Korea’s Virtual Assets/Cryptocurrency Law

For those who may not know, cryptocurrencies/virtual assets (the best known of them, at the moment, is Bitcoin), are digital representations of value that can be digitally traded or transferred. When holders are using these currencies the transaction, in short, the use is via Blockchains (in short, a decentralized databases). South Korea has been at the forefront of the global cryptocurrency boom and its spread has permeated through all levels of society. Statistics from 2017 show that more than one third of employees in Korea were active investors in various cryptocurrencies. The Seoul City government even launched their own currency called “S-coin” in November of 2019. However, despite all the hype surrounding cryptocurrencies in Korea, the market was almost completely unregulated leaving open the possibility for unchecked money laundering, the purchase of illegal goods and frauds. perpetrated on the population. That all changed on March 6, 2020 when the Korean National

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