Two South Korean ministries have announced their support for the blockchain industry in the country with plans to allocate up to $3.2 million in funding to local startups to encourage the use of such technology. The Ministry of Science and ICT (Information and Communications Technology) and the Ministry of Information and Communication Industry Promotion will […]
On 5th March, South Korea’s National Assembly passed a revised bill on the reporting and use of special financial transaction information, focusing on the introduction of a permit system for crypto exchanges. Accordingly, virtual asset operators such as crypto exchanges would have to report their operations to the Financial Intelligence Unit (FIU) under the Financial […]
On Feb 28, the Litecoin Foundation announced a partnership with MeconCash to roll-out Litecoin to Korean Won (KRW) withdrawals and remittances from 13K ATMs in South Korea. The partnership will see LTC integrated onto MeconCash’s M.Pay payments platform. Litecoin will also be accepted as payment on MecoinCash’s retail platform MeconMall, and to pay for games […]
A major blockchain identification project backed by South Korean tech giant Samsung is being rolled out for first commercial use. South Korea’s NongHyup (NH) Bank has introduced a blockchain-based mobile ID system developed within a tech consortium established by major local firms including Samsung Electronics and LG Uplus. According to the Feb 25th report by […]
South Korea’s largest cryptocurrency exchange, Bithumb, has announced it will take another step towards global expansion. To do that, it aims to strengthen integration with its international arm. On Feb 26, Bithumb launched a new digital asset transfer service between the South Korean exchange and Bithumb Global, a new international digital asset exchange released by […]
South Korean tax experts have advised the Korean government to apply a low-level trading tax on cryptocurrency profits before subjecting citizens to a transfer income tax, according to a Business Korea report. The Korean government is expected to announce its tax reform plan in late 2020. The low-level trading tax was recommended because there is […]
Global central banks are increasingly looking at blockchain technology as a tool to make interbanking processes more efficient and transparent. Following the World Bank’s exemplary experience of blockchain bond transactions, South Korea’s central bank is working on its own blockchain-based bonds. The report comes first in the press on Feb 18. Bank of Korea started […]
The major South Korean cryptocurrency exchange platform, Bithumb launches its own research and development center. The announcement goes live by the company. It states that Bithumb is the first company with a blockchain and cryptocurrency research recenter in South Korea. With this establishment, Bithumb has high hopes for the research center’s impact on the company. […]
South Korea has confirmed that income tax can’t be levied on individual investor’s profits from crypto transactions under the current tax law. However, the government is reviewing international trends. And the approaches of major countries to crypto taxation to amend the existing Korean tax law to include cryptocurrency. Crypto Profits No More a Subject of […]
South Korean exchange, UpBit, has announced that it will discontinue supporting six privacy coins from 30 September this year. The exchange did this to block possible money laundering on the platform…