Category: South Korea
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South Korean Highways Will Have Blockchain-Powered Toll Payments
One of the biggest commercial banks in South Korea has partnered with the Korea Expressway Corporation for a blockchain-based toll system.
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South Korea’s Largest Bank Unveils Bitcoin Custody Services
KB Kookmin Bank (KB), the largest commercial bank in South Korea, has agreed on a deal with blockchain venture fund Hashed and crypto exchange Cumberland Korea to offer bitcoin custody services. In January, the government-owned bank filed its trademark application for digital assets custody with the Korean Intellectual Property Office. The trademark is called Kbdac.…
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South Korean Beachgoers Can Now Use Bitcoin to Pay for Services
The Haeundae Beach System in Busan is part of a pilot project that aims to offer crypto payment solutions to beachgoers in the summertime.
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Major South Korean Bank Joins the Crypto Custody Business
We’re suddenly seeing banks lining up to support crypto custody, and KB Kookmin Bank is looking to get in on the action.
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South Korea to Start Taxing Bitcoin Profits in 2021
South Korea will start taxing profits from bitcoin (BTC) and other cryptocurrencies next year, according to local media reports. The taxation will also apply to bitcoin mining operations and income from initial coin offerings, should it be approved by Parliament. South Korea’s Ministry of Economy and Finance proposed the amendments to the existing tax law…
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10 Countries Actively Regulating Cryptocurrency Despite Global Crisis
Despite the coronavirus pandemic and the resulting financial crisis, at least 10 countries have made announcements regarding cryptocurrency regulation since our last regulatory roundup. They include Japan, Malaysia, Singapore, China, Spain, Germany, India, the Philippines, the U.S., and South Korea. Also read: IMF Declares Global Recession, 80 Countries Request Help, Trillions of Dollars Needed Regulations…
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Major South Korean Bank Prepares to Launch Crypto Services as Government Green-Lights Regulation
Following the approval of a regulatory framework for cryptocurrencies by the South Korean government, one of the largest banks in the country is preparing to launch a range of crypto services. KB Kookmin Bank has applied for trademark registration, reportedly listing over 20 crypto services on its application. Also read: 2x Bitcoin — Wanna Double…
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South Korea Passes Bill to Regulate Cryptocurrency in Line With FATF Standards
South Korea’s National Assembly finally passed a bill that provides a framework for the regulation of cryptocurrencies and exchanges. Crypto service providers will be required to use the real-name verification system and comply with reporting requirements in line with the global cryptocurrency standards set by the Financial Action Task Force (FATF). Also read: Bitcoin Legal…
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Bitcoin.com Partners With Mecon Cash, Enabling BCH to Korean Won Withdrawal at Over 13,000 ATMs Across South Korea
Bitcoin Cash has been added to Mecon Cash’s M.Pay platform which is integrated with over 13,000 ATMs in South Korea. By making bitcoin cash usable for withdrawing won across the country, Mecon Cash is ensuring that BCH users in Korea can always make urgent and small transactions in any place that still does not accept…
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Crypto Exchange Bithumb Takes Korean Tax Authority to Court Over $69 Million ‘Groundless’ Tax
Bithumb, a major crypto exchange in South Korea, has taken the country’s tax authority to court over a “groundless” tax imposed on the exchange. Experts explain that currently there are no grounds to tax crypto transactions in South Korea and existing tax laws do not apply to crypto transactions. Also read: Regulatory Roundup: EU-Wide Crypto…