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A South Korean committee directly under the president has recommended several measures to the government that will make cryptocurrency mainstream. Emphasizing that “it is no longer possible to stop crypto asset trade,” the committee recommends integrating crypto into the country’s financial system, allowing financial institutions to directly offer a range of crypto products, including derivatives, … Read more
In this roundup, we cover several crypto-related actions by the U.S. Securities and Exchange Commission (SEC) and the New York regulator’s crypto job posting. We also cover new Chinese laws, South Korea’s tax clarification, India’s blockchain education, the IMF working with the Philippines’ central bank, as well as crypto regulatory developments in Turkey and Qatar. … Read more
Bithumb, a major South Korean crypto exchange, is launching its own R&D center for cryptocurrencies and blockchain technology Go to Source Powered by WPeMatico
The South Korean Presidential Committee on the Fourth Industrial Revolution has reportedly recommended the government to allow the development of crypto derivatives Go to Source Powered by WPeMatico
South Korea is working on legislation to tax crypto profits Go to Source Powered by WPeMatico
South Korea has confirmed that income tax cannot be levied on individual investors’ profits from crypto transactions under the current tax law. The government, however, is reviewing international trends and the approaches of major countries to crypto taxation in an effort to amend the existing Korean tax law to include cryptocurrency. Also read: Regulatory Roundup … Read more
The National Tax Service of South Korea (NTS) has decided to withhold income tax from Bithumb’s foreign customers. The total tax to be imposed on their transactions amounts to more than 80 billion won (over $69 million), the leading Korean cryptocurrency exchange announced. Also read: Poles Hit With Backdated Tax on Crypto Trades Bithumb to … Read more
South Korean cryptocurrency exchange considers litigation after the local tax authority imposed a $68.9 million tax bill on it Go to Source Powered by WPeMatico
Far away from western eyes, Asian blockchain projects are thriving. A vibrant ecosystem of public and permissioned chains has sprung to life in Asia, aided by government and big business endorsement of distributed ledger technology (DLT). Many of these chains are virtually unknown outside of the region, yet enjoy high profile partnerships and endorsements in … Read more
The Bank of Korea will organize a task force dedicated to central bank digital currency research in 2020 Go to Source Powered by WPeMatico