Tag Archives: south korea

South Korea is following in the footsteps of India in terms of legalizing cryptocurrency trading and holding after passing a new amendment a few hours ago. From now on, digital assets are entirely legal in the East Asian nation.Cryptocurrencies Now Legal In South KoreaCryptocurrency trading is now entirely into the legal system for the South Korean government, according to a local report. To receive this outcome, the National Assembly amended the Act on Reporting and Use of Specific Financial...

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 To Tax Crypto Profits?At the start of 2020, the Ministry of Finance and Strategy said that the current tax law does not consider cryptocurrency...

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 BackAt the end of 2019, NTS imposed $69.3 million of withholding tax on the exchange’s foreign customers, according to a report. At the time, this was the first confirmed case where the Korean government has...

South Korea is pushing legislation that would bring cryptocurrency and blockchain technology into more mainstream territory.South Korea Is Looking to ChangeAt one time, it can be argued that cryptocurrency was very mainstream in the region of South Korea. The country – pre-2018 – accounted for roughly one quarter of the world’s total cryptocurrency transactions, so to say that the nation was a digital hotspot would be something of an understatement.However, as more crime occurred throughout...

The largest electronic commerce company in South Korea Coupang Corp. is launching IPO (Initial Public Offering) in 2021. The company has declined to provide any comments on the news, but those familiar with the matter state that the information is accurate.It is notable that some consider Coupang as an unprofitable company. However, it attracts investors and expands its services. It is also seen as a strong rival by South Korea’s biggest food delivery app Woowa Brothers Corp. that sold an 87%...

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 roadmap to institutionalize cryptocurrencies, according to Business Korea, on Monday.The Commission suggested that the Bitcoin should be listed...

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 not required to pay taxes on the profits they earn from crypto trading for the time being. However, crypto traders in the country may not be exempted...

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 ForceA local report from today shows BOK’s intentions for developing more CBDC-orientated research groups. As included in the bank’s “Monetary Policy for 2020,” the research will target innovations, such as...

South Korea has passed new laws requiring that everyone opening a cryptocurrency account use their true, legal names to do so.South Korea: The Center of Crypto Regulation?As time goes by, many cryptocurrency exchanges and businesses are seeking out ways to remain fully compliant with federal regulators. The problem is that to do this, they’re often required to invade the privacy of their customers to one extent or another, and this scenario is no exception.One of the issues at hand is that...

It’s happened again, folks. Another cryptocurrency hack has taken place in the region of South Korea. This time, the victim is the popular cryptocurrency exchange Up Bit, which has reportedly lost nearly $50 million in Ethereum (ETH) funds.Up Bit: The Latest Target of CyberthievesSouth Korea, at one time, was one of the world’s largest cryptocurrency hubs. The country was responsible for roughly one-quarter of the world’s bitcoin transactions, though the region has taken on something of a...