A local report indicates that South Korea’s Minister of Finance and Economy believes that the country should impose a tax on cryptocurrency trading and investing. He added that South Korea has been discussing with other countries the introduction of a new digital law. South Korea To Impose Tax On Crypto? The Asian country has been...Read More
Despite the lacking demand as of yet, the Bank of Korea (BOK) has set up a legal advisory group to review any legal issues before possibly launching a central bank digital currency (CBDC) in the future. BOK To Review Legal Matters Around CBDC According to a local report from today, South Korea’s central bank has...Read More
South Korea is a very prominent country when it comes to cryptocurrencies and finance. It now appears that a digital Won is being explored, with a pilot program running until late 2021. There are multiple countries aiming to digitize their fiat currency in the coming years. Digitizing the South Korean Won Slowly but surely, all...Read More
The recent mystery surrounding the incredible $80,000 worth of Ethereum transaction fee has been resolved. Instead of a complicated money laundering scheme compiled by a South Korean exchange, it actually turned out to be a human-mistake made by one of the employees. 656 ETH Paid for Syntethics Network (SNX) Transaction A few days ago, a...Read More
This week has been somewhat positive for the cryptocurrency community. Starting with Bitcoin’s price, which began trading at $8,600 but, since then, it has risen to the current stance of above $9,000. Following its increase, Bitcoin is starting to escape the correlation it recently demonstrated with the traditional financial world markets. As the coronavirus outbreak...Read More
Over the past few months, news of the coronavirus-caused illness COVID-19 has spread around the world. Unsurprisingly, it has affected crypto and the broader tech industry due to how widespread the illness has become. Coronavirus Affects Crypto Events; Tron Conference Latest to Fall While COVID-19 began in China, the illness has rapidly spread around the world,...Read More
South Korea might be changing its stance regarding taxing cryptocurrency trading profits. Just weeks after the government said that they wouldn’t tax any profits made from digital assets, a new report indicates otherwise. The country could purportedly classify crypto gains in the same category as lottery winnings and thus tax them with 20%. South Korea...Read More
The largest cryptocurrency exchange in South Korea, Bithumb, has filed a complaint with the Tax Tribunal against the National Tax Service (NTS). The company wants the Tribunal to nullify a tax for nearly $70 million, which was previously imposed by the NTS on its customers. Bithumb Fires Back At the end of 2019, NTS imposed...Read More
Financial institutions in South Korea may soon be able to launch Bitcoin derivatives and other crypto-based products as part of the country’s effort to make crypto a legal asset. The South Korean presidential office of the 4th industrial revolution Commission published a document advising the Korean government on some policies they could use as a...Read More
Good news for cryptocurrency traders in South Korea as profit generated from crypto trading will not be subjected to tax, according to a recent announcement from the country’s Ministry of Finance and Strategy. The Ministry clarified that the current tax law does not consider crypto trading gains as taxable income; thus, Korean crypto traders are...Read More
The South Korea Ministry of Economy and Finance confirmed that the Profits from individual virtual asset transactions are not a listed income. Furthermore, they are not taxable under the current tax law. South Korean Government is keen to study the crypto regulation approaches of major countries of crypto taxation. An official of the ministry said...Read More
South Korea has confirmed that income tax cannot be levied on individual investors’ profits from crypto transactions under the current tax law. The government, however, is reviewing international trends and the approaches of major countries to crypto taxation in an effort to amend the existing Korean tax law to include cryptocurrency. Also read: Regulatory Roundup...Read More
The National Tax Service of South Korea (NTS) has decided to withhold income tax from Bithumb’s foreign customers. The total tax to be imposed on their transactions amounts to more than 80 billion won (over $69 million), the leading Korean cryptocurrency exchange announced. Also read: Poles Hit With Backdated Tax on Crypto Trades Bithumb to...Read More
Far away from western eyes, Asian blockchain projects are thriving. A vibrant ecosystem of public and permissioned chains has sprung to life in Asia, aided by government and big business endorsement of distributed ledger technology (DLT). Many of these chains are virtually unknown outside of the region, yet enjoy high profile partnerships and endorsements in...Read More
The Bank of Korea (BOK) is taking another important step towards adopting the trend for central bank digital currencies (CBDCs). The bank will reportedly organize a dedicated task force to build on top of the existing CBDC research and to improve it further. Bank Of Korea’s CBDC Task Force A local report from today shows...Read More
