South Korea clarifies the role and role of different regulators in crypto regulation « Naijatechnews

South Korea clarifies the role and role of different regulators in crypto regulation


On May 31, according to foreign media reports, according to local reports in South Korea, a joint statement officially issued today aims to clarify the different roles and functions of South Korean government agencies or regulatory agencies in the supervision of encryption-related activities. The statement pointed out that the Financial Services Commission (FSC) will be responsible for monitoring the digital asset business, formulating relevant regulations, and ensuring that crypto companies implement strong anti-money laundering measures. In addition to the Financial Stability Board, the Ministry of Finance, the Fair Trade Commission, the National Taxation Agency and the Korea Customs Administration will each be responsible for the specific areas of crypto regulation. 

 

South Korea clarifies the role and role of different regulators in crypto regulation source: Net-zero by 2050 | South Korea[/caption] In addition, all crypto businesses (including custodians, exchanges and brokerage companies) must be registered with the Korea Financial Intelligence Unit (Korea Financial Intelligence Unit) before September 25. Otherwise, they will face the risk of up to five years in prison and a fine of 50 million won (approximately US$45,000). The new rules for crypto users include a 20% tax on Bitcoin and other cryptocurrencies with trading profits exceeding 2.5 million won (approximately US$2,250). The tax law will take effect on January 1, 2022, and also require crypto business operators Use a real-name bank account. According to government statistics, out of the estimated 60 active exchanges in the country, only 4—Upbit, Bithumb, Korbut, and Coinone—have actually implemented this rule, and another 20 companies have passed the information security management system of the Korea Internet Security Agency. Certification.

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