#SouthKoreaCryptoPolicy The cryptocurrency policy of South Korea is undergoing some significant changes and debates. Here are some of the latest updates on this policy:

## Delay of cryptocurrency tax

- South Korean National Assembly member, Mr. Song Eon-seok, has proposed a bill to delay the implementation of the income tax from cryptocurrency investments until 2028.

- The reason for the delay is that the current infrastructure is not sufficient to collect taxes fairly and accurately.

- This tax was originally planned to be implemented from 2023, but has been postponed to 2025 and may now be delayed further.

## Cryptocurrency regulations

- South Korea has enacted laws to protect cryptocurrency users and prevent unfair trading activities.

- Cryptocurrency exchanges must comply with anti-money laundering (AML) regulations and customer identity verification (KYC).

- These regulations aim to protect users and ensure the transparency of the cryptocurrency market ¹ ².

## Regulatory authority

- The Financial Services Commission (FSC) is the main regulatory authority for cryptocurrency in South Korea.

- The FSC has the authority to supervise and inspect cryptocurrency exchanges, as well as impose penalties when necessary.

## Future prospects

- South Korea may continue to tighten cryptocurrency regulations in the future.

- International cooperation and increasing public awareness of cryptocurrencies are also important factors in shaping South Korea's cryptocurrency policy ³.