#SouthKoreaCryptoPolicy
South Korea has taken cryptocurrencies seriously, they have a clear system that protects investors and regulates the market. The most important things you need to know:
- They have a new law that governs trading platforms and requires them to meet strict conditions
- They do not accept trading without identification; every account must be linked to your real name
- A 20% tax on profits will be implemented 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 money quickly
- They have specific conditions for stablecoins; they do not accept just any
- They are currently working on their official digital currency associated with the central bank
The final advice: If you trade with them, only use approved platforms that have an official license to ensure your rights.