SEOUL, Jan. 2 (Korea Bizwire) — The South Korean government has been developing a system that is likely to start banning the use of anonymous accounts in cryptocurrency transactions from around Jan. 20, financial industry sources said Tuesday. The system is a part of follow-up measures after the government announced last week a set of [...]
SEOUL, Dec. 29 (Korea Bizwire) – For better or worse, cryptocurrency has become a subject of intense interest this year, as skyrocketing valuations – of Bitcoin in particular – had amateur and experienced investors alike salivating, while the government grew increasingly uneasy over the effect the bull market was having on society at large. Most [...]
SEOUL, Dec. 28 (Korea Bizwire) – South Korean Bitcoin investors have been left fuming after the government hinted at shutting down cryptocurrency exchanges, with some threatening to stage a guerrilla protest in Seoul. The government’s U-turn on cryptocurrency, which could see exchanges and accounts banned in the future, has taken many by surprise, with some [...]
SEOUL, Dec. 27 (Korea Bizwire) — More than three out of every 10 South Korean workers have invested in cryptocurrencies to make a quick buck, a recent survey showed Wednesday. Of the 941 salaried people questioned, 31.3 percent have invested in virtual currencies, according to the survey conducted by online job portal Saramin. The average [...]
SEOUL, Dec. 21 (Korea Bizwire) – In the aftermath of the cyptocurrency exchange Youbit declaring bankruptcy, the lack of oversight and serious risks investors take in pursuit of profits are increasingly becoming the focus of conversation. Industry watchers said on December 20 that there are currently 20 cryptocurrency exchanges in operation, with 10 preparing to [...]
SEOUL, Dec. 20 (Korea Bizwire) – The Fair Trade Commission launched on-site inspections of cryptocurrency exchanges Wednesday to see if they comply with consumer-related laws, the government said Wednesday. The three-day inspections follow up on an earlier package of steps aimed at curbing cryptocurrency speculation and crimes. The measures came a day after one such [...]
SEOUL, Dec. 18 (Korea Bizwire) – Wallet apps used to store cryptocurrency are rising in popularity in the wake of Bitcoin’s meteoric rise in valuation that has stirred up feverish interest among experienced and amateur investors alike. According to market research firm Sensor Tower, over 25 million smartphone users worldwide have downloaded a wallet app [...]
SEJONG, Dec. 18 (Korea Bizwire) – Word from government departments indicates a task force comprised of National Tax Service officials and blockchain experts will soon be formed, with the purpose being to resolve the issue of appropriate taxation for the cryptocurrency industry. There has been some consternation regarding the question of taxes on currencies like [...]
SEOUL, Dec. 14 (Korea Bizwire) – Bitcoin fever has officially swept the nation, but accompanying it is a marked increase in illegal activity that has concerned voices wondering whether the government should play a larger role in the industry. Since its invention eight years ago, never has Bitcoin been a topic of greater interest, thanks [...]
SEOUL, Dec. 14 (Korea Bizwire) – A leaked draft outlining the government’s cryptocurrency regulations has been met with a sigh of relief from investors, as earlier reports of an all-out ban seem to have been debunked. Despite a number of reports that the South Korean government would follow in China’s footsteps and ban all cryptocurrency transactions, [...]