South Korea postpones 20% crypto tax

South Korea to obstruct 16 unregistered crypto business

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The Korea Financial Intelligence System (KoFIU) has actually asked for authorities to obstruct 16 unregistered foreign-based Virtual Possession Company (VASPs) that supposedly target domestic customers by providing services in Korean.

KoFIU stated that the 16 VASPs were running companies targeting Koreans without the needed registration in spite of being alerted to sign up with the authority in July 2021.

The 16 VASPs under examination are stated to be CoinW, MEXC, Bitglobal, BTCEX, Phemex, KuCoin, Bitrue, ZB.com, CoinEX, AAX, ZoomEX, Poloniex, BTCC, XT.com, Pionex and DigiFinex.

The demand made by KoFIU was sent out to the Korea Communications Commission and the Korea Communications Standards Commission to obstruct domestic access to the sites of the unregistered VASPs.

Following administrative assistance, transfers of virtual possessions to and from the unregistered VASPs will likewise be obstructed, suspending deals in between the signed up and unregistered companies.

Alongside this, charge card business will likewise check and obstruct virtual possession purchases and payment services.

According to KoFIU unlawful service activities made by unregistered business can be based on a penalty of either a fine of as much as KRW50m ($ 37,408.93) or 5 years jail time.

If you wish to utilize cryptocurrencies for home entertainment, we advise doing so at Bitcasino, 1xBit or FortuneJack.

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