In the latest twist in an ongoing saga, South Korea reportedly intends to make cryptocurrency operators exchange user data with banks, local media said on Sunday, citing a single unnamed government official.
The plan, which will be a "measure of tax enforcement," is expected to come into effect toward the end of January or at the beginning of February, Yonhap News Agency reported. A separate Yonhap report on Monday said the government would impose a tax rate not exceeding 24.2 percent on cryptocurrency exchange incomes this year.
"Korea Financial Intelligence Unit announced that financial companies are in the process of drawing up a guideline to prevent cryptocurrency-related money laundering, although any specific measures are yet to be confirmed," the Financial Services Commission said in a statement in response to the news.
"The financial authorities have not looked into any measure to monitor cryptocurrency users' transaction data," it added.