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.