The Government of the Republic of Korea has decided to promote taxation on virtual capital investment income.
On December 13, the government held an emergency loan conference with the Planning and Coordination Bureau to prepare emergency measures for virtual currency overheating.
The government has researched the TF and decided to organize the TF as a private expert and related organization on the virtual capital investment income tax. "We will review cases in major countries and investigate whether they are subject to taxation on virtual currency."
"We will continue to make efforts to balance the negative side of the virtual currency speculation, but we will make a balanced policy effort so that the government will not impede the development of technology such as block chains."
Also, in virtual currency transactions, we will strengthen the bank's obligation to identify users and promote measures to prohibit the opening of accounts and transactions by minors and foreigners.
The government said, "We will prevent the general public who do not have expertise from participating in the virtual currency investment with high price volatility, and prevent the virtual currency exchange from becoming a speculative place.“
To this end, the bank is required to verify the identity of the user and prohibits the opening of accounts and transactions of minors and non-residents (foreigners).
In order to operate a virtual currency exchange in the future, we will enforce legislation that requires separate deposit of customer assets, fulfillment of explanation obligations, confirmation of user's real name, distribution of cryptographic key distribution,
The Exchange is also prohibited from offering virtual currency funds, such as Initial Coin Offering (ICO) and credit.
The government also decided to impose a money laundering obligation on virtual currency trading and to strengthen its obligation to report suspicious transactions such as banks.
Original text link:http://news.nate.com/view/20171213n20847?mid=n0309