THELOGICALINDIAN - The administrator of South Koreas top banking regulator the Banking Services Commission FSC Eun Sungsoo has warned that all of the cryptocurrency exchanges in the country could be shut bottomward South Korea currently has about 200 cryptocurrency exchanges he said
All Crypto Exchanges Could Be Shut Down in South Korea
At the accepted affair of the National Assembly’s Political Affairs Committee aftermost week, The Korea Times quoted Chairman Eun as saying:
Chairman Eun explained that cryptocurrency exchanges are appropriate to be registered with the FSC beneath the revised Special Funds Act (Act on Reporting and Using Specified Financial Transaction Information). “We are now accepting applications for them to clearly annals their business by the timeline, but no barter operators accept activated to date,” he revealed. Since no companies accept been registered, he warned that “They could be shut bottomward aback in September.”
The revised bill of the Special Funds Act went into aftereffect on March 25 and its accoutrement will be activated on Sept. 24 afterwards a six-month adroitness period. The alteration requires cryptocurrency providers, including crypto exchanges, to accommodated requirements such as accepting Information Security Management System (ISMS) acceptance and arising of real-name accounts.
The Financial Services Commission is amenable for registering cryptocurrency exchanges that accommodated these requirements. However, abounding crypto exchanges are anxious that they may not be able to accommodated the requirements, decidedly apropos real-name accounts, which may advance to a mass shutdown of exchanges.
Chairman Eun acclaimed that cryptocurrencies are not currencies, emphasizing that the government has again cautioned investors that their “sudden amount fluctuations are dangerous.”
Furthermore, the FSC administrator said that profits from cryptocurrency investments will be taxable starting abutting year. The Ministry of Strategy and Finance appear in February that from 2022 assets generated cryptocurrency affairs will be classified as added assets and will be burdened alone at a tax amount of 20%.
Last week, the tax administration of the Seoul city government seized cryptocurrencies account about $25 actor from hundreds of crypto investors with behind taxes.
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