Napol
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#SouthKoreaCryptoPolicy A South Korea has been building a regulatory approach for the cryptocurrency market that seeks a balance between innovation and protection. The government focuses on safeguarding investors and preventing illicit activities while not overlooking the growth potential of the sector.
Key Points of South Korean Regulation:
* Investor Protection: The upcoming Virtual Asset User Protection Act aims to combat unfair practices and protect users' assets by requiring crypto companies to monitor suspicious transactions. Since 2017, real-name bank accounts have been mandatory for cryptocurrency trading, and exchanges need licenses from the Financial Intelligence Unit (FIU). There are also stricter rules for the listing and delisting of tokens.
* Institutional Openness: There is strong support for the legalization of spot Bitcoin ETFs, seen as a crucial step for the entry of traditional investors. The government also plans to allow institutions such as foundations and universities to open accounts for cryptocurrency transactions, with the intention of expanding this to listed companies and professional investors.
* Political Momentum and Future Vision: Although cryptocurrencies are not considered legal tender, there is a rare political consensus on the need to regulate them. South Korea is considering the possibility of launching a stablecoin backed by the Korean won to strengthen financial autonomy and curb capital flight. The issue of taxation on cryptocurrency gains, however, is still under discussion.
This approach reflects South Korea's commitment to creating a robust and mature regulatory environment that can accommodate the growth of the digital asset market in a safe and responsible manner.
Key Points of South Korean Regulation:
* Investor Protection: The upcoming Virtual Asset User Protection Act aims to combat unfair practices and protect users' assets by requiring crypto companies to monitor suspicious transactions. Since 2017, real-name bank accounts have been mandatory for cryptocurrency trading, and exchanges need licenses from the Financial Intelligence Unit (FIU). There are also stricter rules for the listing and delisting of tokens.
* Institutional Openness: There is strong support for the legalization of spot Bitcoin ETFs, seen as a crucial step for the entry of traditional investors. The government also plans to allow institutions such as foundations and universities to open accounts for cryptocurrency transactions, with the intention of expanding this to listed companies and professional investors.
* Political Momentum and Future Vision: Although cryptocurrencies are not considered legal tender, there is a rare political consensus on the need to regulate them. South Korea is considering the possibility of launching a stablecoin backed by the Korean won to strengthen financial autonomy and curb capital flight. The issue of taxation on cryptocurrency gains, however, is still under discussion.
This approach reflects South Korea's commitment to creating a robust and mature regulatory environment that can accommodate the growth of the digital asset market in a safe and responsible manner.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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