The country’s government is planning to implement a 20% tax on profits in cryptocurrency, reports Cointelegraph.com. The tax will apply to holding and trading virtual assets, as well as receiving them as gifts or inheritance. It only concerns profits of over 2.5 million won (about $2,300), with smaller gains being exempt from taxation on cryptocurrency.

Most recently, the government has also introduced new measures to enforce compliance of crypto exchanges with anti-money laundering regulations in the country. According to Coingeek.com, these measures from the Financial Services Commission will apply starting from April 20 this year. In particular, the exchanges could incur fines in the event they do not comply with the regulations.

Interest in virtual currencies has grown among traders in South Korea. News.Bitcoin.com, citing newspaper Dong-A, reports daily transactions of around $7 billion on local crypto exchanges between January 1 and February 25, 2021. According to the source, the figures for the four exchanges included are higher than in the same period in 2020.  

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CoinDesk.com cites a letter from Larsen’s lawyers informing the judge about a motion to dismiss. In particular, attorneys suggest that the SEC does not provide sufficient support for its claim that the executive chairman violated Section 5 of the Securities Act 1933. Specifically, the lawyers contest Larsen’s knowledge of the status of XRP as a security, CoinDesk.com reports.

In December 2020, SEC filed a lawsuit against Ripple, its CEO Garlinghouse, and co-founder Larsen. In particular, the Commission accused Ripple of offering illegal securities to investors amounting to $1.3 billion. The SEC has since then amended its complaint to include the accusation of XRP token’s price manipulation.

The ongoing confrontation between Ripple and SEC did not seem to harm the company’s business activities in the Asia Pacific. According to CoinTelegraph.com, Ripple’s CEO attributes this to clear market regulations in those regions. XRP’s price has increased by over 2% over the past 24 hours. The cryptocurrency is trading at about $0.46 at the time of writing.

In related news, MoneyGram is facing a class-action lawsuit from some of the investors who bought securities. In particular, they complain that the company made false statements in relation to XRP and did not confirm its status as a security, Coingeek.com says.

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