Legal

Curbing Illegal Crypto Activity In South Korea – FSC.

South Korea’s FSC [Financial Services Commission] within an official announcement revealed recently that it’ll issue financial penalties to exchanges that fail to follow rules designed to curb the illegal crypto activity.

According to the announcement, the regulator added that it’ll fine exchanges that fail to follow three regulations covering internal controls, information and data retention, and biometric identification of virtual asset traders.

Exchange operators are must retain information and data linked to any suspicious transactions, along with those made using large amounts of fiat currency, as first reported by Korea JoongAng Daily.

Fines for breaches range from 30 Mln to 100 Mln won [roughly $26k – $88k]. Penalties could also be reduced by up to 50% under some circumstances like erroneous breaches, the FSC explained.

South Korea is additionally getting ready to implement the crypto tax of 20% if gains exceed 2.5 Mln won [around $2,200 USD].

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