South Korea to Debut Crypto Management System in 2025 Ahead of Crypto Gain Tax Implementation
South Korea stands out as one of the crypto-friendly nations in Asia, with regulations in place to govern the digital asset industry.
South Korea stands out as one of the crypto-friendly nations in Asia, with regulations in place to govern the digital asset industry.
Authorities in South Korea have warned local financial institutions from offering spot crypto ETFs following SEC approval in the US.
South Korea is the first Asian country to make efforts to ensure transparency among all crypto holders in the nation, irrespective of their class and status.
By compelling influential political leaders and bureaucrats to share their virtual currency investments, South Korea hopes to heighten transparency surrounding public-sector finances.
The Taiwanese government is planning to release guiding principles by the month end, in order to boost information disclosure for crypto exchanges.
According to the FSC, the main aim of the proposed new rules is to encourage firms to have accounting transparency.
As per the VAUP legislation, the Financial Services Commission (FSC) will get the authority to oversee crypto operators as well as crypto custodians.
Speaking to the parliament, Chairman Huang pointed out that the Financial Supervisory Commission was working on a crypto regulatory framework.
North Korea’s Lazarus Group has been named behind some of the biggest DeFi exploits this year including Harmony protocol and Axie Infinity hack.
Just recently the European Central Bank (ECB) has yet again commented on the Facebook Libra project and now they are saying that “it’s too dangerous” and regulators need to improve the way they work.