KT, the South Korean telecom company, is selected by the Korean government to issue a local blockchain-based currency in Busan. ‘Dongbaekjeon’, with annual issue amounting to 300 billion WON is a blockchain-based local currency. This currency is reported to go live on Dec 30, 2019, as per a local news report. Further, the report claims...Read More
South Korea is an important region when it comes to cryptocurrencies. It now appears the country’s central bank wants to begin researching central bank digital currencies in the near future. Numerous countries see merit in creating national digital currencies. More Central Bank Digital Currencies are Coming Such projects are often referred to as central bank...Read More
The South Korean central bank is the latest in the list of national banks to reveal its intentions towards central bank crypto (CBDC). South Korea Joins Crypto Research Race According to local media, the Bank of Korea has begun hiring crypto-asset experts signaling that the central bank may begin developing its own CBDC. It added...Read More
The South Korean government wants to tax capital gains on cryptocurrencies. This new decree has yet to be officially improved by the proper authorities. South Korean news outlet Korea Times claims the government wants to impose capital gains taxes on virtual currencies, including bitcoin. Bitcoin Taxation in South Korea This is a new measure by...Read More
In this regulatory roundup, we cover the U.S. SEC approving a bitcoin futures fund, the new IRS tax form targeting crypto owners, and several more steps taken by the U.S. government toward crypto regulation. We also cover India’s central bank digital currency plan, South Korea’s crypto taxation plan, and the European Commission’s announcement regarding stablecoins....Read More
South Korea-based Coinplug, a leading Bitcoin (BTC) exchange, wallet and payment company, has raised 7.5 billion won (appr. $6.4 million) from the venture capital divisions of several major local financial institutions. Coinplug’s management noted in a press release on October 24 that the investments came from KB Investment, the VC arm of the KB Financial...Read More
South Korea’s regulatory authorities have strongly favored backing blockchain-related projects over decentralized cryptocurrencies. Some recent events confirm that the nation’s government is more supportive of distributed ledger technology (DLT) itself rather than speculative tokens. Around 97% of local cryptocurrency exchanges are in danger of being shut down, according to local reports. Most Smaller Korean Exchanges...Read More
South Korean electronics manufacturer, Samsung, has time and again shown an interest in the field of cryptocurrencies and blockchain tech. Earlier this week, the company had filed a patent for a programmable blockchain solid-state drive [SSD], with the company last month integrating Pundi X’s XWallet app into its Samsung Blockchain Wallet. The electronics giant is...Read More
BC Card, the largest payments processor in South Korea, is now using KT’s blockchain technology to settle rewards points. BC Card processes the ordering and exchanging of points paid out by affinity partners, VIP points and vouchers. BC Card earlier handled the rewards manually but in the first half of 2019, it began to develop...Read More
The chairperson of the South Korean Financial Services Commission (FSC) has stated that he is in favour of a proposed reporting system for crypto exchanges operating in the nation. The regulations may serve to make digital currency trading platforms more transparent, as well as helping to protect against money laundering and other financial crimes.The proposal...Read More
There are many metrics to ascertain the popularity of bitcoin and cryptocurrency trading in different geographic regions across the world. One of them is the most traded fiat currencies chart which has revealed some interesting results. Asia Still Big on Bitcoin Unsurprisingly the US dollar was the top traded fiat currency according to statistics from...Read More
Woori Financial Group, one of South Korea’s largest banking companies, has agreed to work with Ground X in developing blockchain financial services. Group Chairman Chairman Son Tae-seung made the announcement on the 21st at the company’s headquarters in central Seoul, some reports said. Further detail appeared in Shin-A Ilbo, CoinDesk Korea, and other publications. Under the agreement,...Read More
South Korea’s Prixbit cryptocurrency exchange has officially closed down. In a website post dated Aug. 9 and entitled ‘Prixbitend,’ the exchange declared it would cease operations. The move was subsequently reported by local press. “Due to negative internal and external influences, management difficulties could not be overcome and normal operation became impossible,” the founder wrote. The exchange said...Read More
South Korean Blockchain projects are ditching the domestic market due to regulatory headaches, mainstream media report. South Korean Blockchain Projects Look Abroad Referencing a range of industry experts on August 18, local news outlet Business Korea noted the increasing tendency for Blockchain projects born in South Korea to seek out easier funding overseas. Major international...Read More
CGEX, a Malta-based exchange opened by South Korea’s Coinone less than a year ago, is shutting down. The exchange posted an announcement last week saying that all services would be terminated on Sept. 18 at 2:50 UTC. After that date, customers will no longer be able to log in, and deposits and withdrawals will no longer be...Read More
