South Korea Working on Bill to Legalize New ICOs

South Korea Working on Bill to Legalize New ICOs

South Korean authorities are currently working on a bill to legalize new ICO’s (Initial Coin Offerings) in you digital currency as reported by local news outlet the Korea Times on May 2.

Representative of the Democratic Party of Korea, Hong Eui-rak is leading the legalization along with 10 other legislators. They plan to have the bill endorsed this year.

Hong stated during a form devoted to ICO’s a blockchain technology that the bill is aimed at legalizing ICO’s under government supervision. He also stated that collaborative research by his office and the Korea International Trade Association was implemented within the bill.

The bill will ensure that all ICO’s will be subject to strict supervision by the Financial Services Commission (FSC).

A speaker for the national assembly aimed at legalizing ICO’s stated “Blockchain and cryptos can be used in various public sectors for good causes. Given their potential, we need to work to help reduce political uncertainties they face.”

A ban on all new ICO’s was introduced last year by the South Korean government. This is the first challenge of the government to fight speculative investments in shady cryptocurrency investments, while keeping the market open to legitimate businesses (ICOs) within this space.

Bitstamp Will Be Sold to South Korean Gaming Company for $350 Million

Bitstamp Will Be Sold to South Korean Gaming Company for $350 Million

Bitstamp, the European crypto currency exchange, will be acquired by the South Korean gaming company, Nexon according to Business Insider reports.

The world’s oldest Bitcoin exchange is close to finalizing the sale with Nexon who now holds headquarters in Japan.

Bitstamp was founded in 2011 in Luxembourg, and holds a 24 hour trading volume above $500 million, which makes it the 10th largest exchange at the moment of this press release.

Nexon reportedly released its first videogame in 1995 and is worth $13 billion. Some of the more high profile games are “Counterstrike” and “FIFA Soccer Online”.

Neither one of the companies have commented on the matter publicly, however reports are claiming that the purchase price for the crypto exchange will be around $350 million, which will undoubtedly provide an excellent return on investment for Bitstamp investors.

South Korean Exchange Coinone Announces Plans to Launch in Indonesia

South Korean Exchange Coinone Announces Plans to Launch in Indonesia

The third largest cryptocurrency exchange, Coinone, announces plans to launch another exchange in Indonesia according to reports from its site on April 16.

The new exchange opens for preregistration on April 16. Its official launch is set to open in June. This new exchange will initially support s 6 cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Ethereum classic, Litecoin, and Quantum.

Individuals located outside of Indonesia will be able to utilize the exchange after the preregistration.

This overseas expansion will mark Coinone as being the first among the top cryptocurrency exchanges in Korea to expand out to the global market. The exchange explained the reason it chose Indonesia for this move was due to the countries potential growth within the Fintech industry.

Indonesia has been known to have a relatively tough crypto regulatory climate. On January 2018 its central bank warned citizens against buying selling or trading cryptocurrencies.

In October 2017 banks reiterated that it does not recognize Bitcoin as a legal means of payment causing to domestic crypto exchanges to shut down voluntarily. Amongst this news, Coinone sees potential where others do not.

Crypto Tax Framework to Be Released by South Korea in June

Crypto Tax Framework to Be Released by South Korea in June

South Korea’s Ministry of Strategy and Finance will release a taxation framework for its cryptocurrency by the end of June states local media outlet Fuji News Network (FNN) on March 25.

A spokesperson for South Koreas Ministry of Strategy and Finance states that there is no specific time frame however they are considering this virtual money tax towards the beginning of next year.

In December of last year, the Deputy Prime Minister South Korea announced that they were looking into taxation methods for Bitcoin. In January South Korean officials announced that cryptocurrency exchanges will be taxed existing tax policy with a 22% corporate tax and a 2.2% local income tax.

The South Korean crypto task force has is also proposed a transfer income tax that levees taxes on profits made through crypto sales. The government will also be setting up a full-scale virtual currency regulation after the local elections on June 13. They will hold a virtual currency international conference in Seoul on June 14.

South Korean Exchange Huobi Opens Trading

South Korean Exchange Huobi Opens Trading

Huobi, the new South Korean crypto exchange, has officially opened trading  today according to the exchange on March 30.

The new South Korean exchange will support 100 altcoins as well as trading on 208 market (77 ETH markets, 98 BTC markets, and 33 USDT markets).

Huobi is also offering investors a protection line where they will be compensated for losses incurred which are outside of the exchanges control.

The global exchange currently ranks second worldwide by trading volume according to CoinMarketCap at the time of this press release. Its younger user base is also increasing faster than any other country since 2017.

