Kollen Post, 07 April 2021
South Korea’s government has pledged to focus on illegal activities in crypto markets.
The South Korean Financial Services Commission, Ministry of Finance, Ministry of Justice, among other regulators, met on April 7 to discuss virtual asset trading. In their announcement following the meeting, the authorities wrote:
“We will strictly crack down on illegal activities related to transactions such as market price manipulation, money laundering, and tax evasion using virtual assets through cooperation with the police, prosecution and financial authorities.”
Furthermore, the authorities alluded to an increase in efforts to monitor crypto transactions in order to facilitate income tax collection on crypto-asset gains, a policy that’s scheduled to come into effect at the beginning of 2021.
