Think Your Crypto Is Liquid? Korea’s New Asset‑Matching Regime Says Think Again
South Korea’s Financial Services Commission (FSC) is ordering all domestic crypto exchanges to implement near real‑time asset‑matching systems. A Tighter Time-Regime For Crypto Exchanges All Korean crypto exchanges must have a new asset-matching system by the end of May if they don’t want compliance problems, the financial regulator said this Monday. According to The Korea […]
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Opposition lawmakers are seeking a one-year delay in the enactment of the law as well as a lowering of the tax burden on crypto traders. Lawmakers belonging to South Korea’s opposition People Power Party have prepared a fresh challenge to the planned crypto tax law.According to The Korea Herald, opposition lawmakers are advocating for a one-year extension to the start of crypto taxation in the country.As previously reported by Cointelegraph, South Korea’s crypto tax regime that will see the imposition of a 20% levy on cryptocurrency gains above 2.5 million Korean won ($2,100) will come....
South Korea’s crypto tax law continues to face significant opposition from cryptocurrency proponents in the county. Kim Boo-kyum, recently nominated as Prime Minister by South Korea’s President Moon Jae-in, has said he will look into the country’s crypto tax law.According to a report by KBS World, the Prime Minister nominee is keen to ensure that there are no victims of the crypto tax law coming into effect in January 2022.Kim’s comments come amid growing opposition to the incoming crypto tax regime. Tensions were further stoked after Eun Sung-soo, chairman of South Korea’s Financial....
The postponement follows a successful lobbying campaign by local crypto advocates. The South Korean government has officially postponed a new tax regime on cryptocurrency gains until 2022.According to Yonhap on Dec. 1, the planning and finance committee of South Korea’s national assembly passed amendments to the country’s tax laws wherein a new cryptocurrency tax regime will come into effect in January 2022.On Nov. 25, the legislature suggested delaying the adoption of a cryptocurrency income tax rule to Jan. 1, 2022 instead of October 2021.The decision will provide local crypto businesses....
South Korea’s largest cryptocurrency exchange, Upbit, is facing a second major security crisis after 44.5 billion won (around $30–32 million) in digital assets were drained from a hot wallet, with authorities “strongly” suspecting North Korea’s Lazarus Group. According to ICT industry sources and government officials cited by Yonhap News on November 28, investigators are focusing […]
Crypto miners will be able to deduct electricity costs as business expenses when filing cryptocurrency taxes starting in 2022. Crypto investors involved in cryptocurrency mining may enjoy a significant tax break when the country’s digital currency tax regime commences in 2022.According to a report by Pulse News, South Korea’s Ministry of Economy and Finance on Wednesday announced additional details of the country’s impending crypto tax law, which included a provision for crypto miners to report operating expenses as tax deductibles.These expenses cover electricity bills, with miners....