South Korea has passed a bill which categorizes cryptocurrencies as digital assets

The country’s National Assembly has reportedly passed a bill which categorizes cryptocurrencies as digital assets. This will supposedly set the  rules and requirements for their further operation in terms of business.

According to  Korea JoongAng Daily, the Financial Services Commission (FSC) has made cryptocurrencies become more transparent.

Moreover, this is also something that is able  to help prevent money laundering, set ground rules for financial transfers and help virtual asset businesses, in general.

Having said that, the new bill requires all cryptocurrency-related businesses to report and to register with the FSC’s Financial Intelligence Unit. Companies that fail to register will not get their bank accounts approved and they could get some sort of financial penalty.

The is an important set in the world of business in Asia. It means that companies could use digital assets in a legit way for business purposes. If the move is successful it could mean that other countries could follow suit.