#韩国加密政策 Korea's cryptocurrency policy is undergoing significant changes. Here are the current main policy directions and regulations:
Policy Directions
1. Promoting the legalization of cryptocurrency ETFs: New President Lee Jae-myung plans to promote the legal listing and trading of spot ETFs for mainstream cryptocurrencies such as Bitcoin and Ethereum in Korea.
2. Allowing institutional investors to enter the crypto market: Lee Jae-myung proposed allowing the National Pension Service of Korea (approximately $884 billion in size) to allocate cryptocurrency assets.
3. Developing a Korean won stablecoin: Lee Jae-myung plans to build a stablecoin system pegged to the Korean won to prevent capital outflow and strengthen financial sovereignty.
4. Reducing the tax burden: The Democratic Party, to which Lee Jae-myung belongs, plans to raise the tax exemption threshold for cryptocurrency asset transactions from 2.5 million KRW to 50 million KRW.
Regulatory Regulations
1. The "Virtual Asset User Protection Act" takes effect: This legislation will come into effect on July 18, 2024, requiring cryptocurrency exchanges to strengthen user protection, including segregating user deposits from their own funds, purchasing insurance or establishing reserve funds, and establishing real-time monitoring systems.
2. Strengthened exchange regulation: Korea has categorized cryptocurrency exchanges as part of the "cryptocurrency trading and brokerage" industry, requiring them to meet anti-money laundering and Know Your Customer (KYC) policies, while also enhancing trading system security measures.
3. New regulations for institutional investors: The new regulations require non-profit organizations that trade cryptocurrency donations to have 5 years of audited financial records and to establish an internal review committee.
Future Outlook
Lee Jae-myung's policies aim to transform cryptocurrency from a speculative tool into a compliant asset allocation option, moving the Korean crypto market from the margins to the mainstream financial system.
