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. 15 (Korea Bizwire) – South Korean cryptocurrency exchanges said Friday they will adopt a raft of self-regulatory measures to improve transparency in trading to keep the unregulated market in check amid worries over a bitcoin frenzy. The Korean Blockchain Industry Association composed of 14 virtual currency exchanges said its members agreed to require [...]
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. 13 (Korea Bizwire) — A virtual currency boom in South Korea is feared to have a negative impact on the country’s tech-heavy secondary stock market as it may drain money from the bourse, analysts said Wednesday. Virtual currencies, such as bitcoin and ethereum, have gained rapid popularity in recent years among South Korean [...]
SEOUL, Dec. 12 (Korea Bizwire) — South Korea’s communication watchdog on Tuesday slapped fines on an operator of a cryptocurrency exchange in the country for allegedly leaking the private data of its users in its first punitive action against an administrator of such exchanges. The Korea Communications Commission (KCC) decided to impose fines totaling 60 [...]
SEOUL, Dec. 11 (Korea Bizwire) – South Korea is considering banning all kinds of cryptocurrency transactions in the country as a way to cool down the worldwide craze for digital currencies, the top financial regulator said Monday. “I don’t see bitcoin transactions as financial deals,” Financial Services Commission (FSC) Chairman Choi Jong-ku said in a luncheon meeting with reporters. ”They are not institutionalized [...]
SEOUL, Dec. 6 (Korea Bizwire) — A private association of cryptocurrency exchanges in South Korea said Wednesday that it will voluntarily restrict cryptocurrency transactions with bank accounts starting next year, in a bid to prevent such transactions from being used for money laundering and other crimes. The Blockchain Association, an industry group of some 30 [...]
SEOUL, Nov. 11 (Korea Bizwire) — As the value of cryptocurrency such as Bitcoin surges, a growing emergence of malicious software targeting the digital money is being observed. According to a report on current cyber threats by the Korea Internet & Security Agency (KISA) on November 10, 5,366 cases of ransomware were discovered from the [...]
SEOUL, Nov. 10 (Korea Bizwire) — Malicious code targeting cryptocurrency is increasing at an alarming rate with the rising value of virtual money, statistics showed Friday. According to Korea Internet & Security Agency (KISA), 5,366 cases of damage from ransomware were reported in the January-September period this year, up 3.7-fold from 1,438 in the same [...]