Cryptocurrency News

Korean government does not clarify crypto regulatory roles of various agencies

In the last one or two years, the crypto community in South Korea has had to adapt to new rules and a suite of government The framework Consistent with the growing industry.

Moving on with the regulatory landscape for digital assets as follows A marked change, Yet there is some confusion as to which Korean government agency or regulatory authority is tasked with overseeing various aspects of crypto-related activities. According to a local Report good, A joint statement released today aims to clarify these questions: Society of undisputed crypto-enthusiasts.

The statement states that the Financial Services Commission, or FSC, will be tasked with monitoring virtual property businesses, setting rules for the area, and ensuring robust implementation. Anti-money laundering measures by crypto firms.

In particular, the current head of the FSC, Yoon Sung-soo, has recently become in favor of the crypto community due to them Ignorant There is comment and denial about the asset class that the authorities are obliged to protect investors only because of the local popularity of crypto.

As stated in today’s report, Yoon Sung-soo has retreated to some extent by claiming that investors who transfer their holdings to crypto firms that are registered with the authorities are being investigated by the government. Will be protected However, today’s joint statement stresses that personal responsibility is paramount, noting that crypto is still not recognized as a currency or financial product in South Korea:

“No one can guarantee its value, and there is a risk of large scale losses due to the volatile exchange environment at home and abroad.”

Apart from FSC, Ministry of Finance, Fair Trade Commission and National tax services And the Korea Customs Service will each be tasked with overseeing specific areas of crypto regulation and supervision. In addition, all crypto businesses – among them custodians, exchanges and brokerages – are required to register with the Korea Financial Intelligence Unit by September 25. Failing to do so carries a risk of up to five years in prison and a sentence of up to 50 million. Won (about $ 75,000) fine.

New regulations for crypto users include imposition of 20% tax on bitcoin (B T c) And cryptocurrency gains that exceeded 2.5 million won, or about $ 2,250. The tax law will come into force from January 1, 2022. Crypto trading operators are also required To use real name accounts in banks; According to the government, 60 exchanges are estimated to be active in the country, with only four – Upbit, Bithumb, Korbut and Coinone – doing so. Another 20 have been certified for information security management systems by the Korea Internet and Security Agency.