South Korea Plans Crypto Legislation By 2024, Leaked Report

South Korea Plans Crypto Legislation By 2024, Leaked Report

In a move that will see South Korea become even more crypto-friendly, President Yoon has announced his intention to establish a new regulatory framework for the crypto industry by 2024. With this new legislation in place and increasing demand for cryptocurrency services across all areas of commerce, it seems likely they can pull off another […]


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Leaked report: South Korea to establish crypto framework by 2024

The effort will include issuing guidance for NFTs and ICOs, expanding infrastructure and supporting CBDC research. The administration of the newly-elected President of South Korea, Yoon Suk-yeol, wastes no time in its drive to maintain the country’s stature as a center for innovation as it hopes to roll out comprehensive crypto legislation in 2023 and institutionalize the sector by 2024.On May 11, South Korean newspaper Kukmin, citing a leaked governmental document, reported that the administration is looking to introduce the “Digital Asset Basic Act” (DABA) in the next year and to follow....

Finance Committee Approves Legislation Delaying Crypto Tax in South Korea

Changes meant to postpone the introduction of a tax on virtual assets such as cryptocurrencies in South Korea have been approved by an important parliamentary committee. The draft legislation seeks to delay Seoul’s plan to impose a 20-percent levy on gains from crypto transactions. Ahead of Election, Major Parties Support Tax Break for Crypto Investors in South Korea South Korean parliament is taking steps to suspend a planned tax on profits from digital asset investments for another year. The move has been supported by the ruling Democratic Party, despite disagreements....

Terra ecosystem collapses, Sam Bankman-Fried buys Robinhood stock and crypto ...

Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more a week on Cointelegraph in one link.Top Stories This WeekBreaking: Terra blockchain officially halted following LUNA price collapse This week, news about the Terra ecosystem dominated the headlines after algorithmic stablecoin TerraUSD (UST) lost its peg to the U.S. dollar and continued to crash.At its lowest point during the week, UST fell to around $0.13, according to....

South Korea's new president delays crypto taxes in favor of consumer protections

The country’s president elect is proving his crypto savvy by declaring there will be no tax on crypto investment gains until legislation can ensure consumer protections. South Korea’s newly-elected president Yoon Seok-yeol announced Tuesday he would push to defer taxation on crypto investment gains at least until a new set of regulations called the Digital Asset Basic Act is enacted.South Korea’s crypto tax was initially set to come into effect for the 2022 fiscal year, but was pushed back to 2023 last December. E-daily reported that Yoon will ensure the crypto tax law does not come into....

Huobi Korea scores certification from Korea Internet and Security Agency

The South Korean arm of global crypto giant Huobi has acquired an ISMS certification to comply with the upcoming Special Payment Act. Huobi Korea, the South Korean arm of the world’s second-largest cryptocurrency exchange by trading volume, has been certified by a major regulator.According to an announcement on Jan. 18, the Korea Internet and Security Agency, or KISA, has granted Huobi Korea an information security management system, or ISMS, certification. The ISMS certification will provide Huobi Korea with a comprehensive management system to ensure security and compliance with the....