In his announcement, Financial Services Commission (FSC) and team director Kim Yong-beom said that cryptographic forms of money are neither cash, nor monetary items. The South Korean advanced finance team held a combined meeting in September 2017 to talk about the presentation on strict laws and checking of virtual monetary currency forms, including Bitcoin.
Word of Meeting
The meeting was held by the Korea Fair Trade Commission and the National Tax Service, among others. Team Plan things incorporated the reinforcing of client validation of trade strategies and the ‘Doubtful & Hidden exchange revealing frameworks utilized by banks for bargains identified with virtual monetary forms.
The team is made out of the nation’s national bank, money related controllers and digital money organizations. Team will openly express the enforcement of the Act on the Regulation of Conducting Fund-Raising Business. Without Permission for illicit gathering pledges mimicking advanced money venture and fortify levels of discipline.” Conceivable restriction on beginning coin offerings and different advancements.
Additionally Team examined the misuse of cyber security concerns in the nation that have brought about significant client information breaks and robbery of assets at a noteworthy Bitcoin trade. Different issues were examined indepth, for example, the initial character of virtual money brokers, tax payment system and subsidies. In the mean time, South Korean government as now working on an arrangement of legislative bills to make an administrative system for digital currencies. Such move will probably prompt the authorization and control of virtual monetary standards like Bitcoin and Ethereum in the nation. Different points talked about at the meeting incorporate the conceivable forbidding of ICO raising support stages because of unorganized Financial Market Act. Under the law, raising assets & funds through stock issuance utilizing digital forms of money is viewed as an illicit demonstration. Hereby south Korean is set to bring the strict regulation & laws on digital form of currency.