CoreaDelSur
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New regulations for cryptocurrency exchange
South Korea's cryptocurrency exchange laws are stringent, including government registration and other procedures supervised by the Financial Supervisory Service of South Korea (FSS).
The South Korean government restricted the use of anonymous accounts in cryptocurrency trading in 2017 and banned local financial institutions from engaging in Bitcoin futures trading, following reports of suspicions of a ban. Additionally, the Financial Services Commission (FSC) tightened information requirements for banks with accounts on cryptocurrency exchange platforms in 2018.
The new laws restrict cryptocurrency trading to "real-name bank accounts," meaning that the operator (client) must create a real-name account at the same bank as their cryptocurrency operator to deposit or withdraw funds from their electronic wallet. In accordance with standard anti-money laundering and counter-terrorism financing (AML/CFT) regulations and structured transaction reporting requirements, both the bank and the operator must verify the operator's identity.
The South Korean government amended existing legislation in 2020, extending mandatory anti-money laundering and counter-terrorism financing obligations to all exchanges in South Korea.
Cryptocurrencies are not considered legal tender in South Korea, and exchange platforms, while legal, are governed by a strict regulatory framework.
In South Korea, cryptocurrency taxation is an ambiguous area: since transactions with cryptocurrencies are neither cash nor financial assets, they are currently exempt from taxes. The Ministry of Strategy and Finance, on the other hand, has stated that it is considering imposing a tax on profits from cryptocurrency transactions.
#CoreaDelSur #exchange #regulacion #MarketPullback #SouthKoreaCryptoPolicy $USDC
South Korea's cryptocurrency exchange laws are stringent, including government registration and other procedures supervised by the Financial Supervisory Service of South Korea (FSS).
The South Korean government restricted the use of anonymous accounts in cryptocurrency trading in 2017 and banned local financial institutions from engaging in Bitcoin futures trading, following reports of suspicions of a ban. Additionally, the Financial Services Commission (FSC) tightened information requirements for banks with accounts on cryptocurrency exchange platforms in 2018.
The new laws restrict cryptocurrency trading to "real-name bank accounts," meaning that the operator (client) must create a real-name account at the same bank as their cryptocurrency operator to deposit or withdraw funds from their electronic wallet. In accordance with standard anti-money laundering and counter-terrorism financing (AML/CFT) regulations and structured transaction reporting requirements, both the bank and the operator must verify the operator's identity.
The South Korean government amended existing legislation in 2020, extending mandatory anti-money laundering and counter-terrorism financing obligations to all exchanges in South Korea.
Cryptocurrencies are not considered legal tender in South Korea, and exchange platforms, while legal, are governed by a strict regulatory framework.
In South Korea, cryptocurrency taxation is an ambiguous area: since transactions with cryptocurrencies are neither cash nor financial assets, they are currently exempt from taxes. The Ministry of Strategy and Finance, on the other hand, has stated that it is considering imposing a tax on profits from cryptocurrency transactions.
#CoreaDelSur #exchange #regulacion #MarketPullback #SouthKoreaCryptoPolicy $USDC
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🇰🇷 📢 Good news for the crypto market! Following the lifting of martial law in South Korea, BTC, ETH, and XRP are starting to recover. 📈💪
BTC: +2.4%
ETH: +3.3%
XRP: +9.2% 🚀
Is a sustained rally coming? 👀 #Criptomonedas #Bitcoin #CoreaDelSur $BTC $ETH $XRP
BTC: +2.4%
ETH: +3.3%
XRP: +9.2% 🚀
Is a sustained rally coming? 👀 #Criptomonedas #Bitcoin #CoreaDelSur $BTC $ETH $XRP
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🛡️ South Korea Creates Emergency Research Unit to Address Security Concerns
South Korea has established an emergency research unit in response to growing security concerns. This initiative, which involves the police, the Prosecutor's Office, and the Ministry of National Defense, aims to streamline the efforts of various agencies to improve coordination and response capabilities. The unit aims to effectively manage and mitigate risks that could affect the stability of the country. How could this measure influence national security and cooperation between agencies from different sectors?
#CoreaDelSur #SeguridadNacional #UnidadEmergencia
$MINA $ME $NEAR
South Korea has established an emergency research unit in response to growing security concerns. This initiative, which involves the police, the Prosecutor's Office, and the Ministry of National Defense, aims to streamline the efforts of various agencies to improve coordination and response capabilities. The unit aims to effectively manage and mitigate risks that could affect the stability of the country. How could this measure influence national security and cooperation between agencies from different sectors?
#CoreaDelSur #SeguridadNacional #UnidadEmergencia
$MINA $ME $NEAR
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✅💥 BREAKING:
SOUTH KOREA WILL TAKE A STEP BACK AND WILL NOT FIGHT AGAINST TRUMP'S TARIFFS
#TRUMP #aranceles #CoreaDelSur #donalTrump #Market_Update $USDC
SOUTH KOREA WILL TAKE A STEP BACK AND WILL NOT FIGHT AGAINST TRUMP'S TARIFFS
#TRUMP #aranceles #CoreaDelSur #donalTrump #Market_Update $USDC
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⚖️ The President of South Korea Faces a Corruption Investigation
President Yoon Suk-yeol of South Korea is caught in a corruption investigation that has resulted in a travel ban, reflecting the seriousness of the case. The High-ranking Officials Corruption Investigation Office is taking steps to ensure transparency. What impact will this situation have on South Korean politics and President Yoon's administration? #CoreaDelSur #Corrupcion #Política $NEAR $NEO $NEXO
President Yoon Suk-yeol of South Korea is caught in a corruption investigation that has resulted in a travel ban, reflecting the seriousness of the case. The High-ranking Officials Corruption Investigation Office is taking steps to ensure transparency. What impact will this situation have on South Korean politics and President Yoon's administration? #CoreaDelSur #Corrupcion #Política $NEAR $NEO $NEXO
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⚖️ South Korea at a decisive moment: Legislator Kim Jae-seop breaks ranks with the ruling party to support the impeachment of President Yoon Suk-yeol. 🌐🗳️
With five ruling party legislators in favor, the National Assembly is nearing the threshold needed for the impeachment motion to advance. Could this move redefine the country's political landscape? 🔍
#CoreaDelSur #Impeachment $WBTC $WBETH $WIF
With five ruling party legislators in favor, the National Assembly is nearing the threshold needed for the impeachment motion to advance. Could this move redefine the country's political landscape? 🔍
#CoreaDelSur #Impeachment $WBTC $WBETH $WIF
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📌⚠️ Political tension in South Korea: The opposition could seek to impeach President Yoon Suk-yeol, reflecting an unstable political environment. This move could intensify uncertainty and affect both domestic politics and markets, including the cryptocurrency market 🇰🇷📉.
Will this crisis impact Asian and global markets?
#CoreaDelSur #Cripto #Política #YoonSukYeol $ETH $NEAR $MEME
Will this crisis impact Asian and global markets?
#CoreaDelSur #Cripto #Política #YoonSukYeol $ETH $NEAR $MEME
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