South Korean Regulators Inch Closer to Legalizing Bitcoin

The cryptocurrency situation in South Korea is constantly evolving. For the longest time, people have awaited official regulatory guidelines. They are slowly coming to fruition, which would label virtual currencies as “liquid assets”. It’s an interesting development that will bring some positive momentum to cryptocurrencies.

Bitcoin could Become a Liquid Asset in South Korea

No one will deny South Korea has become one of the more important cryptocurrency markets as of right now. Ever since China decided to virtually ban all CNY-based trading, South Korea and Japan have been trying to take its place. So far, South Korean exchanges have outpaced those of Japan in terms of their trading volume and number of listed currencies. Whether or not that will remain the case is a different matter altogether.

One advantage Japan offers in terms of cryptocurrency is that it officially legalized this new form of money some time ago. Japan is also one of the very few countries around the world actively taking steps toward regulating Bitcoin and other cryptocurrencies in a positive manner. Most other countries have maintained a wait-and-see approach, even though a few others are working on developing some degree of a legal framework.

With South Korea preparing to issue its regulatory guidelines, things are about to get interesting. The Korea Accounting Institute claims the new regulation will be ready in March and will label Bitcoin and altcoins as “liquid assets”. The way things stand today, cryptocurrencies are a non-current asset. A more “legitimate” regulatory approach will be beneficial to Bitcoin and altcoins moving forward…

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