#SouthKoreaCryptoPolicy
South Korea has taken cryptocurrencies seriously, they have a clear system that protects investors and regulates the market. Here are the most important things you need to know:
- They have a new law that regulates trading platforms and requires strict conditions from them.
- They do not allow trading without identification; every account must be linked to your real name.
- They will impose a 20% tax on profits starting from 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 special conditions for stablecoins; they do not accept just any one.
- They are currently working on their official digital currency issued by the central bank.
Final advice: If you are trading with them, use only approved platforms that have official licenses to ensure your rights.