The Korean National Assembly approves the amendment of the law and relaxes the licensing conditions of the cryptocurrency exchange

According to Financial News, the South Korean National Assembly Council has just approved a legal amendment to the report on specific financial transaction information ("Laws on the reporting and use of specific financial transaction information (special financial law)", including the relaxation of cryptocurrency exchanges. Relevant content of the license conditions. The amendment to the law means that the cryptocurrency industry, which has been in the “gray zone”, will be incorporated into the institutional circle. The amendment defines the cryptocurrency as a virtual asset, and the cryptocurrency exchange is defined as a virtual asset processing organization (VASP). In addition, representatives of operating companies must report to the Financial Commission's Financial Information Analysis Institute (FIU), while undeclared businesses will be punished by imprisonment for up to five years and a fine of up to 50 million won.