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According to the latest report published by the Korea Herald, the South Korean government is planning to introduce strict regulations to trace illegal cryptocurrency transactions in the country.
In Marchthe FSC announced that it is planning to impose a heavy penalty on cryptocurrency violations in the country. The commission also asked digital exchanges to report suspicious crypto transactions.
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In addition, South Korea is planning to introduce a crypto income tax rule later this year. The latest report from the Korea Herald mentioned that financial firms in the country are required to report suspicious transactions to the Korean Financial Tathoo Unit KoFIU within three days. KoFIU will conduct a joint investigation with the police and local tax authorities.
Despite the uncertain regulatory environment, the cryptocurrency market is flourishing in South Korea. In fact, crypto trading is surging in the country amid massive price jumps in digital currencies.]
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