👉#SouthKoreaCryptoPolicy LET'S TALK ABOUT 🇰🇷 AND CRYPTO🤔

📌South Korea has specific policies to regulate the cryptocurrency market and protect investors.

Here are some key points:

✅*Regulations*

- The South Korean government requires cryptocurrency transactions to be non-anonymous to prevent money laundering and speculation.

- Cryptocurrencies are not recognized as financial assets, but amendments have been issued to regulate and legalize their trading.

- The Financial Services Commission (FSC) supervises and regulates financial institutions and financial markets in South Korea.

✅*Virtual Asset User Protection Act*

- This law will come into effect on July 19 and requires cryptocurrency exchanges to follow stricter review guidelines for token listings.

- Exchanges must review existing tokens every six months and conduct maintenance reviews every three months.

- The law imposes criminal penalties and fines for those who violate the rules ¹.

✅*Security and Police Safeguarding*

- The National Police Agency of South Korea has confirmed phishing attacks against cryptocurrency exchanges in the country, originating from North Korea.

- The police have been working to prevent these attacks and protect investors.

- The South Korean government has also implemented a digital tracking system to detect tax evasion in the cryptocurrency market.

✅*Taxes*

- A 20% tax will be imposed on cryptocurrency trading profits exceeding 50 million won (approximately $45,000 dollars).

📌In summary, South Korea has a regulatory approach that seeks to balance innovation in the cryptocurrency market with investor protection and the prevention of illegal activities.