South Korea: Revised Crypto-Guidance to Encourage Budding Projects, Entrepreneurs

Abstract : Min Kim from South Korea’s ICON Foundation spoke about the crypto-scene in the country following the legalization in March.

ChainDD
ChainDD

May 02

According to AMBcrypto news, Min Kim from South Korea’s ICON Foundation spoke about the crypto-scene in the country following the legalization in March. Kim noted that crypto-exchanges in the country had not been given a clear-cut path by the financial authority yet, he said it was leading to a lot of confusion in the space. He said: “There’s been a lot of confusion with cryptocurrencies in South Korea from the very beginning, like every other country. However, with the legalization of cryptocurrency, a lot of the rules are going to be around exchanges especially KYC and consumer protection.”

Min also addressed the question of crypto-taxes. In fact, a recent survey done by the South Korean wallet provider Childly had revealed that 66% of the 5,750 crypto-users worldwide under survey were in favor of cryptocurrency taxation. Interestingly, the survey pointed out that the crypto-community was more welcoming to taxing cryptocurrencies than expected. (Click here to read original article)

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