ChainCatcher news, Goyang City in South Korea has stated that the use of virtual assets to evade local tax payments is becoming increasingly common. They will take action against those with significant local tax arrears by freezing their virtual assets.According to the laws revised last year, such as the "Reporting and Use of Specific Financial Transaction Information," Goyang City can access customer information and transaction records from virtual asset exchanges. Therefore, Goyang City has introduced the "Virtual Asset Electronic Collection System" to combat tax evasion.Currently, Goyang City has requested the three major domestic virtual asset trading platforms (Bithumb, Upbit, Korbit) to provide information on the virtual asset holdings of 10,391 individuals with significant local tax arrears. Once the information is confirmed, Goyang City plans to freeze and recover the assets of the debtors.

ChainCatcher news, according to News1, South Korea will establish clear accounting treatment guidelines for virtual assets within the reasonable interpretation of International Financial Reporting Standards (IFRS). The guidelines will primarily follow the relevant transaction entities and transaction stages of virtual assets.The company's obligations to virtual asset holders are generally divided into three stages, unless in rare cases, the scope of obligations granted to the issuer is arbitrarily changed post-factum to avoid the premature recognition of liabilities from the sale proceeds; after the company has fulfilled all obligations to virtual asset holders, it must recognize the sale portion of the virtual assets as revenue; before completing the obligations to virtual asset holders, which are usually divided into three stages, the amounts received by the company should be recognized as liabilities. (Source link)

ChainCatcher news, the Bank of Korea has released a report titled "Assessing the Deficiencies of the Cryptocurrency Market and Its Impact on Global Significant Events." The report states that as the scale of the cryptocurrency market expands, the possibility of impacting the real economy also increases. If activities such as deposits or loans are conducted in the cryptocurrency market similar to those in the traditional financial industry, and face the same risks, then the same regulations as those in the existing industry should be implemented for the crypto market.The National Assembly of Korea is currently promoting the enactment of regulations through the "Virtual Asset User Protection Act." The Bank of Korea's position is that legislation considering the impact on the financial system is necessary, especially for stablecoins that may be used as a means of payment. It believes that the role of central banks should be expanded by referencing legislative cases from major countries such as the European Union (EU).A responsible official from the Bank of Korea stated that if the cryptocurrency market has economic functions similar to traditional finance, regulatory rules similar to the "Banking Act" or the "Capital Markets and Financial Investment Services Act" should be formulated. (source link)

According to ChainCatcher news, the East Asia Daily reported that a South Korean lawmaker is preparing to draft the "Public Officials Virtual Asset Concealment Prevention Act," which amends parts of the "Public Service Ethics Act" and the "Public Officials Election Act," aiming to require public officials to disclose detailed information about virtual assets valued at 5 million won (approximately 3,772 USD) or more. (Source link)

According to ChainCatcher news, a financial regulatory official stated in a phone interview with South Korean media News1 that as cryptocurrency staking services have been scrutinized overseas, domestic trading platforms' staking services will also undergo a comprehensive review. However, he did not disclose the timeline for the investigation. (Source link)