South Korea crypto faces monthly reports, possible education tax

Homepage > News > Business > South Korea crypto faces monthly reports, possible education tax TL;DR: South Korea’s digital asset industry is facing possible pressure on two fronts, as the central bank posits monthly balance reports on more than a million users who have moved crypto overseas, while the government is weighing whether exchanges should pay the “education tax” levied on banks and insurers—a change that hinges on the long-delayed Digital Asset Basic Act. Key Takeaways: South Korea’s central bank wants monthly reports on crypto sent overseas and users’ personal details, but industry groups warn the broad plan may be unworkable. South Korea is considering an “education tax” on crypto exchanges, contingent on the proposed Digital Asset Basic Act classifying digital assets as a financial business. South Korea’s crypto law protects users and bans market abuse but leaves token issuance, disclosures and stablecoins largely unregulated. South Korea’s central bank, the Bank of Korea (BOK), is proposing monthly reporting requirements for digital asset holders in the country, including personal information of users who transferred digital assets overseas and their domestic...