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South Korea Briefs Global AML Watchdog of the implications of its Crypto-Friendly Rules

Mar 02, 2018 Posted /  3573 Views

South Korea Briefs Global AML Watchdog of the implications of its Crypto-Friendly Rules

The South Korean financial authority have enacted a favourable regulations covering cryptocurrency activities in the country. The authority has briefed the Financial Action Task Force (FATF) a global watchdog on anti money laundering, on the implications of the South Korea's regulations framework regarding cryptocurrency transactions.

The FATF which was established in 1989 in Paris, France is a global intergovernmental task force concern with preventing money laundering and Terrorist Financing. FATF has 47 member states all the continents around the world. The south Korean meeting came duting a meeting convened by the FATF which was attended by all the 37 member states of the task force.

This came after some members of the taskforce started questioning South Korea’s standpoint regarding domestic cryptocurrency trading policies. The Financial Service Commision of South Korea Recently placed a complete ban on anonymous cryptocurrency trading in the country allowing only registered traders to continue trading cryptocurrency.

Does This mean Cryptocurrency is now Legal in South Korea?

South Korea has for a very long time been pondering on its stance on cryptocurrency usually coherently accepting crypto in some instances and rejecting it in other occasions. It seemed like the countries government agencies concerned with financial regulations had not yet developed a single voice regarding cryptocurrency to present to the citizens of the country.

The new has shown the government i willing to allow cryptocurrency trading and circulations continue in the country but only after following the provided guideline.  The government is now requiring all cryptocurrency traders to register with their full names in an attempt to eradicate anonymous trading of cryptocurrencies and trap all the taxes from crypto-asset trading businesses.

The Korean Financial Regulators have gone ahead and publicly stated that government will support all normal (law abiding) cryptocurrency transactions in the country and would soon consider making cryptocurrency mainstream in the country.

Other Countries Where Cryptocurrency is Legal.

This now makes south Korea to officially join the list of countries where cryptocurrency is legal such as South Africa, Canada and the United States among others.

As we all know cryptocurrency such as bitcoin and ethereum gain their value from the number of people having consensus on the crypto. A positive government move such as that committed on by the South Korean Government  enables millions of citizens to used cryptocurrency and paves a smooth way of cryptocurrency to get mainstream.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: Use of cryptocurrency South Korea legality of cryptocurrency

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