New regulation in South Korea has forced several exchanges to close - page 3.

Hydrogen

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The newly imposed strict reporting requirements, seem identical to the ones many americans have grown sick of.

A trend which could be related to americans renouncing citizenship in record numbers, immigrating to countries with low income taxes and none of the strict reporting requirements of countries like the USA and now south korea.

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Wealthy Americans Are Renouncing Citizenship In Record Numbers

The number of Americans who renounced their citizenship hit a record high in 2020 and has continued to increase in 2021.

Andrew Mitchel, an international tax attorney who tracks the numbers, found there were 6,707 individuals who renounced their U.S. citizenship in favor of a foreign country in 2020, Axios first reported Thursday. That number is a 237% increase compared to 2019 and considerably higher than any year dating back to 1998.

https://dailycaller.com/2021/08/05/wealth-americans-renounce-citizenship-record-numbers/

The Biden administration (and their allies) failed to pass "minimum tax requirements" for the entire world earlier in 2021.

It looks as if they're still trying to expand their tax hike and strict reporting policies across the entire world on a nation by nation basis.

fiulpro

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Quote from: paxmao on September 20, 2021, 05:53:54 AM

https://fortune.com/2021/09/17/south-korea-crypto-exchange-shut-down-bitcoin-regulation/

The regulation coming into place this week places unbearable compliance demands on crypto exchanges up to the point of only three of these being able to fully comply. SK is one of the countries where people have participated in crypto to a much higher degree than in most and this is not good news. Still, some of the exchanges remain open.

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In 2022, the government will also introduce a crypto capital gains tax; investors who make over $2,135 in trading profit will face a 20% tariff.

South Korean government did create problems for cryptocurrencies like bitcoins in the past as well, but I thought they will be over with that soon, at the same time introducing such taxes not only sends a strong greedy message to the users but also it's not right to increase it so suddenly, there are countries where the taxes are 20% for sure but I do think that since bitcoins and cryptocurrencies are not really something born out of the governmental bodies they should not be something they should earn from but then again some of them do provide the people with protection against frauds and also legalize the cryptos as well, so maybe it might be good to introduce some reasonable tax not sure if it would be a good idea to push the market away suddenly since for the long term they would be making more money if more people would be engaged in it. Maybe they also wanna introduce their own, digital currency as well.

Charles-Tim

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Leading Crypto Sports Betting & Casino Platform

I was surprised to read SK Won is the third traded fiat-to-crypto with the highest trading volume while the US Dollar and the Pounds are the first and second respectively.

Also, I was surprised to see upbit having 80-90% or more of the SK crypto trading volume, while the first 4 exchanges have more than 90-95% or more of the country's crypto trading volume.

Quote from: paxmao on September 20, 2021, 05:53:54 AM

The regulation coming into place this week places unbearable compliance demands on crypto exchanges up to the point of only three of these being able to fully comply.

Never mind me, I have read the news, but four exchanges were included to have complied, or is there anything I am still missing?

Quote from: paxmao on September 20, 2021, 05:53:54 AM

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In 2022, the government will also introduce a crypto capital gains tax; investors who make over $2,135 in trading profit will face a 20% tariff.

Which means it will be imposed on the rich people in the country or anyone that has such huge profit. We hope capital loss will also still be deducted first as the net result before the capital gain is calculated.

Quote from: https://fortune.com/2021/09/17/south-korea-crypto-exchange-shut-down-bitcoin-regulation/

By Sept. 24, all exchanges operating in South Korea must obtain licenses from financial and Internet regulators. As of Monday, only 28 exchanges—out of the 63 operating in-country—had received certification from the Korea Internet and Security Agency (KISA), the first step to obtaining final approval from the Financial Services Commission (FSC). The remaining 35 exchanges are unlikely to be able to comply given the looming deadline, says the FSC.

In March the FSC, under Eun’s direction, introduced new rules stipulating that domestic and foreign crypto exchanges must be vetted by the Financial Intelligence Unit (FIU) before their applications are passed on to the FSC. To win FSC approval, crypto platforms must require users to register using their real names and bank accounts. Platforms also need to meet anti–money laundering standards by having their information security systems certified by the government’s Internet watchdog.

Only four of South Korea’s platforms, Upbit, Bithumb, Coinone, and Korbit, have submitted their registrations to the FIU, meaning that they have secured both bank partnerships and certification from the Internet regulator.

NeuroticFish

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Quote from: Strongkored on September 20, 2021, 07:43:29 AM

this is the example They must also partner with banks to ensure real-name accounts.

Woah, I'm sure that if this is for real, it can be easily attacked by some smart lawyers.
I mean, if I have a successful business I have to partner with another private business only for the sake of it? This must be incorrect. Why would I help another private business? It's my business, I have to find the ways for enforcing KYC - maybe with the help from another company, or maybe not. It should be my decision...

Strongkored

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Crypto exchange will always be the target of the government not only in South Korea but there will definitely be other countries that will regulate it, the circulation of money in it may be main target, this is the example They must also partner with banks to ensure real-name accounts.

paxmao

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https://fortune.com/2021/09/17/south-korea-crypto-exchange-shut-down-bitcoin-regulation/

The regulation coming into place this week places unbearable compliance demands on crypto exchanges up to the point of only three of these being able to fully comply. SK is one of the countries where people have participated in crypto to a much higher degree than in most and this is not good news. Still, some of the exchanges remain open.

Quote

In 2022, the government will also introduce a crypto capital gains tax; investors who make over $2,135 in trading profit will face a 20% tariff.

Topic: New regulation in South Korea has forced several exchanges to close - page 3. (Read 414 times)