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Crypto Law Implementation ‘Virtually Impossible’ in Virus-hit S Korea

Tim Alper
Last updated: | 1 min read

The coronavirus continues to take its toll on the blockchain and cryptocurrency industry – and is now threatening to derail the introduction of a long-awaited piece of crypto legislation in South Korea.

Source: iStock/Goldcastle7

South Korea is suffering from a severe outbreak of the virus, with over 1,260 confirmed cases so far. And per the Hankuk Kyungjae, the South Korean National Assembly is set to postpone or cancel vital sessions this week in an effort to contain the virus.

The parliament has already missed two days’ worth of sittings. And more delays this week would slow down a large glut of legislation – including a key amendment to a finance act that would see South Korea adopt FATF cryptocurrency guidelines on anti-money laundering measures.

Crypto advocates in the country have championed the amendment, which was approved by a parliamentary committee late last year, as they believe it will give the industry a regulatory framework to work within.

The FATF recommended implanting its guidelines by June this year – a timeframe that now seems highly unlikely in virus-hit South Korea.

The media outlet quotes an unnamed cryptocurrency industry official as stating,

“If the National Assembly’s plenary session does not go ahead as planned, it will be virtually impossible for South Korea to meet the FATF implementation schedule.”

Even if parliament does meet as previously planned, there is a good chance that crypto regulations will fall by the wayside regardless. Politicians have been busy this week with introducing a range of emergency measures aimed at tackling the spread of the virus.