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20 domestic virtual asset exchanges attended to the meeting
20 domestic virtual asset exchanges that have obtained an ISMS (Information Security Management System) certification in Korea attended to the meeting. Some examples of the exchanges that attended are Upbit, Bithumb, Korbit and Coinone.It is learned that the Commission has once again emphasized its existing position that it will consider the VASP report once it is received. An official of an exchange said, "There was no new addition to the virtual asset transaction management plan announced on the 28th of last month.
There is a possibility that additional meetings may occur
There is a possibility that additional meetings will be held as the seat was prepared, two days after FIU notified the exchanges. This means that the participants were not expecting a meeting and had to prepare in a hurry. An FIU official said, "There are currently no plans for an additional meeting," but added, "If there are many opinions that virtual asset operators have additional questions, a sit-down may be arranged.The Bank of Korea expressed its concerns about crypto trading on the 27th of last month, the unexpected meeting could be related to those concerns.
South Korea will tax overseas crypto assets starting next year
Around the same time as the meeting, South Korea's National Tax Service announced that Korean residents with accounts in foreign crypto exchanges may have to report their holdings for tax purposes starting in 2022. A Korean citizen will be required to pay taxes if the total amount of their account balances in foreign virtual asset businesses exceeds 500 million won, or $447,900, at the end of each month. Those who violate their crypto tax obligation will be fined 10-20% of the amount not reported.Continue reading by joining Cryptonary Pro
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