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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.
The South Korean government is mulling over how to cash out the cryptocurrency it recently confiscated. While the most likely option is to auction the coins off using the government-owned auction platform, various concerns have been raised.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
The South Korean government is contemplating how to best cash out its recently-acquired cryptocurrency. As part of a criminal case, the government has seized 191.32333418 BTC belonging to “Ahn,” the convicted operator of a porn site. The country’s Supreme Court recently judged that cryptocurrency is a property that the government can confiscate.
South Korea’s National Tax Service (NTS) has requested $ 30 billion won ($ 28 million) in taxes from major cryptocurrency exchange Bithumb in a move which has gained positive feedback from the community.
Local media reported on June 8 that Bithumb, which posted revenues of 427 billion won ($ 397 million) in 2017, will pay the bill following an audit from South Korea’s Internal Revenue Service (IRS).
As a result of the audit, which occurred in April, the IRS also confirmed that investigators had not found “any illegal activities such as tax evasion.”
Learning centers, courses, and crypto educational seminars are on the rise in Japan, Thailand, and South Korea. Bitcoin no Madoguchi and Bit Station have opened up to offer guidance to Japanese investors. The Cryptoasset Revolution course and Cryptonist’s seminar are happening soon in Thailand. Meanwhile, Decenter University and Koscom have launched training courses in South Korea.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
In Tokyo, “Bitcoin no Madoguchi” (loosely translated as “Bitcoin’s Window”) recently started offering information on cryptocurrencies, crypto exchanges, and the latest news in the space. The shop is currently accepting reservations from customers seeking guidance. The company’s website explains:
South Korea’s National Assembly has put forth an official proposal to permit domestic initial coin offerings (ICOs), signaling a possible reversal of the outright ban on the lucrative crowdfunding method issued in September of last year.
South Korea, the third most prominent Bitcoin marketplace in the world, has long remained a source of uncertainty in the cryptocurrency space. The country’s government flat-out banned initial coin offerings (ICOs) in September 2017 and has since failed to deliver any sort of clarity in regards to the future of cryptocurrency within the East Asian nation. Meanwhile, domestic companies have flocked to Singapore and Switzerland to circumvent South Korean restrictions, while South Korean investors have been increasingly exposed to fraudulent imposters.
Blockchain apps are an integral part of the sprawling tech landscape in South Korea. The technology behind Bitcoin is no longer the exclusive preserve of the finance world in the country. From gaming to fitness, app developers compete against each other to capture the attention and imagination of the public.
Usually, startup enterprises are the heart of blockchain innovation with established firms seemingly slow to come to the party. However, in South Korea, IT behemoths like Kakao and Naver have jumped on the blockchain bandwagon. In March, Kakao revealed plans to launch a reverse ICO for its legacy cryptocurrency called “Kakao Coin.” The largest messaging app operator wants to develop a decentralized platform under the aegis of its blockchain subsidiary, Ground X.
