Was it illegal before? I don't understand, I thought south Korea are one of the crypto friendly country with high rate of crypto supporters,
The good news keep pouring in now hey! Yesterday it was about the India government uplifting the ban on crypto, now south Korea with another positive news,
Let's hope all this positive news will support btc in a positive light.
Not illegal, it's just that there are no binding rules. Lately, it has become officially legal because the draft law related to Reporting and Use of Certain Financial Information in cryptocurrency has been approved by the South Korean government. Thus all people involved in cryptocurrency, such as developers, miners, traders, etc. must comply with financial reporting requirements. The development of cryptocurrency is very good in South Korea, the community is strong and has been involved in early crypto, focused on the blockchain, which is why many strong and good projects originated from there. The existence of this legality will further strengthen the adoption of cryptocurrency and blockchain, hopefully, it can provide a good domino effect for other countries in Asia and the World.
