crypto tax evasion, Illegal Activities, illicit transactions, South Korea, south korea cryptocurrency, South Korea Financial Services Commission (FSC), South Korea Financial Supervisory Service, South Korean Exchanges

Adding to the South Korean cryptocurrency industry’s stricter regulations, the central government is focusing on the “crackdown†of illegal crypto transactions. A meeting over the week held with high-ranked politicians resulted in a campaign that will soon be deployed.

Government Seeks International Help to Monitor International Crypto Exchanges

According to Chosun, the South Korean Government met with politicians, law enforcement, and financial watchdog authorities to take down illicit transactions from what they named an “overheated market.â€

The meeting was led by the Second Deputy Secretary of State Moon Seung-wook, who called authorities from the Financial Services Commission, the Ministry of Strategy and Finance, the Ministry of Justice, and the National Police Agency.

The purpose of the reunion was to address the “current situation of the virtual asset markets†in South Korea. They concluded that it’s a must to launch a campaign against market manipulation, money laundering, and tax evasion via cryptos.

But the rule won’t cover only domestic exchanges. In fact, the government wants to strengthen international cooperation with Interpol to monitor illicit transactions coming from overseas crypto exchanges.

The main objective, said Moon, is to “prevent money speculation and damages to investors.†He also added:

Will the National Banking Industry Be Affected by the ‘Crackdown’?

The announcement of the crackdown comes in the wake of the new legislation that covers the banking industry which deals with crypto businesses.

The amended Special Financial Transactions Information Act was approved by the National Assembly finance committee in November last year.

Under the framework, crypto exchanges are required to follow a series of banking protocols, including linking customer accounts to individuals and their bank accounts that are verified by a local identification document.

Domestic tax authorities are also on top of making accountable crypto traders in terms of their tax obligations. Recently, the National Tax Service of South Korea (NTS) identified 2,416 individuals who reportedly hid their assets in cryptos to bypass taxation.

What are your thoughts on the ‘crackdown’ announced by the South Korean government? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, 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 mentioned in this article.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

South Korean Police Officers Banned From Buying Cryptocurrency

A recent ban imposed by the South Korean National Police Agency will bar particular officers from purchasing additional cryptocurrencies. The announcement coincides with a report revealing a heightened domestic availability of digital coins, in comparison to the global marketplace. South Korea to Penalize National Police Agency Officers Who Fail to Disclose Crypto Holdings Officers with […]

Xem chi tiết: South Korean Police Officers Banned From Buying Cryptocurrency

South Korea to Impose a 20% Tax on Crypto Mining Activities

The cryptocurrency industry in South Korea keeps facing regulatory challenges, and it seems that dust is far from settling. Now, crypto miners will be required to pay taxes, following the same path as digital assets traders. Ruling to Take Place Starting 2022 According to a report published by Donga, miners should be accountable for paying […]

Xem chi tiết: South Korea to Impose a 20% Tax on Crypto Mining Activities

South Korean Police Raid Crypto Exchange Allegedly Involved in a $214M Multi-Level Marketing Fraud

Authorities in South Korea have launched a major raid against a domestic crypto exchange allegedly involved in a millionaire multi-level marketing (MLM) fraud. The police accuse V Global platform of running an illicit operation that reportedly stole hundreds of millions of dollars from investors. Masterminds Could Have Defrauded Over 40,000 People According to Yonhap, police […]

Xem chi tiết: South Korean Police Raid Crypto Exchange Allegedly Involved in a $214M Multi-Level Marketing Fraud

Young Koreans Less Keen on Crypto Taxation Than Older Generations, Poll Finds

Opponents of the government’s plan to tax gains from cryptocurrency trading outnumber supporters among South Koreans in their 20s, a new survey shows. Representatives of other age groups are more open to the proposed taxation of investments in virtual assets. Nearly Half of Young Koreans Reject Tax on Crypto Profits According to the poll, a […]

Xem chi tiết: Young Koreans Less Keen on Crypto Taxation Than Older Generations, Poll Finds

South Korean Ruling Party Contemplates Postponing Crypto Tax in a Bid to Regain Younger Votes

South Korean political parties are now battling to catch younger votes amid the tough stance among higher government spheres toward digital currencies. As voters are disappointed by how parties are handling the issue, one of them has taken a step forward by talking about the forthcoming crypto tax. The Democratic Party’s Expectations on Cryptocurrencies According […]

Xem chi tiết: South Korean Ruling Party Contemplates Postponing Crypto Tax in a Bid to Regain Younger Votes

All 200 Cryptocurrency Exchanges Could Be Shut Down Under New Regulation in South Korea, Regulator Warns

The chairman of South Korea’s top financial regulator, the Financial Services Commission (FSC), Eun Sung-soo, has warned that all of the cryptocurrency exchanges in the country could be shut down. South Korea currently has about 200 cryptocurrency exchanges, he said. All Crypto Exchanges Could Be Shut Down in South Korea At the general meeting of […]

Xem chi tiết: All 200 Cryptocurrency Exchanges Could Be Shut Down Under New Regulation in South Korea, Regulator Warns

South Koreans File Online Petitions Seeking to Remove a Chief Regulator After Harsh Crypto Comments

As the South Korean government keeps strengthening the harsh rhetoric against cryptocurrencies, citizens have become increasingly angry due to the recent words from regulatory authorities. Over the weekend, petitions started to appear on the web, seeking the removal of the head of the country’s Financial Services Commission (FSC). Over 141,000 Signatures Collected in One Petition […]

Xem chi tiết: South Koreans File Online Petitions Seeking to Remove a Chief Regulator After Harsh Crypto Comments

All 200 Cryptocurrency Exchanges Could Be Shut Down Under New Regulation in South Korea, Regulator Warns

The chairman of South Korea’s top financial regulator, the Financial Services Commission (FSC), Eun Sung-soo, has warned that all of the cryptocurrency exchanges in the country could be shut down. South Korea currently has about 200 cryptocurrency exchanges, he said. All Crypto Exchanges Could Be Shut Down in South Korea At the general meeting of […]

Xem chi tiết: All 200 Cryptocurrency Exchanges Could Be Shut Down Under New Regulation in South Korea, Regulator Warns

South Korea’s Bitcoin ‘Kimchi Premium’ Reappears, Korbit and Bithumb Exchange Volumes Spike

Tax Authority Seizes Cryptocurrencies Worth $25 Million From Hundreds of Crypto Investors in South Korea

Former Employees From Major South Korean Firms Quit Their Jobs After Pocketing Millions in Crypto Profits

South Korean Government Seeks to Regulate International Remittances Related to Crypto ‘Kimchi Premium’

Crypto Fraud Reports in South Korea Surged Over 41% in 2020, Says Financial Watchdog

South Korean City Threatens to Seize Cryptos From Tax Evaders

South Korean City Threatens to Seize Cryptos From Tax Evaders

Former South Korean Social Media Giant in Talks ‘With Major Gaming Companies’ to Implement Its Crypto