The South Korean financial regulator said its employees dealing with digital currencies should submit reports on personal crypto assets identified by the agency spokesperson as a “reminder of the current code of conduct”. According to local reports, the requirement will cover employees of the Korean Financial Services Commission (FSC), who are tasked with developing the country’s response to crypto regulation, overseeing advances in technology, and monitoring crypto transactions.
South Korean officials have until May 7 to submit their extradition. Staff members have been given a deadline until May 7 to submit their returns or take disciplinary action for violating the code of conduct. Internal agency rules require employees to report any investments to the FSC chairman. They are also expected to avoid trading if they have insider information. The developments follow a process in which an employee trading cryptocurrencies earned significant profits in December 2017 by trading digital currencies from information that the regulator has not yet disclosed to the public.
South Korea to implement crypto tax law next year
Earlier this month, the South Korean finance minister said the government will begin taxing capital gains from cryptocurrency trading from next year as previously suggested. “This is inevitable, we will have to tax the gains from trading virtual assets,” Finance Minister Hong Nam-ki said at a press conference.
When asked, he stated that the tax law should be postponed until the government has proper control over the industry. Under the upcoming law, any annual earnings above 2.5 million won ($ 2,253) from cryptocurrency trading will be subject to a 20% capital gains tax.