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Bitcoin regulation act

bitcoin regulation act

policies were announced, including measures arbitraje bitcoin for the prevention of money laundering using bitcoin. Requirements and Prohibited Activities, the revised legislation requires all digital currency handlers to have 500 million won or more in capital and receive approval from the Financial Supervisory Commission, detailed Business Korea. Its main purpose is to create a regulatory framework for digital currencies in order to maintain healthy market order and protect users, Inews24 reported. Information on contacting the ULC Chairperson Richard Cassidy can be found here if our readers would like to help Chino fight this proposed legislation. Virtual currency dealers those operating a market for the sale of virtual currencies such as exchanges.

Virtual currency traders those selling goods or services in exchange for digital currency. Meanwhile, the prime minister is very concerned about the growth and risks of cryptocurrencies including bitcoin and has called for immediate action. He first announced that he would introduce this legislation back in July. Activities include services that fall under the umbrella of money transmitters or money services. The drafting committee believes there is a need for creating standardized state legislation on the regulation of virtual currencies. Bitcoin Regulation Act Introduced, korean Democratic Party lawmaker Park Yong-jin announced last week that he has introduced an amendment for the Electronic Financial Transaction Act.

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This follows an earlier Bitcoin Regulation Act submitted by lawmaker Park Yong-jin. Also read: South Koreas Largest Underground Mall Adds Bitcoin Payments to 620 Stores. The last conversation led me to believe that he did not care about the academic research on the true nature of Bitcoin but was more interested in his personal notoriety as the chair of the committee, explains Chinos announcement. Need to calculate your bitcoin holdings? Currently, cryptocurrency exchanges fall under the Act on Consumer Protection in Electronic Commerce Transactions. The act will require these businesses and individuals to apply for licensure if their services fall under these three categories; The exchange of virtual currencies for cash, bank deposits, or other virtual currencies; The transfer from one customer to another person of virtual currencies;. Business Korea calls this amendment the Bitcoin Regulation Act. Yonhap News : We will draw up thorough countermeasures that prevent cryptocurrencies, like bitcoin, from being a new channel for money laundering. Business Korea wrote: The Bitcoin Regulation Act is scheduled for a regular session of the National Assembly in September with a growing debate foreseen. South Korean Cabinet meeting on Tuesday.

Its time to look into the problem, he emphasized, stating that: The virtual currency is speculative, and bitcoin has exceeded 11 million won, trading volume surpasses the Kosdaq. According to reports, some proposed.S. Fundamentally, there are issues to be considered about bitcoin and virtual currency, Lee further stressed.

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