Legislation outlining the regulatory framework for digital currencies including bitcoin in South Korea has been introduced by lawmaker Park Yong-jin. It defines digital currency, introduces five classifications of digital currency handlers, as well as specifies requirements and prohibited activities.
‘Bitcoin Regulation Act’ Introduced
Korean Democratic Party lawmaker Park Yong-jin announced last week that he has introduced an amendment for the Electronic Financial Transaction Act. Its main purpose is to create a regulatory framework for digital currencies in order to “maintain healthy market order and protect users,” Inews24 reported. Business Korea calls this amendment the “Bitcoin Regulation Act.”
“As interests in virtual currencies such as bitcoin and ethereum have soared,” Park said “there is no clear definition of virtual currencies or restrictions on those who can sell virtual currencies.” He first announced that he would introduce this legislation back in July. Business Korea wrote:
"The Bitcoin Regulation Act is scheduled for a regular session of the National Assembly in September with a growing debate foreseen."
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