Huobi is set to target overseas markets with a US launch to be released shortly.

South Korea’s estimated to have the world’s largest cryptocurrency user base following the US and Japanese markets. The country currently has over a dozen crypto exchanges and trades over 30% of altcoins above other mainstream markets.

14 Arrested in South Korea on Suspicion of Discount Bitcoin Mining Operation

14 Arrested in South Korea on Suspicion of Discount Bitcoin Mining Operation

There were a total of 14 operators who were allegedly involved in an illegal subsidized Bitcoin mining operation on April 1. These operators were suspected of running Bitcoin mining setups utilizing unfairly subsidized electricity since May 2017.

South Korean authorities have arrested these operators according to the local media outlet Yonhap.

13 companies were complicit and failed to use 350 machines to mine Bitcoin’s adding an energy discount of 10%. Authorities discovered that these companies were using electricity at a 10% discount than that charged for general purposes, as well as renting factory space at a low price.

Regardless, South Korea continues to push forward with regulatory changes affecting various cryptocurrency industries.

In the meantime, the arrested miners are not facing any significant charges, however plenty of fines are on the horizon according to the Yonhap report.

Bitthumb Crypto Payments To Bring In 8k South Korean Merchants By 2019

Bitthumb Crypto Payments To Bring In 8k South Korean Merchants By 2019

Bithumb, the major South Korean exchange, will allow its customers to pay in cryptocurrency within over 8000 brick-and-mortar outlets by the end of 2018, reported March 26, on bit thumb cafés website.

Bitthumb announced that they will partner with the digital payment service provider “Korea pay” to help facilitate user purchases. Korea Pay will handle all payments for more than 200 companies that are based offline, generating the brokerage over 300 billion won annually.

This major move follows Bitthumbs previous breakthorugh into the consumer focused off-line cryptocurrency arena just earlier this month. They partnered with a host of manufacturers to help supply cryptocurrency payments and terminals to many major restaurants and cafés.

Earlier this month, bit thumb announced that they are working on international expansion plans. They intend on signing a deal with Bitpay  in order to accommodate cross-border payments using Bitcoin.

Bitthumb is currently ranked number six among all worldwide exchanges on CoinMarketCap, currently trading at around 682 million on the day of this release.

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South Korean Investors Purchase BitStamp Crypto Exchange For 400 Million

South Korean Investors Purchase BitStamp Crypto Exchange For 400 Million

Bitstamp, one of the larger cryptocurrency exchanges to date, has reportedly been sold to South Korean investors for a sum of around $400 million, according to New York Times finance.

This Luxembourg registered exchange was founded back in 2011, and is currently ranked at number 11 in terms of volume by exchanges on CoinMarketCap, trading at around $182 million over 24 hours.

Depending on what side of the fence you lay, this could be a good or bad decision for the future of Bitstamp. South Korean regulations have made several decisions this year from false rumors of cryptocurrency bans to several raids on Seoul based crypto exchanges that have affected the market temporarily in a negative manner.

Korean Peace Agreement Recorded on Ethereum Blockchain

The meeting last week between South Korean President Moon Jae-in and North Korean leader Kim Jong-un has been recorded on the Ethereum blockchain.

The governments themselves did not code the official peace agreement on the blockchain, however South Korean developer Ryu Gi-hyeok published the declaration on the Ethereum blockchain in both Korean and English languages.

Written in Ethereum blockchain, the Panmunjom Declaration will forever be solidified within block 551,7596. Ryu states that he wanted to keep the record of North Korea and South Korea in the world of crypto as this marks and unprecedented event.

The agreement will forever be stored within the blockchain as long as Ethereum exists.

Younger Koreans More Likely to Invest in Cryptocurrency

According to a new poll conducted by the Bank of Korea, a quarter of South Koreans in their 20s are seeking to invest in cryptocurrency.

The survey also found that roughly 30% of people in their 20s and 40% of those in their 30s are very familiar with cryptocurrency. Only 21.6% of the remaining age groups were somewhat aware of the currency.

Unsurprisingly enough, the numbers were fairly low with the older generation, at only 5.7% of people in their 60s and 2.2% of people in their 70s had any knowledge of cryptocurrency.

Those younger participants were very excited with the potential of investing in crypto. Those that were in their early 20s stated they were “eager to invest in cryptocurrency” according to the poll. Those that were polled within the 30s age group had a 20.1% eagerness to invest.

The poll also estimated that over 2 million people currently own cryptocurrency in South Korea. This is about 4% of the countries roughly 52 million residents. This perhaps reflects the fast-growing market for trading within this country. South Korea continues to be the dominant country with regard to cryptocurrency ownership and the future developments.

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