South Korea approves digital currency tax delay
The South Korean Strategy and Finance Committee has approved an amendment that delays South Korea's digital currency tax plan until January 2022.
The South Korean Strategy and Finance Committee has approved an amendment that delays South Korea's digital currency tax plan until January 2022.
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.
The new KYC laws will affect financial services providers and will require the use of social security numbers, which contravenes privacy laws.
The Bithumb exchange is for sale. According to officials, Bithumb is selling their exchange because investors are trying to recover their investment.
The digital currency exchange launched Bitcoin SV in its aggregate trading section with two trading pairs, BSV/USDT and BSV/BTC.