#SouthKoreaCryptoPolicy South Korea's Crypto Policy Quick Background -
Crypto’s Legal (Kind of): South Korea doesn’t ban crypto trading, but it doesn’t treat crypto as legal tender either. It’s more like a digital asset.
Real-Name System: To stop money laundering, traders must use real-name bank accounts linked to their crypto exchange. Anonymous trading? Nope.
Exchanges Need Licenses: All crypto exchanges must register with the Financial Intelligence Unit and follow strict rules. Only a few big ones have full approval.
Tough on Privacy Coins: Coins like Monero and Zcash are banned on many platforms due to their anonymous nature.
Heavy Tax Talk: A heavy tax on crypto gains over was planned, but it's been delayed a few times. Still under debate!
Strict Security: Exchanges must follow strong cybersecurity measures. Hacks in the past pushed the government to act fast.
NFTs & Metaverse? Still figuring that out. NFTs aren’t fully regulated yet, but discussions are ongoing.
Pro-Innovation, But Cautious: South Korea wants to support blockchain tech, but they're careful about risks like fraud and speculation.