrators of the total loss if it remains below $ 3 to 5 times amount of to a fine or a up to the year to jail time can be sentenced specified.