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Regional reports disclose South Korea\u2019s Financial Services Commission (FSC) had a closed-door meeting with roughly 20 different cryptocurrency exchanges on June 3. The report highlights that virtual asset business operators (VASPs) that attended the meeting all had ISMS (Information Security Management System) certification.<\/b><\/p>\n A <\/span>report<\/span><\/a> stemming from D.Street who quoted undisclosed sources stated the South Korean FSC met with 20 \u201csmall and medium-sized exchanges in South Korea\u201d to discuss the cryptocurrency environment. <\/span><\/p>\n The insiders further noted that the exchanges could detail grievances to the financial regulator. ISMS certified exchange representatives who attended the meeting came from companies like Upbit, Bithumb, Korbit, Coinone, Kordax, Coinncoin, Tennten, Poblegate, and Flybit.<\/span><\/p>\n The meeting was called the \u201cReport Registration Guidance Consulting\u201d and the report noted that only Upbit, Bithumb, Korbit, and Coinone have met the \u201creal name\u201d trading requirement. These four crypto exchanges are known as the \u201cBig Four\u201d in South Korea. D.Street highlighted that 16 small to medium exchanges expressed difficulties toward meeting the \u201creal name\u201d mandate.<\/span><\/p>\n <\/ins> <\/ins> <\/p>\n Meanwhile, another <\/span>report<\/span><\/a> details that South Korea\u2019s <\/span>National Tax Service<\/span> (NTS) revealed that residents with accounts to overseas crypto exchanges must report their crypto holdings to tax officials. The NTS noted that the overseas crypto rules will take effect on January 1, 2022, and people need to report crypto holdings by June 2023.<\/span><\/p>\n The news follows the Financial Supervisory Service (FSS) being <\/span>assigned<\/span><\/a> to lead the cryptocurrency regulatory efforts in South Korea. Furthermore, regulators in South Korea have been concerned with the \u2018<\/span>kimchi premium<\/span><\/a>\u2019 on certain crypto assets in the country.<\/span><\/p>\n What do you think about the closed-door meeting with 20 exchanges and the South Korean FSC? Let us know what you think about this subject in the comments section below.<\/i><\/b><\/p>\nSouth Korean Regulator Holds a Closed-Door Meeting With 20 VASPs<\/span><\/h2>\n
South Korean Citizens With Overseas Crypto Accounts Will Need to Report Holdings in 2023<\/span><\/h2>\n