South Korea

South Korea To Impose 20% Tax On Cryptocurrency Trading

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...
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Bithumb Files A Legal Claim With The Tax Tribunal To Nullify A $70M Tax

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 Back At the end of 2019, NTS imposed...
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South Korean Commission: Korean Firms Should Be Allowed To Launch Bitcoin Derivatives

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...
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Crypto Profits Won’t Be Taxed In South Korea Yet

Hester Pierce, known as the SEC cryptomom, recently discussed a lot of things in the securities regulation industry and noted many new developments geared towards the future of cryptocurrencies. In fact, this was what earned her the moniker “Crypto Mom” in the first place.Pierce was in the latest cryptocurrencies news when she started backdropping and...
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South Korea Won’t Tax Cryptocurrency Profits, For Now

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...
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South Korea Plans to Amend Their Current Crypto Regulation

The South Korea Ministry of Economy and Finance confirmed that the Profits from individual virtual asset transactions are not a listed income. Furthermore, they are not taxable under the current tax law.  South Korean Government is keen to study the crypto regulation approaches of major countries of crypto taxation. An official of the ministry said...
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Government Confirms Crypto Profits Not Taxable in South Korea

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...
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No Income Tax On Crypto Profits: South Korea Ministry Of Economy

The previous year was very good for cryptocurrencies and cryptocurrency regulation in general. Knowing that regulations and governments are one of the impediments to the adoption of blockchain and crypto technologies, we can see that everything is changing fast. Today, we are listing the five countries where regulators went positive and developed new methods to...
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South Korea Imposes $69M Tax Obligation on Crypto Exchange Bithumb

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...
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Asia’s Love Affair With Blockchain Is Blossoming

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...
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Bank Of Korea Employs A Task Force To Research Central Bank Cryptocurrency

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 Force A local report from today shows...
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Aurora Partners With Alliance X, Increasing The Presence In Korea

It’s almost here – 2020 will be a big year for the distributed ledger technology (DLT) and as the blockchain news suggest, we could be seeing the following seven trends at the start of a new decade.1.SuperiorityThere are more and more scenarios where distributed ledgers are applicable. First in the list of the seven trends...
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S. Korea’s Busan to Have Blockchain-Based Currency by 2020

KT, the South Korean telecom company, is selected by the Korean government to issue a local blockchain-based currency in Busan. ‘Dongbaekjeon’, with annual issue amounting to 300 billion WON is a blockchain-based local currency. This currency is reported to go live on Dec 30, 2019, as per a local news report. Further, the report claims...
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South Korea Will Research Central Bank Digital Currencies

South Korea is an important region when it comes to cryptocurrencies. It now appears the country’s central bank wants to begin researching central bank digital currencies in the near future.  Numerous countries see merit in creating national digital currencies. More Central Bank Digital Currencies are Coming Such projects are often referred to as central bank...
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Has South Korea Joined the Central Bank Crypto Race?

The South Korean central bank is the latest in the list of national banks to reveal its intentions towards central bank crypto (CBDC).  South Korea Joins Crypto Research Race According to local media, the Bank of Korea has begun hiring crypto-asset experts signaling that the central bank may begin developing its own CBDC. It added...
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South Korea Prepares to Draft Bitcoin Capital Gains Tax Guidelines

The South Korean government wants to tax capital gains on cryptocurrencies. This new decree has yet to be officially improved by the proper authorities.  South Korean news outlet Korea Times claims the government wants to impose capital gains taxes on virtual currencies, including bitcoin. Bitcoin Taxation in South Korea This is a new measure by...
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Regulatory Roundup: Bitcoin Futures Fund Approved, India’s RBI-Backed Digital Currency

In this regulatory roundup, we cover the U.S. SEC approving a bitcoin futures fund, the new IRS tax form targeting crypto owners, and several more steps taken by the U.S. government toward crypto regulation. We also cover India’s central bank digital currency plan, South Korea’s crypto taxation plan, and the European Commission’s announcement regarding stablecoins....
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Waltonchain CEO Steps Down, Makes Way For New Leader

Waltonchain, the blockchain-based supply chain tracking platform, is reshuffling its leadership. The position of CEO will now be taken by Do Sang Hyuk, who will bring in experience as a business leader in South Korea. Mo Bing, Former CEO, Will Remain in Consultant Role According to an official announcement, Mo Bing, the former CEO of...
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Blockchain Process Speed Issue Finds a Solution in South Korean Startup

