CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$27,421.00
  • ethereum
    ETH$1,632.68
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » Officials of South Korea’s Watchdog Have to Report Crypto Holdings by May 7

    Officials of South Korea’s Watchdog Have to Report Crypto Holdings by May 7

    Author: Jordan Lyanchev

    Last Updated Apr 27, 2021 @ 10:31

    Certain officials from South Korea’s Financial Services Commission will have to report all of their cryptocurrency investments by May 7th.

    South Korea continues to reaffirm its grip on crypto regulations as the country’s regulator has ordered all of its officials to report their digital asset holdings.

    Additionally, the nation’s Financial Minister said that South Korea will “inevitably” impose taxes on gains from virtual asset trading next year.

    FSC Employees to Report Crypto Investments

    The East Asian country has been discussing various cryptocurrency regulations for the past few years. Most recently, South Korea’s Financial Services Commission asked financial companies to monitor any dealings with digital assets between their users.

    The nation’s watchdog has taken it a step further now, according to local coverage. The regulator’s Chairman, Eun Sung-Soo, has ordered all officials involved with cryptocurrency-related policies to file a report “on the volume of their virtual currency investments” by May 7th.

    Some of the affected officials include those involved with drafting and implementing laws on digital currency usage, investigators of shady cryptocurrency transactions, and those responsible for reporting and managing exchanges.

    The FSC’s Chairman has received severe backlash from crypto insiders based in South Korea for his rash approach. Locals launched an online petition calling for his resignation, and over 130,000 South Koreans had signed it as of now.

    The situation escalated after Sung-Soo said cryptocurrencies have “no intrinsic value, are not a real currency.” Furthermore, he blamed adults for “leading young people who are going the wrong way. It’s too risky to trade them considering their high volatility in prices.”

    Taxes on Crypto Are Inevitable

    The country has also dabbled with what sorts of taxes it should impose on gains from cryptocurrency trading. The latest news on this matter came from South Korea’s Finance Minister – Hong Nam-Ki – who noted that the country will start taxing capital gains from next year.

    “It’s inevitable; we will need to impose taxes on gains from trading of virtual assets.” – Reuters reported.

    If South Korea indeed proceeds with implementing such taxes, it would mean that any profits worth more than 2.5 million won (roughly $2,200) from crypto trading will be subject to 20% capital gains tax.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • south_korea
      Korean Government To Levy Taxes On Bitcoin Capital Gains Starting 2022
    • SouthKorea
      Korean Authorities Apprehend Bitcoin Tax Evaders
    • south_korea
      South Korea to Impose Hefty Fines on Crypto Exchanges for Failing to Comply with AML Rules
    Tags: Bitcoin Regulations South Korea Taxation
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

  • bitcoin
    BTC$27,421.00
  • ethereum
    ETH$1,632.68
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    The Future of EOS: The World’s Largest ICO With ENF CEO Yves La Rose (Podcast)

    The Future of EOS: The World’s Largest ICO With ENF CEO Yves La Rose (Podcast)

    We’re Still the Most Compliant Crypto Exchange Today: Binance’s New CMO Sheds Light On Its Urgent Challenges (Exclusive)

    We’re Still the Most Compliant Crypto Exchange Today: Binance’s New CMO Sheds Light On Its Urgent Challenges (Exclusive)

    Quantstamp’s CEO: Here’s Why ‘Audited By’ for Crypto Security in 2023 is Not Enough (Interview)

    Quantstamp’s CEO: Here’s Why ‘Audited By’ for Crypto Security in 2023 is Not Enough (Interview)

    Deep Dive into Ethereum: What Changed A Year Post-Merge?

    Deep Dive into Ethereum: What Changed A Year Post-Merge?

    The Reports of Friend.tech Death Have Been Greatly Exaggerated (Opinion)

    The Reports of Friend.tech Death Have Been Greatly Exaggerated (Opinion)

    Exploring PayPal’s Foray into Cryptocurrency: A Game-Changer in Digital Finance

    Exploring PayPal’s Foray into Cryptocurrency: A Game-Changer in Digital Finance

    DeFi Without Native Rights Is Dead

    DeFi Without Native Rights Is Dead

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!