The FSS will control the tower supervising the nation’s mushrooming digital asset space, ending the discussion on who to take charge that took months. Nevertheless, keep in mind that major digital coins drop during the weekend.
The administration delegated the Financial Supervisory Service in a statement on Friday. The FSS will oversee virtual assets activities in the country. On the other hand, the ICT and Science Ministry will supervise the nation’s blockchain technology. Keep in mind that it took several months of deliberation to decide on the industry’s oversight.
The FSS will have the role to supervise economic measures introduced earlier, including the financial transaction act that restricts crypto exchange operations.
Moreover, the government touched on taxation. With that rule, from next year, crypto transaction gains will incur 20% income tax. Any investor earning more than $22,400 (25 million won) will face income tax.
Also, the government prohibited crypto operators from engaging in exchange services or transactions. That aims to promote transparency in crypto exchange operations. Moreover, that will boost the platform’s security. What do you think?
Also read:In other news, the leading digital asset trades at around $41.5 million on Sunday. That translates to a 2.79% decline from the past day, according to data from Upbit, the nation’s leading crypto exchange. At the same time, Ethereum lost around 3%, fading to 2.7 million won.
With the recent market plunge, institutions that invested in cryptocurrencies over the past few months are experiencing losses on their holdings. They include Meitu, a China beauty app, and Nexon, the game- maker. For example, Nexon’s unit in Japan purchased 1,717 BTC for around 65 million won per coin in April. Unfortunately, Bitcoin is down by 36% at the moment.
Ethereum and Bitcoin started the downward spree early in May, coinciding with Musk’s remarks, referring to Dogecoin as a hustle. Dogecoin is an altcoin that was once ranked third by market cap due to Elon Musk’s support. However, the CEO sent BTC tumbling after suspending the coin usage in his company.
Countries like the US and China caused turmoil in the crypto market after launching crackdowns on the digital market.
Should the crypto market prepare for more supervision? Comment what you feel below.
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