Tag Archives: south korea

The operator of the South Korean cryptocurrency exchange Bithumb plans to take the company public via an initial public offering (IPO), local reports indicate. To be successful, however, Bithumb has to overcome certain challenges, including taxation issues and investment protection.Bithumb Considers Another IPOAccording to the report from today, Bithumb Korea has selected the capital market company Samsung Securities as a listed host and has started the development work necessary for an IPO....

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 rather indecisive regarding whether or not to tax cryptocurrency profits. At the start of the new decade, the Ministry of Economy and Finance said that the existing...

A popular blockchain security company finally revealed who was the sender of last week’s Ethereum transactions with abnormally high fees.Reportedly, it’s a small South Korean cryptocurrency exchange that pays little to no attention to its security protocols.The BackstoryLast week, CryptoPotato reported on two transactions with abnormally high fees that took place on Ethereum’s network. Both of them were sent out from the same address. The first carried 0.55 ETH and paid a fee of 10,668 ETH,...

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 CBDCAccording to a local report from today, South Korea’s central bank has established a group consisting of a six-member panel. Among those are law professors and legal practitioners, including lawyers and BOK’s legal policy office. They will provide...

Seoul’s Court has ordered the “freeze” of all crypto wallets, security deposits, and stock accounts of an individual allegedly involved in child pornography. The decision came after a petition demanded from prosecutors.Cho Ju-bin, The Suspected Head Of Nth Room On TargetAs announced, the Seoul Central District Court Criminal Settlement Division 30 (led by trial chief Lee Hyun-woo) froze 15 crypto wallets of the alleged manager of Telegram channel Nth Room, Cho Ju-bin, who has been under...

The majority of participants in a recent poll support some forms of cryptocurrency taxation. Contrary, 20% are against, outlining that current laws are not functioning accordingly to cope with the rising role of digital assets in the modern online world.66% Support Crypto TaxationThe topic of taxation in the cryptocurrency scene has been openly discussed for years without a definitive and precise solution. The divided evaluations are spread among countries but also digital asset investors.A...

The Bank of Korea (BOK) has initiated a test program to check the capabilities and necessary technologies required for launching a central bank digital currency (CBDC). Despite the testing, though, the bank noted that the chances of issuing its own cryptocurrency are slim due to lots of competition.BOK Tests CBDCA local report from earlier today informed about the actions from the Bank of Korea. It indicated that the test program began last month and will provide a decisive conclusion by the...

South Korea’s largest bank, KB Kookmin Bank, is expected to launch a cryptocurrency custody service shortly. The entity has filed a trademark application for KBDAC – KB Digital Asset Custody back in January for various services, including investment, and digital asset trading.KBDAC Launching Soon?A local report from today informed that the giant South Korean bank has applied for the patent at the end of January this year with the Korean Intellectual Property Office. According to the latter,...

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) TransactionA few days ago, a suspicious Syntethics Network Token (SNX) transaction worth $0.00000001 had been sent on the Ethereum blockchain. The value of the token practically equals $0,...

Bitcoin has shot past the $9,000 mark once again, but it’s still facing heavy resistance.Bitcoin Is Doing Better, but It’s Still StrugglingThe number one cryptocurrency by market cap has been struggling as of late thanks to rising fears of the coronavirus, which has spread throughout most of Asia, as well as parts of Europe and North America. More than 2,000 deaths have been recorded thus far, while tens of thousands of other individuals remain infected at the time of writing.The currency...