Korea Tightens Regulation for Crypto-related Business: Report
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South Korea's Financial Services Commission (FSC) continues tightening regulation of crypto-related companies as the watchdog revealed new requirements for reporting cryptocurrency-related operations, JoongAng Daily reports.

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According to the amendments, business must report all transactions involving cryptocurrencies to a regulatory body and abide by anti-money laundering requirements. The new amendments will be effective as of March 25, 2021. Those who want to open a new crypto-related business must report to the FSC body in the first place. Those companies that are already involved in the cryptocurrency market must report to the watchdog within the six months deadline.

Korean Officials Are Free from Disclosing Crypto Holdings

Companies failed to report on their activities by September 24, 2021, will face fines of up to $44,200 or up to five years of imprisonment.

South Korea will also tax all profits on cryptocurrency tradings starting January 1, 2022. As iHodl reported, all profits made by both trading and hodling cryptocurrencies will be subject to a 20% tax. However, it should be noted this new tax will only be applicable when profits exceed $2,300, which means that lower amounts will be exempt.

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