Against the background of statements by the South Korean authorities about plans to focus on curbing criminal activity in the cryptocurrency market, the Kimchi Prize showed a significant decline.
The term “Kimchi Premium” describes the peculiarity of the South Korean cryptocurrency market – pairs with the local fiat currency are traded significantly higher than in other markets. So, the cost of bitcoin in terms of US dollars can be 20-25% higher. However, after the announcement of the country’s authorities, this difference decreased by 10%.
Yesterday, April 7, a meeting was held between representatives of the Financial Services Commission of South Korea (FSC), the Ministry of Finance, the Ministry of Justice and other regulators. The subject of discussion was the regulation of trading in digital asset markets.
“We will strictly suppress illegal activities related to cryptocurrency transactions, price manipulation, money laundering and tax evasion. For this, the police, prosecutors and financial control bodies will cooperate, ”the regulators said in a statement.
Also, the South Korean authorities plan to tighten control over cryptocurrency transactions in order to ensure taxation of income received from such transactions. At the same time, no specific action plans and documents have yet been submitted.
Recall that in mid-March, the tax service of South Korea announced that it would strengthen measures to combat tax evasion by cryptocurrency traders.
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