South Korean Regulators Want Crypto Businesses to Report Transaction Info or Face Jail Time

2021-3-19 00:07

Establishing this law is part of the new wave of regulation in South Korea to operate crypto businesses transparently. Existing firms will have six months to comply with the rules or face strict penalties.

Financial Service Commission (FSC) amended the financial reporting rules to include the crypto industry in the state's list of operated businesses, added Korea JoongAng Daily.

The move will require exchanges, asset managers, custodial platforms, and wallet providers to submit transaction records to Financial Intelligence Unit (FIU). The government unit FIU works under the FSC to keep an eye on Korea's financial ecosystem to prevent money laundering (AML).

The new regulation will be starting on March 25, and those who didn't comply with the new rules will pay a hefty fine; $44,000 or face up to 5 years in prison.

Not only that, the commission demands virtual asset service providers (VASPs) to have a robust customer identification protocol and mark suspected transactions so that the Anti-money laundering watchdog, FIU, can further investigate.

This is the first time in the string of South Korea's laws and policies, that they have introduced stiff reporting rules related to cryptocurrency.

Likewise, the state's National Tax Service (NTS) demonstrated last week that there are more than 24,000 users that are hiding their funds to evade paying taxes.

Many exchanges in the market are already sharing their users' data to NTS; detecting hidden assets and finding the tax evaders.

To have proper taxation with the crypto ecosystem, another tax rule will come into force in January of 2022. The law will consider capital gains tax on digital assets' trading who see profits above $2,300.

In the National Assembly Seminar held in September 2020, bank representatives from South Korea showed enthusiasm about Virtual Asset Business Law and revealed this might bring them to accelerate Decentralized Finance (DeFi) plans, utilizing their banking instruments.

Banks will also have to comply with the regulation rules and fulfill the needs required for the identification process as implied by regulations. So far, one bank has launched its digital app on blockchain to provide payment and custodial services.

The post South Korean Regulators Want Crypto Businesses to Report Transaction Info or Face Jail Time first appeared on BitcoinExchangeGuide.

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2019-5-21 19:30


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Top Officials at Two Korean Cryptocurrency Exchanges Face Fraud Indictments

Several of South Korea’s top crypto exchanges have found themselves in hot water, with executives at a couple of exchanges facing criminal charges and jail time. According to a news report on the Korean website Blockinpress, the CEO of Komid, a Korean crypto exchange, has received a three-year prison sentence for committing fraud against investors by artificially inflating the exchange’s actual trading volume.

2019-1-23 00:57


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Hong Kong Cryptocurrency Entrepreneur Accused of Scamming Investors of Millions

On January 7, 2019, The South China Morning Post reported that several residents had been duped of over HK$3 million (~$382,000) in a crypto mining scheme by entrepreneur Wong Ching-kit. Backstory: Face of a Mining Operation Wong Ching-kit, a cryptocurrency entrepreneur, has been accused of running a scam by several Hong Kong residents who accuse him of making away with just under.

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China Wants To Stop Anonymous Blockchain Use: Reports

New cybersecurity rules currently out for public consultation in China would notionally force users to provide their real identity to use any kind of Blockchain-based service. Blockchain? You’ll Need Your Name And ID As South China Morning Post (SCMP) reports quoting local media sources, the Cyberspace Administration of China is currently seeking feedback on the proposals, the deadline for which is November 2.

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