#SouthKoreaCryptoPolicy
South Korea has taken cryptocurrencies seriously, they have a clear system that protects investors and regulates the market. Here are the most important things you need to know:
- They have a new law regulating trading platforms and requiring them to meet strict conditions
- They do not allow trading without identification; every account must be linked to your real name
- A 20% tax on profits will be applied starting next year
- There is a tax exemption if your profits are less than about two thousand dollars annually
- They have strict rules to protect people from fraud and scams
- They restrict trading with leverage to prevent people from losing their money quickly
- They have special conditions for stablecoins; they do not accept just any one
- They are currently working on their official digital currency issued by the central bank
Final advice: If you are trading with them, only use licensed and approved platforms to ensure your rights.