Officials in South Korea have stomped their foot, and have proclaimed that they will aim to eradicate all illegal cryptocurrency transactions in the nation. The countries official gathered this Monday in a meeting where they discussed crypto volatility and the usage of digital coins in money laundering.
The Korea Herald reports that the government is currently in the midst of drawing plans for crypto regulations, whose main purpose will be aimed at tracing every crypto transaction in the country. The report further mentioned that firms dealing in finance are required to report all suspicious transactions to the Korean Financial Intelligence Unit (KoFIU).
The FX regulator of the nation the South Korea Financial Services Commission (FSC) recently asked many financial companies, including crypto exchanges to boost their monitoring of user activity, again with the ultimate goal of identifying crypto transactions in criminal activities. Furthermore, the South Korean regulator announced that it will be imposing hefty penalties on all crypto violations. This announcement happened in March of this year.
Meanwhile, the nation’s authorities are considering to integrate a crypto income tax that will come into effect sometime this year.
Despite all these crypto restrictions, South Korea’s cryptocurrency market remains prosperous, and only time will tell what these restrictions will result in.