South Korea remains the third-largest crypto exchange market by volume, just behind the United States and Japan. Despite that, throughout the past three years, the government of South Korea has opted against fully regulating the local crypto market.
In the second half of 2019, the government of South Korea started to work on several bills that would further legitimize the crypto sector and allow it to evolve into an established industry.
Below is the complete timeline of the passing of bills and controversy surrounding the regulatory side of crypto in South Korea since 2017, and what is expected to come in the future.
Timeline of regulation and controversy regarding crypto in South Korea
July 3, 2017:
Park Yong-jin, a member of the National Policy Committee from the ruling Democratic Party, introduced the first-ever taxation policy for crypto. Park proposed the imposition of transfer tax, not capital gains tax, on cryptocurrency trading.
July 31, 2017:
Park Yong-jin introduced the Electronic Financial Transactions Act that was ultimately passed on Oct. 19, 2017, which covered cryptocurrencies. The regulatory framework tightened Know Your Customer and Anti-Money Laundering policies…
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Author: Joseph Young