#SouthKoreaCryptoPolicy
South Korea has taken cryptocurrencies seriously, they have a clear system to protect investors and regulate the market. The main things you need to know:
- They have a new law regulating trading platforms and requiring strict conditions
- They do not allow trading without identity; every account must be linked to your real name
- They will apply a 20% tax on profits 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 leveraged trading to prevent people from losing their money quickly
- They have specific requirements for stablecoins; they do not accept just any
- They are currently working on their official digital currency issued by the central bank