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The Crypto Industry in South Korea is expected to benefit from the upcoming crypto bill.
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The bill has passed the first phase of review in the national assembly.
The cryptocurrency bill has cleared its first phase raising the hopes of the industry. This will strengthen the financial service commission to regulate by being the regulatory authority for all the crypto firms.
This bill, when it becomes a law, will include many points, like activities that involve halting withdrawals would have to be reported to the Financial Service Commission. The bill defines digital assets as the electronic representation of economic value that can be traded or transferred electronically. It does not include Central Bank Digital Currency (CBDC), other products, and services under South Korea’s Central Bank, which is the Bank of Korea.
The Points Included in Crypto Bill
The crypto bill makes it compulsory to disclose the investor’s information otherwise fines and st
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