South Korean Company, Bloom Technology announced a new technology to speed-up the blockchain process on Dec 3, 3019. The new Lotus Chain Technology will speed the blockchain process and reduce transaction processing times to fractions of a second. The CEO, Lee Sang-Yoon claims that One single blockchain transaction will take less than 0.23 seconds. Although...
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Korea Passes New Crypto Law, Making Way For More Businesses

Korea passes new crypto law which categorizes cryptocurrencies as digital assets and this move is expected to pave the way for businesses and to set rules for further operation. In our cryptocurrency news today, we find out more about the bill. South Korea’s national policy which is a part of the National Assembly of the...
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Upbit Reports ‘Irregular Withdrawal’ of $51 Million in Ethereum

Upbit, one of the ‘big four’ South Korean crypto exchanges has reported an irregular 342,000 Ethereum (ETH) withdrawal from its wallet. While details remain sketchy as to the nature of the withdrawal, the platform says it will cover the amount from its corporate funds. Upbit: Irregular Withdrawal or Crypto Exchange Hack? In what seems like...
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South Korea Introduces Laws – Crypto Now A Digital Asset

South Korea will now legalize Cryptocurrency in the country. The National’s Assembly passed the bill on Tuesday. As per this bill, cryptocurrency will now be categorized as digital assets in the country. The move is to legalize crypto and enhance investment opportunities. The Financial Services Commission (FSC)’s Financial Intelligence Unit will register all crypto-related business...
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Korea Passes Cryptocurrency Bill Paving The Way For Digital Asset Businesses

South Korea’s national policy committee, part of the country’s National Assembly, has reportedly passed a bill which categorizes cryptocurrencies as digital assets. The move will supposedly pave the way for businesses and sets rules and requirements for their further operation. Cryptocurrency Bill Passes Korea’s National Policy Committee According to a report from local media Korea...
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South Korea Follows China, Invests 45 Billion WON in Blockchain

With China jumping into blockchain development and adoption, it has opened a new pavement for many countries. Earlier we have reported that South Korea has plans to adopt blockchain just like China. Now, the latest report is the S.Korean government will invest 45 billion (arnd $45million) won for blockchain research and development in 2021, similar...
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South Korea Wants to Focus on Blockchain Research and Development in 2021

China recently announced it would invest up to $2bn in blockchain technology. South Korean officials are planning to do the same, albeit with just 20% of the funds to allocate. It has been coming for some time now, but governments are officially paying attention to blockchain technology.  South Korea to Explore Blockchain Opportunities South Korea...
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Crypto Exchange Execs From South Korea Jailed For Fraud

Crypto exchange execs from South Korea were convicted by the South Korean court including the head of cryptocurrency exchange Coinup for fraud; he’s been sentenced 16 years in jail. The company’s vice president was sentenced 11 years in jail, and also eight other executives were given jail time. Let’s read further in the cryptocurrency news...
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South Korean Crypto Exchange CEO Jailed For 16 Years

Senior executives at a South Korean crypto exchange have been indicted in connection with a $386 million investment fraud. The news marks yet another drastic action taken by authorities in the country against cryptocurrency exchanges. Eight Crypto Exchange Execs Indicted for Fraud According to Yonhap News, a court in Seoul on Monday (November 11, 2019)...
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Korean Presidential Committee Pushes to Legalize Crypto

A South Korean presidential committee is pushing for the government to establish legal status for cryptocurrency to stay competitive globally. So far, the government’s policies have been risk-focused to curb speculation, which the committee says must change. Also read: China Ranks 35 Crypto Projects as President Xi Pushes Blockchain Presidential Committee Pushes for Crypto Legalization...
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Is South Korea Following China on Blockchain Adoption?

China recently announced its endorsement of Blockchain Adoption in the country. Following this, the crypto industry got very excited and as a result, Chinese Stock prices increased. Following the lead, the South Korean Government has pledged its own Blockchain adoption. On October 28, 2019; The government announced it’s interested in Blockchain. The South Korean Government...
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Crypto Exchange Coinplug Raises $6.4 Million from Major Korean Firms

South Korea-based Coinplug, a leading Bitcoin (BTC) exchange, wallet and payment company, has raised 7.5 billion won (appr. $6.4 million) from the venture capital divisions of several major local financial institutions. Coinplug’s management noted in a press release on October 24 that the investments came from KB Investment, the VC arm of the KB Financial...
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