South Korea will now legalize Cryptocurrency in the country. The National’s Assembly passed the bill on Tuesday. As per this bill, cryptocurrency will now be categorized as digital assets in the country. The move is to legalize crypto and enhance investment opportunities. The Financial Services Commission (FSC)’s Financial Intelligence Unit will register all crypto-related business as a digital asset to prevent illicit practices such as money laundering.
As of now, the bill is still in draft. The judiciary committee and the National Assembly still need to discuss and pass the law. The move further justifies South Korea’s Blockchain Adoption viewpoint.