South Korea is moving forward with a bill to regulate cryptocurrencies. According to the country’s Ministry of Justice, the bill will primarily focus on cracking down criminal activities including crimes perpetuated through multi-level and door-to-door sales.
Bill To Focus on Criminal Activities
The South Korean government has announced that the legislation to regulate digital currencies “is expected to focus on cracking down on criminal activities,” such as “multi-level crimes,” Yonhap News reported.
The existing regulation for criminal activities does not explicitly include digital currency. A digital currency task force has been set up by relevant government departments including the Ministry of Justice, the Financial Services Commission (FSC), the Ministry of Strategy and Finance, and the Fair Trade Commission. According to the publication, its task is “to clarify the grounds for punishment” for digital currency-related crimes and recommend relevant amendments to the laws and regulations…