South Korea’s National Assembly is progressing a bill that will provide a legal basis for cryptocurrencies in the country. The bill categorizes virtual currencies as digital assets and intends to bring regulatory clarity and transparency to crypto markets in South Korea, English-language newspaper Korea JoongAng Daily reports on Nov. 27.
According to the report, the bill was passed by the National Assembly’s national policy committee and still needs to be approved by the judiciary committee. If approved, the law would come into force in 2020, the report notes.