New Crypto Regulation to Launch in South Korea

The South Korean government has decided to put their foot down and has announced that it will attempt to eradicate all illegal cryptocurrency transactions in the country. South Korean officials gathered on April 19th to discuss cryptocurrency volatility and how cryptos are used in money laundering.

According to recent reports, the government is drawing up plans for cryptocurrency regulations so that they can trace every single crypto transaction in South Korea. According to the same reports, companies are required to report all suspicious transactions to the Korean Financial Intelligence Unit (KoFIU).

The Korean financial regulator - the South Korea Financial Services Commission (FSC) – recently required many financial companies, crypto exchanges among them, to increase their monitoring of user activities, so that they can identify crypto transactions in criminal activities. The regulator also announced that it will be imposing significant penalties on all cryptocurrency violations.

And last but not least, the government is also considering how to integrate cryptocurrency income tax later this year.

So basically they’d do what they do with fiat money. I think that was to be expected.

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Oooh. :open_mouth: I wonder how this would affect crypto in general, especially the crypto income tax they plan on implementing. :thinking:

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I think a lot of other governments will take cue from what South Korea is doing.

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This is huge! This can have an impact on the crypto currencies in the future along with future decisions that other countries would take for cryptos.

I agree. Not to mention that South Korea has always had one of the leading crypto industries in the world and do things before everyone else do them.

Definitely. :open_mouth: This will make crypto trading a lot safer and establish it as a legit currency so I’m looking forward to future developments on this. :open_mouth:

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It will improve Bitcoin’s reputation too, because a lot of people’s knee jerk reaction when they hear about Bitcoin is “mob currency”.