Where its Chinese neighbour plebiscites state blockchains while repressing uncontrolled cryptos, South Korea wants to build a legal basis to give legal status to all cryptomonnaies.

The bill thus aims to fully legalize cryptoactives, considering them as any other digital assets, according to a South Korean newspaper. This is to provide greater regulatory clarity and transparency to players in the crypto sector.

Already approved by the Political Committee of the Korean National Assembly, the project must now be validated by its Judicial Commission before it can be implemented as early as 2020.

In order to prevent money laundering (AML) and protect investors, if this law is definitively adopted, companies linked to cryptomones will have to register with South Korean financial regulators, including the Financial Services Commission (FSC). The latter has stated that this law will legitimize investment in cryptoactives.