New Crypto Regulation to Launch in South Korea

e_abrams

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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.
Source

It was to be expected, I think – cryptos have become mainstream, but doesn’t mean governments would just allow them to be unregulated.