Despite the nation’s leading role in the digital currency markets, South Korea has struggled to implement meaningful regulatory and taxation measures for trading these currencies. In less than a year, South Korean authorities have changed their regulatory postures on numerous occasions, and the Korean judiciary and financial regulatory agencies remain misaligned in terms of establishing a cohesive regulatory stance.
Despite the lack of clarity, an overarching regulatory trend is becoming apparent: hostility toward initial coin offerings (ICOs) and exchanges, followed by increased co-operation between the government and digital currency organizations. The evolution of South Korean digital currency regulation will be one to watch, and promises to have a significant impact on the global digital currency markets.
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