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The South Korean government has announced a new set of tax law amendments. Under this proposal, bitcoin exchanges will no longer be eligible for income and corporate tax deductions currently enjoyed by small and medium-sized businesses. The regulators have also been considering imposing capital gains tax on the sale of cryptocurrencies. Also read: Yahoo! Japan Confirms … Read more
A South Korean firm claimed to have found the wreck of a Russian warship sunk in 1905 with $130 billion worth of gold on board. The cruiser and its treasure are linked to a crypto exchange and token which the firm reportedly promised to distribute to anyone signing up with the exchange. As the country’s … Read more
South Korea’s top financial regulator has urged lawmakers to pass the country’s first crypto bill quickly, citing the urgent need from rising incidents at crypto exchanges. There are currently several crypto-related laws pending at the National Assembly. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Crypto Law Urgently Needed South Korea’s top financial regulator, … Read more
South Korea’s top financial regulator is planning a major organizational restructuring that includes introducing some new crypto policy initiatives. A bureau dedicated to financial innovations that include cryptocurrencies is being set up. In addition, an agreement with Chinese authorities relating to crypto and initial coin offerings has also been reached. Meanwhile, the contracts between Korean … Read more
South Korean exchange Coinrail has resumed service after it was hacked last month. The exchange has offered users some options to recover their cryptocurrencies. Eleven cryptos were stolen, some of which have been fully recovered and are now available for trading and withdrawals. However, some coins were not recovered. Also read: Yahoo! Japan Confirms Entrance Into … Read more
One of South Korea’s largest cryptocurrency exchanges, Bithumb, is expanding into Japan and Thailand. The exchange is working on obtaining regulatory approval from the financial regulators of both countries. The new locations are part of the exchange’s global expansion plan. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Expanding into Thailand Bithumb is currently working … Read more
The self-regulatory inspection of South Korean cryptocurrency exchanges is complete. Fourteen out of 23 exchanges agreed to be inspected. Twelve met the self-regulatory standards despite security flaws, raising questions of how effective the inspection is. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space 12 Exchanges Pass Security Checks The Korea Blockchain Association (KBA) held … Read more
The South Korean government has been criticized for not doing enough to help prevent hacking at cryptocurrency exchanges. Data obtained by the regulators show that three crypto exchanges were hacked, with damage of almost $1 billion, after having gone through an inspection by the government. Meanwhile, one of the nation’s largest crypto exchanges, Upbit, has denied … Read more
South Korea has been busy revising its cryptocurrency regulations. The regulators plan to ease the rules on crypto assets in line with G20 policies. While a new crypto classification system has been created, another government agency is conducting an on-site inspection of crypto exchanges following multiple hacks. In addition, the Bank of Korea has released … Read more
South Korea’s top financial regulator recently told 23 other countries’ regulators that the kimchi premium has fizzled since the anonymous trading of cryptocurrencies was banned in the country. Now, the government is introducing a new guideline to prevent local crypto exchanges from buying cryptocurrencies at foreign exchanges. Also read: Yahoo! Japan Confirms Entrance Into the Crypto … Read more
