Today during the full session of South Korea’s National assembly, the amendment to the Act on Reporting and Use of Specific Financial Information was<a href="https://drive.google.com/file/d/1-gfxg52yLrgyGtxBfqqVu47oJ-Dp9Mmi/view"> passed</a> this afternoon. This decision by the South Korean Government officially opens the door for cryptocurrency trading and holding in the country. The domestic blockchain industry is on the brink of being revolutionized with this decision.

There would be reporting requirements which the cryptocurrency exchanges would have to fulfil in accordance with the act. In order to reach full compliance, its the new small or medium funds which would experience a fair share of trouble, as most of the big exchanges already follow the set of rules.

President Jae-in Moon's signature is still missing to turn this into law, and the enactment process would be a year from the signing date, after which the grace period for six months would come. Each entity by September 2021 must be in absolute compliance with the new law. The exchanges experienced a great deal of trial and error but the amendment is finally out after two years.

You may also read: <a href="https://www.cryptoknowmics.com/news/domestic-cryptocurrencies-in-south-korea-sees-new-price-record">Domestic Cryptocurrencies in South Korea Sees New Price Record</a>.
<h2>Investors Worried About The New Cryptocurrency Regulations</h2>
The critics are out in full voices, and there’s dissent amongst them. While the added security of an investor’s asset is an added plus, but it won’t help the investors financially as they would be paying tax for trading. An investor on Coinpan added:
<blockquote>“With all the new regulations to the cryptocurrency industry, a massive cooldown of the values of cryptos will ensue.”</blockquote>
Another issue that is bugging investors is they might suffer even more damages as the exchange they have a penchant for might charge a higher fee for trading. There’s a growing belief that after the six month grace period, Korea might be left with just a handful of exchanges since for now only Upbit, Bithumb, Coinone, and Korbit possess the real-name banking system. It’s worth keeping in mind that the top Korean exchanges have had their fair share of controversies and even the nation’s biggest cryptocurrency exchanges, Upbit has been found guilty of fraud.

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South Korea's Government Opens The Door For Cryptocurrency

The amendment to the Act on Reporting and Use of Specific Financial Information in South Korea got passed this morning, allowing cryptocurrency trading.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

South Korea's Government Opens The Door For Cryptocurrency

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