S.Korea to Recognize Crypto as Digital Assets

Law will enter into force in a year after approval; crypto companies will required to comply with the FATF's AML requirements and register with FSC
27 November 2019   321

The National Policy Committee of the National Assembly of the Republic of Korea passed a bill on the regulation of virtual currencies. This is reported by local media.

According to the document, virtual assets are classified as digital assets.

Cryptocurrency companies will be required to comply with the FATF's requirements for preventing money laundering, as well as register with the financial intelligence unit of the Financial Services Commission (FSC).

Certification will not pass those who refuse to notify authorities of suspicious activity, do not receive a certificate of the Information Security Management System, and will also manage bank accounts that have not been identified.

For such companies, a fine of up to 50 million won (about $ 42,500), or imprisonment for up to five years is provided.

According to representatives of the FSC, the bill will contribute to the transparency of the cryptocurrency market, as well as legitimize investment in this type of asset.

It is expected that one year after approval, the bill will enter into force.

Bakkt to Release Consumer App This Year

The app can be used for a wide range of tasks, e.g., crypto and securities trading, virtual goods purchase, etc
23 January 2020   102

Institutional Investor Platform Bakkt will release an app for retail investors this year, with which users can pay with cryptocurrency.

According to the president of Bakkt Adam White at the World Economic Forum in Davos, the application can be used for a wide range of tasks. In addition to trading cryptocurrencies, it will support various virtual “goods” like points of loyalty programs.

In addition, in the future it is possible to add securities trading, as well as the creation of a portal for shops and merchants. That is, the application will be more like a traditional fintech product like PayPal than a solution from a cryptocurrency exchange.

Although the Bakkt platform was originally created for institutional investors, the new director of Mike Blandina is very serious about entering the retail market. Earlier, he said that the application for retail investors should be released in the first half of 2020.

I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.

 

Adam White

President of Bakkt

 White added that the cryptocurrency market is still underdeveloped.