South Korea’s tax agency will use data from the Big Four exchanges to determine the daily average price upon which it will determine the tax to impose.
Wallets such as MetaMask and Ledger, which don't require KYC verification, will no longer be usable on Coinone, a top analyst says it's only a matter of time before other exchanges follow suit.
The Supreme Court ruled that since BTC isn’t a property, the man who received 200 BTC by mistake isn't guilty of misappropriation.
While insiders at the tax agency claim the probe is related to slush funds and tax evasion, Hashed executives said it’s unlikely since tax regulations were postponed.
The country’s National Assembly resolved to push the tax after months of fierce back and forth between the government and members of parliament.
The vice chair of the Financial Services Commission has asked the National Assembly in South Korea to reverse the ICO ban and instead regulate the industry to weed out scammers.
The rule would require all businesses to verify and report the identity of any user that sends them digital currencies, which experts say will stifle growth.
South Korea’s Financial Services Commission is taking a cue from the Financial Action Task Force, which recently said NFTs are not virtual assets.
There have been some oppositions surrounding the new income tax law, with investors accusing the government of insufficient protective measures for digital currency investors.
In the first eight months of the year, South Korea saw forex transfers via digital currencies hit a record high as regulators warn of illicit activities.
South Korea’s Finance Minister is unflinching on the 20% tax that has become a battle ground between the government and the opposition ahead of March election.