SEOUL, Jan. 30 (Korea Bizwire) – South Korea began a real-name trading system for cryptocurrencies Tuesday, banning the use of anonymous bank accounts in transactions to prevent virtual coins from being used for money laundering and other illegal activities. The real-name trading system is also part of the government’s latest measures to curb speculative investment [...]
SEOUL, Jan. 27 (Korea Bizwire) — The cryptocurrency craze continues to sweep across South Korea despite the government’s hard-line stance, particularly thanks to young people who are hoping to turn their lives around with a get-rich-quick investment scheme. With over 1 million cryptocurrency trading accounts, the high level of public interest in virtual currencies in the [...]
SEOUL, Jan. 25 (Korea Bizwire) – South Korea is considering imposing taxes on virtual currency transactions as part of its efforts to curb excessively speculative investment in cryptocurrencies, the country’s top economic policymaker said Thursday. “We are reviewing (taxation) because (cryptocurrency) is seen to be taxable,” Finance Minister Kim Dong-yeon told lawmakers. “We are looking at a variety of cases in other countries.”The finance minister also [...]
SEOUL, Jan. 23 (Korea Bizwire) — Six South Korean banks will begin issuing new trading accounts for cryptocurrencies next week by introducing a system that bans the use of anonymous accounts in cryptocurrency transactions, a senior financial regulator said Tuesday. When the banks introduce the system of verifying cryptocurrency investors’ identification next Tuesday, current virtual [...]
SEOUL, Jan. 22 (Korea Bizwire) — Opinions on cryptocurrency are completely polarized on social media among South Korean users, a new report has found. Mentions of cryptocurrencies such as Bitcoin by South Korean social media users are 49 percent positive and 51 percent negative, according to a report released by a preparatory committee for the Korea [...]
SEOUL, Jan. 22 (Korea Bizwire) — With cryptocurrency valuations having plummeted since reaching record highs only weeks ago, online communities for investors have degenerated from optimism and high spirits to, evidenced by uploaded photos of cracked monitors and ruined doors, bitterness and destructive behavior. Whether the damage wrought in these photos was truly caused by [...]
SEOUL, Jan. 22 (Korea Bizwire) — The government said Monday it will collect up to 24.2 percent of corporate and local income taxes from South Korea’s cryptocurrency exchanges this year. The Seoul government has been striving to rein in the virtual currency frenzy in Asia’s fourth-largest economy while contemplating a bill to ban cryptocurrency exchanges. [...]
SEOUL, Jan. 19 (Korea Bizwire) – A South Korean cryptocurrency policy advisor who has made over 10 million won via investment in cryptocurrencies is being accused of using inside information for personal gain. A member of the Financial Supervisory Service, whose name remains anonymous, enjoyed a profit margin of over 50 percent after selling his cryptocurrency [...]
GEORGE TOWN, Cayman Islands, Jan. 17 (Korea Bizwire) — Financial technology investment platform BnkToTheFuture (www.bnktothefuture.com) has raised an initial $30 million for its tokenized equity market and due diligence platform within the first 24 hours of of its token pre-sale open solely to institutional investors and members of its platform. BnkToTheFuture offers the largest online [...]
SEOUL, Jan. 16 (Korea Bizwire) — Despite South Korea’s seven-figure userbase for cryptocurrency apps, a relatively small surge in domestic users of Hong Kong service Binance in the past week has industry watchers wondering whether local investors, increasingly hemmed in by government regulations, will begin an exodus towards foreign exchanges. According to app research firm [...]