#SouthKoreaCryptoPolicy
South Korea has treated cryptocurrencies seriously, they have a clear system that protects investors and regulates the market. The main things you need to know:
- They have a new law that regulates trading platforms and requires strict conditions
- They do not accept trading without identification; all accounts 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 below about two thousand dollars per year
- They have strict rules to protect people from fraud and deception
- They limit margin trading so that people do not lose money quickly
- They have special requirements for stablecoins; they do not accept just any
- They are currently working on their official digital currency linked to the central bank
Last advice: if you trade with them, use only approved platforms that have an official license to ensure your rights.