# Honeycomb account exchange is not immediately shut down
What will happen to exchanges that use honeycomb accounts that are not affiliated with commercial banks? Exchange operations do not cease immediately after the enforcement of the special money law. The business report period was delayed until September 24th. Even an exchange that uses a honeycomb account can operate after receiving a business report if it has obtained ISMS (Information Security Certification System) certification if there is no Korean won market. Exchanges that operate the KRW market must obtain a real name verification virtual account in addition to ISMS certification to file a business report in accordance with the Special Money Act.
# Do not specify the handling coin
The Special Money Act is a law that obliges virtual asset business operators to prevent money laundering, but it is not a law designed to protect investors. The only coins that cannot be directly handled by exchanges under the Special Law are those that are difficult to understand transaction details, including dark coins. It does not provide specific guidance on coins that can be handled by the exchange. In addition, ICO is basically prohibited in Korea.
# I haven’t disclosed the whitelist system
The government has never announced that it will operate a cryptocurrency whitelist system at the national level. Japan is currently operating the cryptocurrency whitelist system at the national level. In Japan, only exchanges licensed by the Japan Financial Services Agency can be operated, and the listing of coins must also be approved by the Japan Financial Services Agency. In Korea, Korea Digital Asset (KODA), a virtual asset consignment service for institutional investors, has announced that it will introduce a whitelist system.
# I don’t pay the gift tax just by sending it
It is also false to say that you have to pay gift tax if you transfer coins. The taxation of virtual assets will be enforced from January of next year on the income generated by the transfer or lending. Inheritance or gift of virtual assets is also taxed, but transfer does not mean that you have to pay gift tax. Annual income is not subject to taxation up to 2.5 million won, and income above that is subject to separate taxation at a tax rate of 20%.