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The U.S. FBI and law enforcement in South Korea and Japan have arrested two people in connection to phishing scam that stole $ 800,000 worth of Ripple (CRYPTO: XRP) tokens in a joint operation reported last week. A Japanese suspect is still at large.
The suspects victimized 24 Korean and 37 Japanese investors by replicating a cryptocurrency exchange website. They created a fake but resembling email account and warned users that their money had been frozen.
The Korea Customs Service (KCS) has entered an agreement with Samsung SDS to implement the latter’s blockchain technology for an export customs clearance system. Samsung SDS, the IT subsidiary and technology provider of Korea’s largest conglomerate Samsung, will develop the world’s first blockchain-based export customs logistics service for the Korea Customs Service to enable efficiency
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Forty-two lucky South Korean citizens are soon to undergo intensive training to become proficient in Blockchain technology, thereby setting them up for immediate employment within the country.
According to Kinews, a South Korean news service, the training is part of a wider $ 100 billion development strategy to help boost South Korea’s technology industry, specifically in the realm of distributed ledger technology. It is anticipated that this strategy will be rolled out over 10 years.
Throughout the past two months, investors in the local crypto market of South Korea have continuously expressed their optimism towards a drastic change in the regulatory landscape of crypto. Since early February, the crypto market has endured the third-worst correction in its history, experiencing a 78 percent decline in price. Despite the bear market, the
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A report by South Korea’s state-run Korea Development Bank (KDB) suggests that North Korea has been mining cryptocurrencies, according to local media. In addition, a technology firm in the country is developing an exchange platform for bitcoin, while average citizens of North Korea have little knowledge of cryptocurrency, the report claims.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
A research unit of South Korea’s state-run Korea Development Bank (KDB) has compiled a report suggesting that North Korea has been mining cryptocurrencies, Yonhap News Agency detailed Monday.
Citing the report, the news outlet wrote:
Sanctions-hit North Korea is planning to host its first-ever international conference focusing on cryptocurrencies and blockchain technology in October. According to Radio Free Asia, the event will be held in the hermit kingdom’s capital of Pyongyang and will stretch for two days beginning October 1. Per various reports, the conference is expected to attract blockchain
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North Korea is reportedly planning to hold a conference devoted to blockchain technologies and cryptocurrencies. The event, said to have been scheduled to take place in October, is expected to bring experts from around the world who will meet representatives of North Korean enterprises.
Also read: China Escalates Crackdown, Russia Chases Shadows, UK Warns of Scams
The Democratic People’s Republic of North Korea (DPRK), the hermit communist state that suffers from bad publicity in the crypto space, is organizing a cryptocurrency and blockchain conference in Pyongyang in October. This is according to a report by the U.S.-based Radio Free Asia (RFA) quoted by the South Korean Yonhap news agency.
The Philippines, Thailand, and South Korea are moving towards creating the next crypto valley, after recognizing the success of Malta and Zug, Switzerland in creating crypto and blockchain friendly environments. Most countries in Southeast Asia, including Vietnam and Thailand, have cracked down on crypto trading and blockchain-related developments over the past year. A few months
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As South Korean lawmakers discuss regulations and guidelines for the cryptocurrency sector, a group of domestic blockchain experts will establish a new society to study the legal aspects concerning the decentralized technology. Dubbed the ‘Blockchain Law Society’, the new organization will officially launch this Friday, August 24, according to a report from local publication Yonhap.
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In South Korea, Bithumb was visited by officials of the Mongolian government. Upbit is offering free training leading up to its developer conference. A public company has unveiled a hardware wallet as it enters the crypto space. Meanwhile, hacked crypto exchange Coinrail has launched an international service for non-Korean customers, and a US bitcoin ATM operator plans to enter the Korean market.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
Senior officials of the Mongolian government visited Bithumb’s headquarters on August 16, local media reported. They were trying to determine the feasibility of using blockchain and cryptocurrency in solar energy businesses in Mongolia. The Korea Economic Daily elaborated:
South Korea is planning to invest nearly $ 900 million next year to accelerate the development of blockchain, artificial intelligence and other emerging technologies.
