Some of the largest securities firms in South Korea are planning to roll out crypto exchanges in the first half of 2023. The launch will be headed by the Financial Investment Association. Reports revealed that the firms have already applied for a government license to launch the exchanges.
“The discussions necessary for the establishment are currently being finalized internally,” an official from one of the securities firms said.
The government is planning to announce the provisions of the virtual asset law and regulations in the fourth quarter of the year. In line with this, the details of the arrangement will be announced after the law is reviewed.
South Korean Offer Tax Rebates To Crypto Firms
The President of South Korea, Yoon Suk-yeol, has always shown interest in digital assets. He is dubbed a crypto-pro president and has been promoting policies that will make the country be seen as a crypto-friendly country.
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The South Korean tax authorities are also offering tax rebates to crypto firms. Initially, the government wanted to place a 20% tax on crypto gains, but the policy has been shifted to 2025. The idea has been to provide an enabling environment for businesses in the industry to flourish.
Those that make profits of up to $40,000 will not be taxed. However, airdrops could be subject to a gift tax of between 10% and 50%.
South Korea To Also Establish Robust Crypto Regulation
While the government is showing more interest in crypto activities, it has also intensified efforts to regulate the market to protect investors. The Digital Asset Basic Act will introduce cryptocurrency trading regulations in 2023.
Some of the securities firms that want to launch a crypto exchange include NH Investment & Securities, Mirae Asset Consulting, KB Securities, Shinhan Financial Investment, and Samsung Securities.
KB Bank noted that the firm will be preparing the launch of related products via domestic and digital asset market research. It wants to roll out the products as soon as possible after the deregulation in Korea.
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