Korea — the Land of Morning Crypto

Jin Kang
Jin Kang
Mar 12, 2020 · 10 min read

A Comprehensive Overview of the “Crypto Amendment”

March 5, 2020 marked a historic win for the industry as the South Korean National Assembly finally approved to partially amend the Act on Reporting and Use of Certain Financial Transaction Information (the “Amendment”), which many hail as the first legislative act to legitimize virtual assets (“VAs”) and virtual asset service providers (“VASPs”). [1] Since Park Yong-jin, a member of the National Policy Committee from the ruling Democratic Party, first attempted to introduce a bill to tax VAs back in 2017, it has taken…