South Korea - AllStocks Network

South Korea Might Impose 20 Percent Tax on Cryptocurrency Profits

Posted on January 22, 2020January 22, 2020 by Julie Williams

New report has it that South Korea’s Ministry of Economy and Finance is set to implement a crypto taxation legislation. According to an anonymous source, the topic of taxing crypto users have been in the pipeline for a while now. It is believed that South Korea’s government via the office of the Ministry of Finance has been flirting with a 20 percent tax rule on crypto profits. Going by the recent update, the Ministry of…

South Korea’s National Tax Service to Take $70M from Crypto Exchange Bithumb

Posted on January 1, 2020January 1, 2020 by Rehan Yousaf

In a shocking turn of events, South Korea’s National Tax Service (NTS) is planning to withhold tax from Bithumb, the largest crypto exchange in the country, on income from foreign clients. This is the first time that the NTS has moved to withhold tax on income obtained from cryptocurrency transactions. There exists no law in the country that dictates taxation for income gained from digital currency trading, although there had been reports it is in…

South Korea Plans Imposing Capital Gain Tax of Cryptocurrencies

Posted on December 9, 2019December 9, 2019 by Rehan Yousaf

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…

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

Posted on November 28, 2019December 11, 2019 by Rehan Yousaf

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…

New South Korean Legislation Establishes Legal Framework for Crypto

Posted on November 28, 2019November 28, 2019 by Rehan Yousaf

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…

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

Posted on November 17, 2019November 17, 2019 by Julie Williams

“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….

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

Posted on October 18, 2019October 18, 2019 by Julie Williams

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,…

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

Posted on October 7, 2019October 7, 2019 by Julie Williams

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…

Crypto Exchange OKEx Korea Ceases to Support 5 Cryptocurrencies

Posted on September 18, 2019September 18, 2019 by Rehan Yousaf

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…

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

Posted on September 10, 2019September 10, 2019 by Rehan Yousaf

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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