South Korea Plans Imposing Capital Gain Tax of Cryptocurrencies

South Korea Plans Imposing Capital Gain Tax of Cryptocurrencies

South Korea’s Ministry of Economy and Finance has declared that from next year, it will be introducing new measures to impose taxes on cryptocurrency holdings. This move comes after South Korea has already established a legal framework for crypto. According to new regulations by the South Korean government, the country will now be imposing taxes on capital gains from virtual transactions of digital currencies. The information was shared by government sources last week. One South…

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South Korean Crypto Exchange UPbit Admits 342K ETH (~$50M) Theft

South Korean Crypto Exchange UPbit Admits 342K ETH (~$50M) Theft

UPbit, South Korean cryptocurrency exchange, has recently posted a statement on its official website, confirming a cyberattack that resulted in the robbery of approximately $50 million in virtual assets. The statement was posted on 27th November, when UPbit informed users about the suspension of its services related to deposit and withdrawal of cryptocurrency. The crypto exchange also revealed in the post that over 342,000 of Ethereum (ETH)trade was seized and stolen from Upbeat’s Ethereum hot…

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New South Korean Legislation Establishes Legal Framework for Crypto

New South Korean Legislation Establishes Legal Framework for Crypto

South Korea’s National Assembly’s policy committee passed a bill on Tuesday, adding new amendments to the Act on Reporting and Using Specified Financial Transaction Information that will create a groundwork for digital currencies by classifying them as virtual assets. One of Korea’s financial regulator, the Financial Services Commission (FSC), claims that the recent additions to the Act can help make digital currencies more transparent and validate investment opportunities in cryptocurrency across the country. The FSC…

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CEO of South Korean Crypto Exchange CoinUp Imprisoned for 16 Years for Fraud

CEO of South Korean Crypto Exchange CoinUp Imprisoned for 16 Years for Fraud

“Everyday for the thief, one day for the owner,” they say. Well, that proved true in the case of this South Korean crypto exchange, CoinUp, which the police found to be a fraudulent scheme. According to local South Korean news reports, the crypto exchange was involved in an elaborate scam worth over $380 million. The firm allegedly deceived its investors into committing to a worthless digital coin, in the hope of getting a bigger return….

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Crypto Tracking Helps Uncover a Huge Global Child Porn Ring Based in South Korea

Crypto Tracking Helps Uncover a Huge Global Child Porn Ring Based in South Korea

Thanks to the tracking characteristics of blockchain technology, United States authorities have been able to uncover the largest international child porn ring ever. It is no news that crypto coins can (and are being) used to finance illegal activities. These activities range from (but are not limited to) aiding money laundering to financing terrorist groups, child pornography, and drug trafficking. Luckily, law enforcement agencies are aware of these illegal activities and are on their toes,…

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South Korean Crypto Exchange Bithumb Enters India Despite Anti-Crypto Climate

South Korean Crypto Exchange Bithumb Enters India Despite Anti-Crypto Climate

In what can unarguably pass as restoring hope to India’s crypto investors, the South Korean crypto exchange Bithumb has decided to plant one of its branches in the country. Bithumb, which is currently one of the biggest South Korean crypto exchanges, took a leap of faith and is headed to India to further strengthen the Indian crypto ecosystem. India’s crypto community has been in the news lately, following a proposed anti-crypto bill. According to the…

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Crypto Exchange OKEx Korea Ceases to Support 5 Cryptocurrencies

Crypto Exchange OKEx Korea Ceases to Support 5 Cryptocurrencies

OKEx Korea, an international cryptocurrency exchange, notified in a statement originally made on 10th September that it will cease to support five cryptocurrencies; Monero (XMR), DASH, Zcash (ZEC), Horizon (ZEN) and Super Bitcoin (SBTC). The company will end transaction support on October 10th and the end of withdrawal facility two months later, on 10th December. In the statement made, OKEx Korea claimed that the reason for the termination of support was because the following five…

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Report: LG Seeks to Enter the Crypto Market with Blockchain Phone

Report: LG Seeks to Enter the Crypto Market with Blockchain Phone

The South Korean news outlet IT Chosun reports that the multinational electronics company LG will release blockchain friendly smartphones as part of its next round of launches. Anonymous officials from the company have apprised the local media outlet about a now-concluded market research that the company has conducted, and its preparations to launch a blockchain-oriented smartphone. It was also reported that LG is collaborating with local decentralized application (dApp) developers to come up with marketable…

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Naver’s Subsidiary Line to Offer Crypto Trading Services in Japan

Naver’s Subsidiary Line to Offer Crypto Trading Services in Japan

The renowned South Korean internet company, Naver Corporation, confirmed on Friday that it is ready to spread its wings across the global crypto community. Using its Japanese subsidiary, Line, Naver is targeting the millions of users on the messaging app platform as it makes a move into the highly competitive crypto sphere. Line currently boasts up to 80 million users in its messaging app. Its payment service Line Pay has also experienced a bliss in…

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South Korean Music Titan SM Entertainment to Develop Cryptocurrency

South Korean Music Titan SM Entertainment to Develop Cryptocurrency

South Korea’s biggest entertainment company SM Entertainment revealed that it will be launching its own cryptocurrency in collaboration with the tech organization CTIA Labs. SM Entertainment is popularly crowned as the largest South Korean entertainment company with an estimated annual revenue of $350 million. These figures for public introspection on the company’s official data website Crunchbase. The plan to launch a dedicated cryptocurrency was unveiled at Upbit Developer Conference recently in Incheon, South Korea. The…

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