South Korea’s financial regulator has held a meeting with a number of cryptocurrency exchanges regarding the regulation of crypto exchange transactions. The meeting, which was held on June 24th , was primarily to discuss the regulatory measures that the exchanges must adhere to. In addition, the meeting was requested by the Chairman of the Korea Blockchain Association (KBA), in order to provide much-needed advice to the various exchanges. Although KBA claims that it does not have a formal role in the meeting, the meeting has been viewed as a positive step towards the regulation of the local cryptocurrency market.
Just like any other market, South Korea’s cryptocurrency exchange market is subject to regulation. Recently, the country’s Financial Services Commission (FSC) held a closed-door meeting with 20 crypto exchanges to discuss the regulation of the local crypto market.
South Korea’s Financial Regulator Holds Closed-Door Meeting With 20 Crypto Exchanges South Korea’s Financial Regulator Holds Closed-Door Meeting With 20 Crypto Exchanges South Korea’s Financial Regulator Holds Closed-Door Meeting With 20 Crypto Exchanges South Korea’s Financial Regulator Holds Closed-Door Meeting With 20 Crypto Exchanges
According to regional reports, the Financial Services Commission (FSC) of South Korea on 3. Lejuin held a meeting behind closed doors with about 20 different cryptocurrency exchanges. The report noted that the Virtual Asset Operators (VASPs) present at the meeting had all achieved ISMS certification.
South Korean regulator holds private meeting with 20 VASP
A D.Street report, quoting unnamed sources, says the South Korean FSC met with 20 small and mid-sized exchanges in South Korea to discuss the cryptocurrency environment. Insiders also noted that the exchanges could discuss in detail their requests to the financial regulator. ISMS-certified representatives from exchanges such as Upbit, Bithumb, Korbit, Coinone, Kordax, Coinncoin, Tennten, Poblegate and Flybit attended the meeting. During this meeting, the so-called Reporting Guidelines Consultation, it turned out that only Upbit, Bithumb, Korbit and Coinone met the requirement to trade under a real name. These four cryptocurrency exchanges are known as the Big Four in South Korea. D.Street noted that 16 small and medium-sized exchanges have experienced difficulties in meeting the real name mandate.
South Korean citizens with foreign cryptocurrency accounts must file tax returns starting in 2023
Meanwhile, another report said South Korea’s National Tax Service (NTS) said residents with accounts on foreign cryptocurrency exchanges should report their crypto assets to tax officials. The NTS noted that regulations on foreign cryptocurrencies will come into effect on Jan. 1, 2022, and people will have until June 2023 to declare cryptocurrencies. This news follows the appointment of the Financial Supervisory Service (FSS) to lead the regulation of cryptocurrencies in South Korea. In addition, regulators in South Korea have raised concerns about the kimchi premium on some crypto assets in the country. What do you think of the meeting behind closed doors with 20 exchanges and the South Korean FSC? Let us know what you think about this topic in the comments below.
Tags in this story
Bitcoin, Bitcoin (BTC), Bithumb, BTC, Coinncoin, Coinone, crypto, crypto exchanges, Financial Services Commission, ISMS certified, Korbit, Kordax, National Tax Service, NTS, Poblegate, South Korea, Tennten, upbit Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.South Korea’s financial regulator has called for a meeting with 20 of the country’s biggest cryptocurrency exchanges, South Korea’s financial regulator has called for a meeting with 20 of the country’s biggest cryptocurrency exchanges. The move highlights the growing concern about the country’s volatile cryptocurrency market and comes amid reports that regulators plan to step up inspections of cryptocurrency exchanges.. Read more about cryptocurrency shut down and let us know what you think.
livecoin refundcrypto exchange shut downbitcoin demandcryptocurrency shut downcrypto exchanges downbtc regulation news,People also search for,Privacy settings,How Search works,livecoin refund,crypto exchange shut down,bitcoin demand,cryptocurrency shut down,crypto exchanges down,btc regulation news,$4 billion bitcoin options,bitcoin dropped