South Korea strengthens exchange regulation, Russia promotes encryption tax legislation.

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Regulatory Dynamics

South Korean Financial Regulatory Agency Introduces New Measures

The Financial Intelligence Unit (FIU) of South Korea has recently introduced a series of new regulatory requirements for cryptocurrency exchanges. These measures require exchanges to identify and report any suspicious transactions within three working days. In addition, exchanges need to provide certification of their information protection management system, demonstrate agreements for real-name authentication cooperation with local banks, and prove the qualifications of key personnel.

At the same time, the South Korean Financial Services Commission is considering adjusting the regulations on shared orders in the Special Financial Transactions Act. The new amendment will allow this previously prohibited trading method under certain conditions. The legislative notice period for the amendment is set from February 18 to March 2.

Russia Advances Cryptocurrency Tax Legislation

The State Construction and Legislation Committee of the State Duma of Russia approved a cryptocurrency tax bill on February 15. This bill will amend the tax code of the Russian Federation, officially defining cryptocurrencies such as Bitcoin as property and imposing taxes on the profits generated from cryptocurrency transactions.

The bill applies to all individuals and organizations within the territory of Russia, including foreign citizens and international institutions. According to the regulations, if the annual total of cryptocurrency transactions exceeds 600,000 rubles (approximately 8,100 USD), the relevant parties must declare their transaction status. Those who fail to pay taxes as required will be fined 40% of the tax amount due.

It is reported that the Russian Duma plans to review this new cryptocurrency legislation on February 17.

Morocco Considers Issuing Central Bank Digital Currency

Morocco is studying the possibility of launching a central bank digital currency, demonstrating the country's focus on digital financial innovation. This move reflects the ongoing trend of central banks worldwide exploring digital currencies.

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SchroedingerMinervip
· 9h ago
South Korea is regulating again, right?
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CommunityJanitorvip
· 9h ago
The regulatory stick is back.
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EyeOfTheTokenStormvip
· 9h ago
Just finished analyzing the data and now comes the regulation. The bottom of the big cycle has arrived, buy the dip.
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TokenBeginner'sGuidevip
· 9h ago
Gentle reminder: Strong regulation is essential for the healthy development of the entire market, based on the compliance data compiled by the top 100.
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LiquidityWitchvip
· 9h ago
the dark pools are stirring... regulators casting their nets while we brew forbidden alpha in the shadows tbh
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MidnightGenesisvip
· 9h ago
Heh, the regulation has started again. The contract Address has been marked. Please pay attention.
View OriginalReply0
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