#SouthKoreaCryptoPolicy South Korea's cryptocurrency policy focuses on balancing innovation with regulation. Key aspects include.

1.Protection of Virtual Assets: The Financial Services Commission (FSC) passed a new Act in June 2023 to ensure user protection, transaction transparency, and market discipline, effective in 2024.

2.Regulation of Unfair Trade Practices: The FSC supervises and imposes sanctions on virtual asset markets and business operators to prevent unfair practices.

3.Taxation: A cryptocurrency tax system will take effect, requiring individuals with capital gains over 2.5 million KRW ($1,800) to pay a 20% tax, with a revised tax threshold of 5 million KRW and tiered tax rates.

4.Licensing and Compliance: Only government-approved exchanges can operate legally, with strict requirements for real-name banking, ISMS certification, and anti-money laundering (AML/KYC) compliance