Bill to be submitted on regulating cryptocurrencies

Bill to be submitted on regulating cryptocurrencies

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Korean lawmakers are working on ways to regulate the use of Bitcoin and other digital currencies within the country.
Democratic Party lawmaker Kim Yong-jin will submit a proposal this month aimed at revising the current digital transaction law,… to require permission from financial authorities before trading, issuing, depositing, or doing any kind of business using so-called “cryptocurrencies.”
According to the revision bill,… businesses will need to have more than four-hundred-thirty thousand U.S. dollars of capital to acquire a permit,… as well as sufficient data processing facilities and trained personnel.
The proposal also includes measures to levy taxes on earnings.

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