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Banks to Issue New Trading Accounts for Cryptocurrencies Next Week

Banks to Issue New Trading Accounts for Cryptocurrencies Next Week

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 [...]

S. Korea’s 2M Cryptocurrency App Users Leaking to Foreign Exchanges

S. Korea’s 2M Cryptocurrency App Users Leaking to Foreign Exchanges

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 [...]

Banning Cryptocurrency Exchanges Needs More Consultations: Finance Minister

Banning Cryptocurrency Exchanges Needs More Consultations: Finance Minister

SEJONG, Jan. 12 (Korea Bizwire) — Finance Minister Kim Dong-yeon said Friday that relevant ministries need to hold more consultations over the justice ministry’s plan to ban cryptocurrency exchanges, but the government will continue to take actions against speculative investment in virtual coins. The remarks by Kim came a day after Justice Minister Park Sang-ki [...]

Online, South Korean Attitudes on Bitcoin More Negative than Positive

Online, South Korean Attitudes on Bitcoin More Negative than Positive

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 [...]

Prosecutors Bust Multimillion Dollar Cryptocurrency Scam

Prosecutors Bust Multimillion Dollar Cryptocurrency Scam

INCHEON, Dec. 20 (Korea Bizwire) — Prosecutors said Wednesday they have uncovered a multimillion-dollar fraud scheme by a cryptocurrency mining agency based here and in the United States that has incurred huge losses for investors around the world. The Incheon District Prosecutors’ Office indicted 21 suspects associated with U.S.-based Mining Max LLC on fraud and [...]

With Bitcoin Values Soaring, Wallet App Downloads Surge

With Bitcoin Values Soaring, Wallet App Downloads Surge

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 [...]

S. Korean Government Mulls Cryptocurrency Taxes

S. Korean Government Mulls Cryptocurrency Taxes

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 [...]

Amidst Uncertainty, One Thing is Clear: Virtual Currency is a Reality

Amidst Uncertainty, One Thing is Clear: Virtual Currency is a Reality

SEOUL, Sept. 11 (Korea Bizwire) – By announcing a set of regulatory guidelines dealing with the peripherals of the virtual currency market, the South Korean government has made one thing very clear: virtual currency is here to stay. Virtual currency’s proliferation has been rapid since its conception by programmer Satoshi Nakamoto in 2009. His creation, [...]

Mo’ Money Mo’ Problems: Digital Currency Landscape Riddled with Fraud

Mo’ Money Mo’ Problems: Digital Currency Landscape Riddled with Fraud

SEOUL, Jul. 12 (Korea Bizwire) — It’s a brave new world that brings new technology but the same old problems. Rising values of cryptocurrencies (digital currencies) such as Bitcoin and Ethereum have attracted the attention of droves of investors and speculators, but fraudulent investment companies have risen up in their wake. The Korean National Police Agency [...]