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A phishing scam which stole over $ 800,000 worth of XRP from dozens of victims in South Korea and Japan has been busted in a joint operation between the Seoul police cybercrimes division and the FBI. Two people have been arrested so far in relation to the operation, a computer programmer and his employer, according to
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South Korea’s national postal service operator, Korea Post, has reportedly sought out Goldman Sachs’ assistance in regards to learning about cryptocurrencies. Korea Post, which currently oversees a $ 112 billion investment fund, will soon meet with executives from the Goldman Sachs research team to discuss digital assets, artificial intelligence and blockchain technology. In a recent interview, […]
Central Banking, a global central banking forum, has bestowed its FinTech & RegTech Award for Best Distributed Ledger Initiative to South Africa’s central bank for its successful Project Khokha, which successfully used an Ethereum blockchain platform to process interbank payments and settlements. The test demonstrated that distributed ledger technology (DLT) can enable digital as opposed
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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.
Millions of dollars are estimated to have been sunk by investors seeking a piece of the ‘Russian treasure ship’ ICO fronted by a South Korean ‘treasure-hunting’ firm. According to South Korean police, it has been tentatively concluded that about 2,600 people invested around 9 billion won or slightly over US$ 8 million in Shinil Group which
The post Over US$ 8 Million Lost by 2,600 Investors in South Korea’s ‘Treasure Ship’ ICO appeared first on CCN
The South Korean province of Gyeongsangbuk has become the unlikely location for the latest government-sanctioned crypto experiment, with the news that it plans to set up its own cryptocurrency. The move is emblematic of South Korea’s marked shift in regulatory position on cryptocurrency, from reportedly considering a China-style ban on crypto trading barely nine months … Continued
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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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UPbit, South Korea’s largest cryptocurrency exchange and the subsidiary of the notable Korean tech company Kakao, has reportedly pulled in $ 100 million in profits in the third quarter of 2018 alone. These profits came despite UPbit being raided by South Korean government authorities last May after they received a tip that the exchange was defrauding investors by processing trades […]
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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South Africa’s tax agency is looking into methods for identifying tax-dodging cryptocurrency traders, the acting head of the authority has revealed. The South African Revenue Service (SARS) is studying ways to spot non-compliant cryptocurrency traders in order to investigate any scenario of failure to declare profits from investments, acting Commissioner Mark Kingon said while speaking
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The price of Tezos (XTZ), a blockchain platform that boasts a number of next-generation features, has jumped 12% over the last 24 hours after listing on the popular South Korean cryptocurrency exchange Coinone. #테조스 가 @coinone_info 에 상장됩니다$ xtz will list on #coinone #tezos https://t.co/HELuOqqyzk — Tezos Korea (@Tezos_Korea) August 20, 2018 Prior to the Coinone listing, […]
An offline peer-to-peer exchange of bitcoin to fiat turned sour for a South Korean businessman after it emerged that the euros he had swapped for his cryptocurrency holdings were fake. According to Agence France-Presse (AFP), the Singapore-based South Korean businessman who runs a cryptocurrency firm intended to exchange the bitcoins worth approximately US$ 2.3 million for … Continued
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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 South Africa Revenue Service (SARS) recently released a draft cryptocurrency tax legislation. The draft defines the framework of virtual currency taxation in the country.
Details of the Draft Cryptocurrency Tax Legislation
The draft cryptocurrency tax legislation follows on from the press release issued by SARS in April 2018. At that time, the tax agency categorically laid out plans to tax income earned via virtual currency transactions. As part of the April 2018 press release, SARS said:
The post South Carolina drops Genesis Mining from cease and desist appeared first on CoinReport.
A new report from a Korean accounting firm has found the South Korean crypto exchange giant to be 100% solvent in light of recent worries about misconduct. A May raid on the company’s headquarters worried investors, who are now letting out sighs of relief as audits reinforce the company’s integrity.
A Knock at the Door
The Seoul-based company UPbit was able to prove its integrity to investors, Forbes reported on Sunday evening. The audit comes amidst a May 10th and 11th raid on the company’s Gangnam branch by Korean authorities. Forbes reports that:
Sales for an exclusively African cryptocurrency opened up in August to those with a South African bank account — seemingly capitalizing on virtual currency’s popularity in the nation. Despite growing interest, however, scams and fraud are still rife in the country.
Cryptocurrencies like Bitcoin have seen a surge in popularity across South Africa as the nation grapples with growing political and economic uncertainty.
The nation has made international headlines as the ruling African National Congress (ANC) and President Cyril Ramaphosa discuss contentious land reform policies in a country facing high unemployment rates and liquidity crises.
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.
Stripping Away Tax Benefits
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].”