#SouthKoreaCryptoPolicy
South Korea has taken cryptocurrencies seriously; they have a clear system that protects investors and regulates the market. Here are the main things you need to know:
- They have a new law governing trading platforms that requires strict conditions.
- They do not allow trading without identification; every account must be linked to your real name.
- They will implement 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 trading with leverage to prevent people from losing their money quickly.
- They have specific requirements for stablecoins; they do not accept any unit.
- They are currently working on their official digital currency issued by the central bank.
Final advice: If you are trading there, use only licensed and approved platforms to ensure your rights.