#SouthKoreaCryptoPolicy

🇰🇷SOUTH KOREA🇰🇷 AND CRYPTOCURRENCIES.

Cryptocurrency laws in South Korea

: regulation of digital currencies: cryptocurrencies, bitcoins, blockchain technology

As of January 2018, the South Korean government attempted to regulate cryptocurrency trading by restricting operations solely from real-name bank accounts. In summary, cryptocurrency operators were required to have a bank account to operate. This allowed banks to verify the operator's identity and restrict criminal activities and money laundering. Additionally, foreigners and minors were not allowed to operate with cryptocurrencies.

In February 2018, Choe Heung-sik, head of the Financial Supervisory Service of South Korea, stated that the South Korean government would support the normal trading of cryptocurrencies and urged financial institutions to facilitate transactions with cryptocurrency exchanges.

It is worth noting that on March 5, 2020, South Korea approved an amendment to the Act on Reporting and Using Specific Financial Transaction Information (the “March 2020 Amendment”), which will come into effect in March 2021. This legislation establishes a regulatory framework for cryptocurrencies and related services and activities, officially legalizing cryptocurrencies in South Korea and requiring certain compliance measures.