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China and Russia strengthen encryption regulation, Morocco explores Central Bank Digital Money.
Regulatory Dynamics
Strengthening Regulation of Cryptocurrency Exchanges in South Korea
The South Korean financial regulatory authorities have recently introduced a series of new regulatory measures targeting cryptocurrency exchanges. The Financial Intelligence Unit requires exchanges to identify and report any suspicious transactions within three working days. Additionally, exchanges need to provide certification of their information protection management system, contracts for real-name authentication signed with local banks, and qualifications for key position employees.
Meanwhile, the South Korean Financial Services Commission is considering adjusting the regulations on shared orders in the Special Financial Transaction Law. The new rules will allow clients to trade assets with other business owners through corporate alliances under specific conditions. The legislative notice period for this amendment is from February 18 to March 2.
Russia Advances Cryptocurrency Tax Legislation
The State Duma's Committee on Construction and Legislation of Russia approved a cryptocurrency tax bill on February 15. The bill amends the federal tax law, officially recognizing cryptocurrencies such as Bitcoin as property, and imposes taxes on the profits from cryptocurrency transactions for Russian residents.
The bill applies to all domestic residents, including citizens, foreigners, and domestic and international organizations established in Russia. According to regulations, if the annual transaction total exceeds 600,000 rubles (approximately 8,100 USD), the relevant entities must report their cryptocurrency transaction status. Failure to pay taxes as required will result in a fine of 40%. The bill is expected to be reviewed in the Duma on February 17.
Morocco Considers Issuing Central Bank Digital Currency
Morocco is exploring the possibility of launching a central bank digital currency to keep up with global fintech development trends. This move demonstrates the country's attention to and preparation for the future of digital finance.