South Korea’s ruling party suggests more leniency on cryptocurrencies

cryptoshitcompra.com/wp-content/uploads/2021/08/-Ruling-Party-of-South-Korea-suggests-a-mayor.jpg »alt =» South Korea’s Ruling Party Suggests Greater Indulgence with cryptocurrencies 101 ″ class = »content-img» /> Source: Adobe / tawatchai1990

cryptocurrency working group of the South Korean Democratic Party is discussing a plan to “institutionalize corporate transactions” on cryptocurrency exchanges with the country’s nine major exchanges – another sign, perhaps of an impending regulatory downsizing.

More details from a key meeting last month between the heads of the exchange and the task force revealed that the party may be ready to make a series of concessions to the sector.

For Herald Kyungjae, the executive directors of the exchanges, present at the meeting “strongly criticized the government’s regulatory measures”, which imposed a series of banking, information management and anti-money laundering regulations on commercial platforms.

CEOs accused the government and party of bringing them to the brink of closure, with none of the exchanges fully complying with all regulations.

Regardless, the task force is committed to doing everything in its power to help strengthen the industry, painfully aware that many of its main backers are crypto investors who are rapidly losing faith in the party ahead of the general election. of the next year.

exchanges agreed that the government and industry should reach a consensus on how to deal with corporate clients and their transactions, as well as clients of foreign (non-Korean) trading platforms.

Currently, all major exchanges have their own policies on how to deal with businesses and non-citizens, but all parties agreed that regulatory clarity was needed on how to proceed if the process was to be ‘institutionalized’.

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task force also said it will consider requests from exchanges to pay their taxes in cryptocurrency, rather than fiat. Exchanges typically have large holdings in cryptocurrency and, starting on January 1 of next year, they will be required to declare and pay taxes on their KRW holdings, a process that will involve paying exchange and transaction fees. Instead, the CEOs of the platforms have demanded the right to hand over government cryptocurrencies like bitcoin (BTC).

Meanwhile, a new private members bill that will propose granting another six months grace to implement a long list of compliance requirements that would allow them to continue operating must be submitted to parliament.

architect of the bill is MP Yoon Chang-hyeon from the main opposition party, the People’s Power Party. Chosun TV listed Chang claims he would introduce the bill before the weekend.

Opposition leaders say the government must act quickly to avoid a “shutdown crisis” and companies that fail to meet September 24 deadlines are forced to close, or risk fines or imprisonment .____ To find out more: – South Korea’s smaller cryptocurrency exchanges begin to shut down, suspend services – Cryptocurrency exchange self-regulation kicks in as regulators start to kick-start

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