Regulators in South Korea could be ready to publish cryptocurrency tax guidelines as early as June, according to reports.
Bithumb has announced its plans to open up the platform and allow its users to use cryptocurrency at more than 8,000 stores by the end of this year.
A number of cryptocurrency associations from South Korea, Russia and China have decided to file a class action lawsuit against internet advertising companies and social platforms that have decided to ban cryptocurrency and ICO advertisements.
The Upbit Crypto Index will be the first index in South Korea. Upbit plans on offering a total of four indices, with the first three coming online in April.
Employees at three cryptocurrency exchanges in South Korea have been taken into police custody for alleged embezzlement of their clients’ funds.
The ban could be lifted in some as-yet undefined circumstances, allowing some token issues to go ahead where they meet new criteria, according to reports.
The government has banned its officials from holding virtual currency and participating in cryptocurrency-related transactions.
Besides promoting acceptance of cryptocurrencies, a South Korean official would also like to see banks work closely with crypto exchanges.
South Korean regulators have clarified their position and, at least for now, cryptocurrencies are safe.
Members of the virtual currency task force are examining a “cryptocurrency exchange approval system” based on New York’s BitLicense, according to reports.
North Korea has been engaging in related cybercrime attacks, with mounting evidence pointing to a specific unit called Lazarus, according to South Korea.