Digital currency exchange Huobi has secured the backing of regulators in South Korea, following the decision to award Huobi Korea an ISMS certification.
Qualifying transactions will be subject to a tax rate of 20%, according to the Ministry of Economy and Finance, which drew up an amendment following a change in the rules in 2020.
Court documents from the Jiangsu Yancheng Intermediate People's Court revealed that Chinese police had seized over $4.2 billion in digital currencies at today’s prices.
South Korean authorities have been investigating Facebook since 2018 following the Cambridge Analytica scandal, according to reports.
Digital currency holders in South Korea have been granted an extra three months before a new taxation rule is implemented.
The South Korean exchange cited the increasing COVID-19 infections and more stringent social distancing rules as the reasons for closure.
Bithumb shareholders are reportedly open to the idea, which would see Huobi carrying on the business of Bithumb in South Korea after the implementation of new digital currency laws in the country.
Digital currency service providers in South Korea will no longer be able to support digital assets that present high money laundering risks—notably privacy-centric dark coins—starting March 2021.
The wallet is compatible with the Government24 digital certificate program, which facilitates the issuance of electronic certificates in South Korea following the COVID-19 pandemic.
The National Assembly Seminar for the Virtual Asset Business Law argued the laws were needed to protect revenues and help develop the fledgling digital currency sector in Korea.
The investor had taken Bithumb exchange to court in connection with the losses, which he alleges were the result of a 2017 data breach.