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South Korea strengthens encryption regulation while Russia promotes digital asset taxation.
Regulatory Dynamics
South Korea Strengthens Regulation of Cryptocurrency Exchanges
Recently, the Financial Intelligence Unit (FIU) of South Korea released a series of new regulatory requirements for cryptocurrency exchanges. These measures aim to strengthen anti-money laundering and counter-terrorism financing (AML/CFT) efforts.
According to the new regulations, exchanges are required to identify and report any suspicious transactions within three working days. In addition, they must provide multiple proofs to the FIU, including obtaining information protection management system certification, signing real-name authentication contracts with domestic banks, and equipping key positions with qualified personnel.
At the same time, the South Korean Financial Services Commission is considering revising the "Specific Financial Transaction Information Reporting and Supervision Regulations" to allow order sharing under certain conditions. This amendment will be subject to legislative notice from February 18 to March 2.
Russia Advances Cryptocurrency Tax Legislation
The State Duma's Committee on National 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 such as Bitcoin as property for the first time and imposing taxes on profits generated from cryptocurrency transactions.
The bill applies to all residents of Russia, including citizens, foreigners, and domestic and international organizations established within Russia. According to the regulations, if the annual transaction volume exceeds 600,000 rubles (approximately 8,100 USD), the relevant entities must declare their cryptocurrency transactions.
It is worth noting that unpaid or underpaid taxes will face fines of up to 40% of the unpaid tax amount. The Russian Duma is expected to review this new cryptocurrency legislation on February 17.
Exploration of Central Bank Digital Currency in Morocco
The Moroccan government is considering the launch of a Central Bank Digital Currency (CBDC). This move demonstrates the country's attention to digital financial innovation and a proactive response to global fintech development trends.
As more and more countries begin to research and pilot CBDCs, Morocco's move indicates the potential development of African nations in the field of digital currency. However, specific implementation plans and timelines have not yet been announced, and we will continue to monitor the country's progress in this area.