South Korea

South Korea Considers 20% Crypto Tax

The South Korean government is said to be considering imposing a 20 percent tax on all cryptocurrency transactions. South Korea’s Yonhap News Agency reported Monday that officials from the Ministry of Economy and Finance’s income tax office had been reviewing a new proposal that could see the country adopt a clearer regime for how it …

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Bitcoin.com Partners With Mecon Cash, Enabling BCH to Korean Won Withdrawal at Over 13,000 ATMs Across South Korea

</header> <strong>Bitcoin Cash has been added to Mecon Cash’s M.Pay platform which is integrated with over 13,000 ATMs in South Korea. By making bitcoin cash usable for withdrawing won across the country, Mecon Cash is ensuring that <a class=”lar-automated-link” href=”https://markets.bitcoin.com/crypto/BCH” target=”_blank” rel=”noopener noreferrer”>BCH</a> users in Korea can always make urgent and small transactions in any …

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Crypto Exchange Bithumb Takes Korean Tax Authority to Court Over $69 Million ‘Groundless’ Tax

</header> <strong>Bithumb, a major crypto exchange in South Korea, has taken the country’s tax authority to court over a “groundless” tax imposed on the exchange. Experts explain that currently there are no grounds to tax crypto transactions in South Korea and existing tax laws do not apply to crypto transactions.</strong> Also read: Regulatory Roundup: EU-Wide …

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Prepare for Liftoff — South Korea’s Crypto Regulation Ignites in 2019

South Korea remains the third-largest crypto exchange market by volume, just behind the United States and Japan. Despite that, throughout the past three years, the government of South Korea has opted against fully regulating the local crypto market. In the second half of 2019, the government of South Korea started to work on several bills …

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Binance to Launch Korean Support Center Following Investment in Local Startup

Cryptocurrency exchange Binance has made its first direct investment in a South Korean startup. According to an exclusive report by CoinDesk Korea, Binance has taken a 500 million won ($432,000) stake in BxB, a Korean fintech firm that launched a Korean won stablecoin last year. Alongside the investment, the two firms have inked an agreement …

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Regulatory Roundup: EU-Wide Crypto Regulations, New Rules in Europe, US, Asia

</header> <strong>In this roundup, we cover EU-wide crypto regulations and individual countries’ new digital asset rules including Austria and the U.K. We also cover numerous crypto regulatory developments in the U.S., China, Japan, South Korea, India, and the Philippines.</strong> Also read: Regs Roundup: SEC Actions, Crypto Tax-Free in Korea, New Chinese Laws EU-Wide Crypto Regulations …

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Bithumb Pledges $8M to South Korea’s ‘Regulation-Free’ Blockchain Zone

</header> <strong>South Korean cryptocurrency exchange Bithumb has pledged to invest roughly $8 million into the Busan blockchain zone. The region was recently declared “regulation-free” by the national government and modeled after the Switzerland town of Zug. Bithumb’s subsidiary GCX Alliance will discuss the preliminary plans with the Financial Services Commission (FSC) this month.</strong> Also read: …

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Korean Presidential Committee Pushes to Make Cryptocurrency Mainstream

</header> <strong>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 </strong><strong>integrating crypto into the country’s financial system, allowing financial institutions to directly offer a range of crypto products, including …

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Regs Roundup: SEC Actions, Crypto Tax-Free in Korea, India’s National Blockchain Seminar

</header> <strong>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 …

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South Korean Presidential Commission Wants to Bring Crypto Into Mainstream Finance

Financial institutions should be allowed to offer cryptocurrency products, such as derivatives, according to a government advisory body in South Korea. In a new report, the Presidential Committee on the Fourth Industrial Revolution (PCFIR) proposed that the government could move to bring cryptocurrencies into the mainstream of finance through a number of measures, including derivatives. …

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