South Korea: Latest developments on crypto and regulation

Key takeaways: It could be tricky for Korean exchanges to comply with the newly implemented AML/CTF regulations. South Korea could start its CBDC pilot test later this year. The country is also focusing on preventing crypto from being used for ML purposes. Crypto taxation will be implemented in January 2022. »

South Korea: Updated crypto law enters into force today

Key takeaways: The law enters into force on March 25, 2021. It sets new AML requirements on virtual asset service providers including real-name verification, customer due diligence, reporting requirements, travel rule, etc. Concerned entities are granted a 6-month grace period to fully comply by September 24, 2021. On March 5, »

Crypto taxation in South Korea should be expected this autumn

Up to now, both personal (resident & non-resident) and foreign corporations in South Korea don’t pay any tax on their crypto profits under the current tax law. Back to the end of last year, the Ministry of Economy and Finance clarified that profits from individual virtual asset transactions are not »