Mixed messages on crypto tax rules create confusion in South Korea
Government officials waffling about the crypto tax that's set to come into effect in 2022 has created a maelstrom of conflicting reports that even officials can’t seem to keep track of. South Korean government officials have created confusion this year with conflicting announcements regarding a possible repeal or amendment of the upcoming crypto tax set to come into effect in 2022.Throughout 2021, debate has increased in intensity in the National Assembly, South Korea’s legislature, about whether, or how, to amend the crypto tax. If unchanged, the tax will levy a 20% tax on income....
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The FSC wishes to establish a system that would recover illegally gained funds, dole out criminal punishments, and protect investors from future malfeasance. South Korea’s Financial Services Commission (FSC) has issued a report outlining its new definition of cryptocurrencies, along with proposed procedures for token issuers and punishments for non-compliance.The mooted rules could impose onerous regulations on individuals or platforms that mint non-art NFT’s intended for trading, as well as decentralized finance projects among others. The Nov. 23 report by the FSC details items it....
Blockchain industry members claim that smaller-scale startups have struggled to forge partnerships with local banks in South Korea and are therefore unable to register under regulators' new requirements. South Korea is heading into a new period for its crypto industry, with stringent new rules coming into effect on March 25 that will require all cryptocurrency businesses to comply with new crypto reporting regulations and registration rules.As an article from the Korea Herald outlines, industry experts fear that the impact of the new measures — specifically, the incoming Specific Financial....
Crypto.com is one of the world’s fastest growing digital asset trading platform. It has recently spoken about its acquisitions in South Korea which would help in Crypto.com’s South Korea expansion plan. The trading platform is of the belief that the collapse in the market can be reversed this year itself. It has now secured its […]
The U.S. and South Korean governments have reportedly agreed to share data on ongoing crypto cases, including the case surrounding Terraform Labs CEO Do Kwon and the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST).
U.S. and South Korea to Share Data on Crypto Investigations
South Korea’s Justice Minister Han Dong-hoon met with U.S. prosecution officials during a visit to New York this week, Yonhap News Agency reported Wednesday.
The U.S. officials present at the meeting included Andrea Griswold, chief counsel to the United States Attorney,....
The government in South Korea has seized cryptocurrency worth around $184 million in two years due to tax arrears, according to local media. The authorities in Seoul started confiscating virtual assets from people accused of tax evasion in 2021.
Almost 260 Billion Won in Crypto Seized for Tax Evasion in South Korea
The amount of crypto assets seized from South Koreans accused of dodging taxation has reached almost 260 billion Korean won (close to $184 million at current exchange rates), the online editions Yonhap News and Maekyung unveiled on Thursday.
The reports....