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South Korean regulator proposes strict new rules for token issuers
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South Korea’s Financial Services Commission (FSC) has issued a report outlining its new definition of cryptocurrencies, along with proposed procedures for token issuers and punishments for non-compliance.
The mooted rules could impose onerous regulations on individuals or platforms that mint non-art NFT’s intended for trading, as well as decentralized finance projects among others.
The Nov. 23 report by the FSC details items it proposed in the Act on the Protection of Cryptocurrency Users that has been sent to the National Assembly for consideration.
It lays down rules for token issuers who wish to have their tokens traded on Korean exchanges and suggested punishments for those the FSC has deemed to be making “undue profit through market
Read more on cointelegraph.comAbout this in other media
South Koreans Can Trade Crypto Tax-Free Until at Least 2023 as Delay 'Virtualy Confirmed' cryptonews.com /2 years ago
South Korean lawmakers inch closer to deal to delay crypto tax by one year cointelegraph.com /2 years ago
South Korean legislators agree to delay taxation of cryptocurrency capital gains ambcrypto.com /2 years ago
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