Bitcoin and co. are on the rise

German banks can offer from 2020, Bitcoin and other crypto-currencies and store. Just a few days ago, the new law was adopted officially. This has not only kept all in suspense, but also the leap of Joy taken care of. This is probably the News of the year, and we look with anticipation to the year 2020. However, Europe and Germany are not the only countries to move in the direction of Bitcoin and the Blockchain. South Korea, one of the most important countries in the crypto-space, has now adopted an important bill. This is intended to create a legal framework for crypto-Token, and virtual currencies.

South Korea, with a new law for Bitcoin and crypto-companies

The National Policy Committee of the südkoeanischen national Assembly adopted on Tuesday a major bill. This will create a framework of crypto-currencies formally classified as digital assets. Thus, it is probably one of the crypto-friendly country can make a further step in the Adoption of Bitcoin and crypto-currencies. Thus, a regulatory basis for the operation of the crypto-currency company.The law also sets rules for transactions with crypto-currencies and other virtual currencies. Thus, for the first time, all of the necessary requirements for the operation of such shops on South Korea set African soil. All of the virtual currency-related companies now need to have an ISMS certification (Information Security Management System) the state regulatory authority, the Korean Internet and Security Agency (KISA). In addition, all crypto-businesses are obliged to register their business as a Digital-Asset transactions to the Financial Intelligence Unit (FIU) of the Korean Financial Services Commission.In addition, these companies have to their Anti-money laundering measures and the safeguarding of the customer information in accordance with the Financial Action Task Force (FATF) Standard. The companies that do not adhere to this Standard, can be punished with serious measures are likely.The law is still adopted by the judiciary Committee and the national Assembly before it can enter into force. According to the Constitution of South Korea, it will take an additional year, until the law enters into force.

South Korea as a pioneer in the Bitcoin and crypto-currencies

The South Korean government has already tried a year ago to establish laws, the crypto should currencies be regulated. At that time, the anonymous trading of Bitcoin and crypto-currencies was prohibited and a new Standard is introduced, should establish the Anti-money laundering laws and regulations, also for Bitcoin.In South Korea, a lot of Bitcoin and crypto users are relatively. Therefore, it is no wonder that the government wants to put all the legal foundations for this new economic branch in the state. In addition, recent developments from China and Europe, who see the future in a Decentralized Ledger Technologies (DLT), and a significant amount in this area want to plug is yet to come.Trade on the most successful Crypto-exchange. If you’re looking for a reputable point of contact, to act with real crypto currencies, then take a look at our Binance Test 2019! In this article, we have analyzed all the features and benefits of the crypto-exchange in more detail and evaluated. The most the most popular crypto-stock exchange today! Now on Binance sign up.

Bitcoin price may rise, but dies the basic idea?

There is no question that Bitcoin, crypto-currencies and Blockchain to reach will win in the next few years. But then the question comes up automatically, such as on a decentralised basis something may be, if it can be controlled to 100% of a state? I think there will always be ways to keep his identity a secret but that is with the rising influence of governments becoming more and more difficult.However, there are very many people who give a decentralized solution, there is no trust and therefore this field keep away from. By the security of the given regulation and even the support of banks can change very quickly. The Bitcoin exchange rate could benefit in the next years. This would be the expensive price, that the idea of Bitcoin is becoming more and more in the Background.South Korea is one of the few countries in the world, it has been open as a crypto-currency friendly. This happens at a time in which most Nations are still struggling with the idea of the existence of a decentralized Ledger technologies (DLT). Of course, there will also be votes against against the latest step in South Korea, to create a framework for the operation of crypto-currency within the country. Nevertheless, this provides an easy-to-understand model that can translate to other Nations, if the authorities in these countries, the direction is missing.Will follow other countries? What will be the effects in the long term on Bitcoin? Come in to our Telegram Chat and talk with the experts and the Community. Subscribe to our News channel to not miss any News. (Image Source: Shutterstock)

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.