Regulatory Dynamics

South Korean Financial Regulatory Agency Launches New Regulations for Cryptocurrency Exchanges

According to media reports, the Financial Intelligence Unit (FIU) under the South Korean Financial Services Commission has recently issued a series of new regulatory requirements for cryptocurrency exchanges. The FIU requires exchanges to identify and report abnormal transactions on the platform within three working days. In addition, exchanges must provide the FIU with certification of information protection management systems, contracts for real-name verification signed with domestic banks, and proof of qualifications for key position employees.

At the same time, the Financial Services Commission of South Korea plans to revise the "Specific Financial Transaction Information Reporting and Supervision Regulations," intending to allow the previously prohibited "shared orders" under certain conditions. The draft amendment will be subject to legislative notice from February 18 to March 2.

Russian Duma Approves Cryptocurrency Tax Bill

The State Duma's Committee on Construction and Legislation of Russia approved a cryptocurrency tax bill on February 15. The bill amends the tax code of the Russian Federation, officially recognizing cryptocurrencies like Bitcoin as property, with the aim of taxing the profits from cryptocurrency transactions of Russian residents.

The law applies to all domestic residents, including citizens, foreigners, and national and international organizations established in Russia. According to the regulations, if the total annual transaction amount exceeds 600,000 rubles (approximately 8,100 USD), the relevant entities must declare their cryptocurrency transactions. Failure to pay or underpayment of taxes will result in a fine of 40% of the amount owed.

According to official news, the Russian Duma is expected to review this new cryptocurrency legislation on February 17.

Morocco Considers Launching Central Bank Digital Currency

The Moroccan government is considering launching a central bank digital currency (CBDC). This move reflects the country's attention to digital financial innovation and its emphasis on keeping up with the global trends in central bank digital currencies. However, no further specific details have been released yet.