In an August 14, 2018, press release from the 5th Ministerial Meeting entitled Growth through Innovation, Deputy Prime Minister Kim Dong Yeon is summarized as saying “The government has decided to work on a platform economy, whose impact is powerful and far-reaching.”
“There have been discussions among ministries and private sector experts on how to develop a platform economy, and we have come up with the four projects in which we will continue to invest with a long-term perspective,” the statement continued.
The wide adoption of cryptocurrencies in Russia has been put on hold after the State Duma postponed the final reading of three crypto bills for its fall session. Nevertheless, Russian companies are already planning to introduce crypto payments as soon as the regulations are in place. Among them, a major car dealer and an international pizza chain. Also in The Daily, the governor of Jeju has received support from Bitcoin.com for his efforts to create a Crypto Valley on the island. And while the South Korean province hopes to become a crypto and blockchain hub in Asia, major European banks have decided to base their blockchain initiative in Dublin.
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 Entrance Into the Crypto Space
The South Korean government has announced its proposed Revised Tax Law 2018. In the official statement published Monday, the government wrote, “from next year, virtual currency handling businesses will be excluded from the industries eligible for the tax reduction for SMEs [small and medium-sized enterprises].”
Cryptocurrency exchange Binance is making plans to expand operations into South Korea, reports Business Korea.
Per the report, Binance CEO Changpeng Zhao hinted at his company’s expansion plans while speaking at the Blockchain Partners Summit in Seoul last weekend.
While South Korea is presumed to be the third-largest crypto market after the U.S. and Japan, it hasn’t been a smooth ride for the cryptocurrency exchanges operating there. Bithumb and Coinrail were hacked earlier this year, while tax authorities have raided Coinone on tax evasion allegations.
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 a report with its view on using crypto as a means of payment.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
South Korea is continuing to legitimize and embrace cryptocurrency through a careful and considered approach.
On May 19, Bitcoinist reported that Korean regulators had agreed to apply the G20’s set of “unified regulations” in regards to cryptocurrencies. South Korea’s Financial Supervisory Service (FSS) stated at that time:
It’s almost certain that cryptocurrencies will be classified as assets and the main issue will be centered on how to regulate them properly under the unified frame that will be agreed upon between G-20 nations. Given the current stance, this isn’t good, but we will step up efforts to improve things.
South Korea has moved to recognize cryptocurrency exchanges as legal entities in their own right for the first time, cementing their position in the local economy.
As local news outlet The B-Chain reports, new “classification” of Blockchain-related industries means exchanges are now considered “cryptoasset exchanges and brokerages.” Previously, as local commentator Joseph Young notes, lawmakers treated them as “communications vendors.”
Blockchain platforms such as Ethereum and EOS will be known approximately as “Blockchain-based software supply and development businesses.”
Various “subdivisions” will exist within the main classification areas, with full details expected to appear later this month, B-Chain reports.
South Korea’s Ministry of Finance has denied reports of 10% income tax on cryptocurrency investments.
Taxation has been a hot topic in the cryptocurrency world this year. Governments want their piece of the pie and traders are anxious to know how badly their tax collectors plan to gouge them.
Luckily, many governments have already announced their stances on the matter. Some have chosen complete leniency—as with Thailand who waived taxes on cryptocurrency gains altogether—but others have taken cruel action to deter investors as with the United States who imposed a capital gains tax on every single microtransaction.
Ubcoin blockchain Ebay-like ecosystem for selling and buying real goods with cryptocurrency is expanding its presence in the Asian market
By the end of 2018, the mobile payments app Ubank is planning to open offices in Singapore, Hong Kong, and Seoul to promote its global blockchain goods-to-crypto exchange platform Ubcoin Market in the region and to implement the market launch strategy of the product. Currently, the project has offices in Russia and also represented in the United Arab Emirates.
