South Korea officially launched the regulatory bitcoin digital currency bill to create a regulatory framework
Recently, South Korea’s ruling Democratic Party lawmakers and ParkYong-jin officially launched an overview of other digital currency bitcoin regulatory framework act. The bill defines digital currency, stakeholders and contact digital currency are divided into five types, and the detailed provisions of the relevant requirements and taboos.
“Bitcoin Regulatory Act” published
South Korea and Democratic Party lawmaker ParkYong-jin last week announced his proposed “Electronic Financial Transactions Act” amendment. Its main goal is to establish a regulatory framework for the digital currency, to maintain a healthy market order, and protect the user”. “South Korea business” (BusinessKorea) said that the amendment to “bitcoin Regulatory Act”.
“People are more interested in bitcoin and etheric Fang virtual currency is strong,” said Park, “but the definition of virtual currency is not clear, but also for the virtual currency sales agencies have no corresponding restrictions.” As early as July, Park said it will be the drafting of the three Amendment Act, the establishment of regulatory framework for digital currency. “South Korea business” wrote:
“” bitcoin Regulatory Act “is expected in September Congress meeting to discuss, will most likely to cause a debate incentive.”
Definition and classification
Korea Inews24 news network reported that the “” bitcoin Regulatory Act “will be defined as” a virtual currency trading tool or electronic form a store of value. “”. The bill will be “real” virtual currency and currency distinguish. The amendment of contact digital currency for classification, is divided into the following five:
“Virtual currency traders” — in exchange for the digital currency by selling goods or services to the people.
“Virtual currency dealers” — through the operation of the market to sell virtual currency exchange, such as.
“Intermediary virtual currency brokers” digital currency sales, or sales staff.
The “virtual currency”: a system is provided to create and publish digital currency
“Virtual currency managers” – offering digital currency storage or management services for others.
Requirements and prohibited acts
According to “Korea business” report, the amendment requires all digital currency “operator must hold 500 million won (about 3 million yuan) or more funds, and to apply through the Financial Supervisory Commission authorized”.
The launch of the “Korean” bitcoin Regulatory Act “also requires users of funds must be stored in a separate agency, and the purchase of insurance or a guarantee of payment, in order to protect the interests of consumers.”
The bill would also prohibit the activities of several digital currency related, such as by direct door-to-door and multi-level marketing form to sell digital currency. In addition it also prohibited the field of digital currency related market manipulation prohibition and money laundering. The offenders will face up to five years in prison or a fine of 50 million won.