#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 regulating trading platforms that requires strict conditions.
- They do not allow trading without identity; every account must be linked to your real name.
- They will impose 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 leveraged trading to prevent people from losing their money quickly.
- They have specific conditions for stablecoins; they do not accept just any coin.
- They are currently working on their official digital currency from the central bank.
Final advice: If you are trading with them, use only accredited platforms that have official licenses to ensure your rights.