In recent month, South Korea has fixed their attention, to the regulation of Crypto Currencies.
For South Korea Crypto Business, new financial reporting rules was made by the government and failure to comply with these rules, will lead to a five year jail term or $44,000 fine.
Regulation on cryptocurrencies in South Korea has been tightened by the South Korea Financial Supervisory Service (FSS) and other allied regulatory bodies. Also cryptocurrency speculation have been raised by major banks in South Korea.
Employees working on crypto regulation has been asked to file reports about their cryptocurrency investment portfolios, by the Financial Service Commission, as part of the FSC’s code of conduct.