Regional reports disclose South Koreaâ€™s Financial Services Commission (FSC) had a closed-door meeting with roughly 20 different cryptocurrency exchanges on June 3. The report highlights that virtual asset business operators (VASPs) that attended the meeting all had ISMS (Information Security Management System) certification.
South Korean Regulator Holds a Closed-Door Meeting With 20 VASPs
The insiders further noted that the exchanges could detail grievances to the financial regulator. ISMS certified exchange representatives who attended the meeting came from companies like Upbit, Bithumb, Korbit, Coinone, Kordax, Coinncoin, Tennten, Poblegate, and Flybit.
The meeting was called the â€œReport Registration Guidance Consultingâ€ and the report noted that only Upbit, Bithumb, Korbit, and Coinone have met the â€œreal nameâ€ trading requirement. These four crypto exchanges are known as the â€œBig Fourâ€ in South Korea. D.Street highlighted that 16 small to medium exchanges expressed difficulties toward meeting the â€œreal nameâ€ mandate.
South Korean Citizens With Overseas Crypto Accounts Will Need to Report Holdings in 2023
Meanwhile, another report details that South Koreaâ€™s National Tax Service (NTS) revealed that residents with accounts to overseas crypto exchanges must report their crypto holdings to tax officials. The NTS noted that the overseas crypto rules will take effect on January 1, 2022, and people need to report crypto holdings by June 2023.
The news follows the Financial Supervisory Service (FSS) being assigned to lead the cryptocurrency regulatory efforts in South Korea. Furthermore, regulators in South Korea have been concerned with the â€˜kimchi premiumâ€™ on certain crypto assets in the country.
What do you think about the closed-door meeting with 20 exchanges and the South Korean FSC? Let us know what you think about this subject in the comments section below.
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