Newly-approved South Korea bill paves way for crypto regulation
The National Assembly of South Korea’s legislation and judiciary committee approved the bill, following a series of delays and setbacks.
The National Assembly of South Korea’s legislation and judiciary committee approved the bill, following a series of delays and setbacks.
South Korea's Nonghyup Bank has announced the launch of a blockchain-based mobile identification system for commercial usage.
Tax experts in South Korea have proposed a gradual tax imposition for crypto, starting with a low level tax trading before the transfer income tax application.
The system will replace the existing system that lets the residents petition the local gov’t to address various issues, introducing transparency and trust.
The South Korean central bank has reportedly been working on a pilot for a system that would issue and record bonds on a blockchain.
The Coronavirus continues to destroy and blockchain could help China in its response, enabling transparency in distribution of funds and better data management.
South Korean crypto wallet Bitberry is set to shut down at the end of this month, blaming the crypto market slow momentum and the uncertainty of the industry.
A review of some of the top stories in the crypto space throughout the past week
The updated terms of service allows Korbit exchange to seize funds and cryptocurrency from its users at the direction of “financial authorities.”
The government might impose a 20% tax on personal revenue from crypto holdings
Bithumb has filed a complaint with a court in South Korea, as it seeks to nullify a $69 million bill from the country’s tax agency.
Bithumb plans to invest $8M in the country’s regulatory sandbox in the crypto-friendly city of Busan, the first time an exchange will partner local gov’t.