South Korea will all complain about the new rules on Bitcoin trade

nBankruptcy commentary: South Korea is accelerating the regulation of the local cryptocurrency market, but this urgency may make it in the conditions are not yet ripe for a hurried regulatory activities. At present, some supporters of cryptocurrencies have become dissatisfied with the regulation that South Korea is about to launch this month to limit digital currency transactions. A local law firm has filed a complaint with the South Korean Constitutional Court on this issue, hoping the government will consider the matter more cautiously.n
nTranslation: Inan
According to reports, a South Korean law firm has filed a constitutional complaint about the forthcoming regulations that limit digital currency transactions.n
Anguk Law Offices in Seoul filed a complaint last Saturday via the online complaint system of the South Korean Constitutional Court, noting that the government’s new law on digital currency trading has no legal backing and would infringe upon citizens’ property rights.n
According to the Korea Times, the law firm said in a complaint file that digital currencies such as bitcoin are “not legal tender” but are properties that can be exchanged through legal tender or commodities of economic value.n
The law firm’s statement states:n
n”The government’s regulation is to depreciate the virtual currency by making trading more difficult, so this is a government violation of people’s property rights through illegal measures.”n
nIt is reported that the firm is drafting a series of follow-up petitions filed by digital currency exchanges and investors.n
According to local media reports in South Korea, the South Korean government announced on December 28 that it will ban domestic encrypted currency exchanges from allowing users to trade through anonymous accounts. Exchange users will be asked to link their bank account with verification information before depositing and withdrawing money.n
Other aspects of the new rules include strengthening anti-money laundering rules and banning the issuance of new anonymous virtual accounts. These rules may even include the closure of a cryptocurrency exchange on the ground in South Korea.n
Jeong Hee-chan, a law firm’s lawyer, believes any statute should come after the law is in place. He said: “The petition is also written to request that the government respect the people’s property rights and then introduce the law after the social consensus has been reached.”n
As we have already reported before, these new rules will be released on January 20.n

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