South Korea passes new crypto law – will make it easier to investigate money laundering

South Korea passes new crypto law – will make it easier to investigate money laundering

South Korea's parliament. Image source: Shutterstock / Trijo News

Teodor Stig-Matz

teodor.matz@trijo.co

South Korea's parliament has passed a new law to make things easier for the cryptocurrency industry – and to make it easier for the police to investigate money laundering, among other things.

South Korea has long been at the forefront when it comes to cryptocurrencies and blockchain technology. In 2017, for example, it was reported that more than a third of the country’s workers were active investors in cryptocurrencies.

In addition to this, it was reported last week that 13,000 of the country’s ATMs will soon be litecoin-compatible. You can read about that here.

Will make it easier to investigate money laundering

Now, the country’s parliament has passed a new law to regulate the crypto industry. The new law is an addition to the country’s previously existing financial markets law – and is one of the world’s first comprehensive cryptocurrency regulatory frameworks, Techcrunch reports.

In addition to creating a framework of rules, which are supposed to make life easier for companies that are active in the crypto industry, the new law is designed to make it easier for police to investigate crimes linked to cryptocurrencies, such as money laundering.

Crypto companies are given time to prepare

After the passing of the law, it will most likely be signed by the country’s president, Moon Jae-in.

When this happens, it may take several months for the law to be valid. This way, crypto companies will have time to adapt its operations to the new legislation, Techcrunch reports.

South Korea has previously had problems with several of the country’s crypto exchanges being attacked by hackers. You can read about one of those attacks here.

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