Regulatory Dynamics

South Korea Strengthens Regulation of Cryptocurrency Exchanges

Recently, South Korea's financial regulatory agency has introduced a series of new measures targeting cryptocurrency exchanges. These new regulations require exchanges to mark and report any unusual transactions within three working days of detection. At the same time, exchanges need to provide several proofs to the relevant authorities, including information protection management system certification, real-name verification contracts with local banks, and qualifications of key personnel.

In addition, the Financial Services Commission of South Korea is considering amending the existing "Special Financial Transactions Act" to allow order sharing under specific conditions. This amendment will be subject to a legislative notice from February 18 to March 2.

Russia Advances Cryptocurrency Tax Legislation

The State Duma of Russia approved a bill on cryptocurrency taxation on February 15. This bill amends the Tax Code of the Russian Federation, officially recognizing cryptocurrencies such as Bitcoin as property and planning to tax the profits from crypto transactions.

The bill applies to all residents of Russia, including domestic citizens, foreigners, and organizations established within Russia. According to the draft, if the annual transaction volume exceeds 600,000 rubles (approximately 8,100 USD), the relevant entities must report their cryptocurrency transactions. Failure to pay taxes as required will result in a fine of 40% of the unpaid tax amount.

The Russian Duma is expected to review this new cryptocurrency legislation on February 17.

Morocco Considers Issuing Central Bank Digital Currency

Morocco is exploring the possibility of launching a central bank digital currency, which indicates that the country is also beginning to pay attention to the development of the digital currency sector.