A South Korean police officer has been indicted for his role in an operation to bypass China’s capital controls. Using bitcoin to transfer the funds, the case involves the movement of 12 billion won, approximately $ 11 million, by foreign exchange services in both China and South Korea.
Also read: South Korea Prepares to Tax Bitcoin Use
South Korea is moving forward with a bill to regulate cryptocurrencies. According to the country’s Ministry of Justice, the bill will primarily focus on cracking down criminal activities including crimes perpetuated through multi-level and door-to-door sales.
Also read: Putin Orders the Issue of Russia’s National Cryptocurrency…
The head of South Korea's central bank has ruled out classifying bitcoin as a currency, arguing that cryptocurrencies are a form of commodity instead.
Google Alert – bitcoin
Following a meeting with the International Monetary Fund (IMF), South Korea is pushing for structural reforms which include strengthening the management and supervision of digital currency transactions including bitcoin.
Also read: Two South Korean Bitcoin Exchanges Announce Hard Fork Plans
South Korea Pushing for…
South Korea is preparing to tax bitcoin use after the cryptocurrency’s trading volume skyrocketed past that of Kosdaq. Han Seung-hee, the commissioner of the country’s National Tax Service, told lawmakers this weekend that the issue of how to best tax cryptocurrencies is being discussed, including the areas of capital gains tax, the VAT, and gift tax.
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Last week, South Korean regulators said they would ban all initial coin offerings. They are imposing a “prohibition on all forms of ICOs.” However, they have not implemented this ban yet. Now, startups in the area are pushing back against the impending ban.
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