Tagged: fsc

South Korean Digital Asset Investors Might Have to Pay Up to 20% in Taxes on Capital Gains from Crypto Trading

South Korea’s private sector members have revealed that the nation’s citizens may have to pay as much as 20% of their cryptocurrency earnings in taxes. The country’s lawmakers have said that virtual currencies are like electronic or digital certificates of economic value that may be… Read More

South Korea’s Fintech Sandbox Secures $111 Million in Capital, Expected to Create 380 New Jobs

  South Korea’s Fintech sandbox program has reportedly acquired $111 million in funding. The initiative is expected to create 380 new jobs, locally. South Korean officials confirmed that the financial technology regulatory sandbox had secured KRW 136.4 billion in capital, and that they’re expecting the… Read More

Foreigners in South Korea May Use Alien Registration Cards to Open All-Digital Accounts with Kakao Bank in 2020

South Korea Flag

Foreign residents in South Korea will have the option of using the all-digital Kakao Bank and K bank beginning next year, as the country’s financial regulators will let consumers use their alien registration cards to open accounts via the internet. South Korea’s financial regulator, the… Read More

Financial Services Commission of Mauritius Issues Guidance on Security Token Offerings

The Financial Services Commission of Mauritius has issued guidance on security tokens as part of their “Fintech series.” The Guidance follows the regulator’s recognition of digital assets as a unique asset class for investors. In March, the FSC issued a brief statement clarifying that a… Read More

Korean Government Upholds ICO Ban: “No Company Had Actual Service,” Tokens Dumped

Citing “high risk,” “insufficient disclosure,” “no actual service” and token dump price plunges of 68% immediately after privately sold coins are introduced onto public exchanges, the Korean Government has decided to uphold strict regulation (reportedly a ban) on ICOs (initial coin offerings). The government made the decision… Read More

South Korea Said to Ban Anonymous Cryptocurrency Transactions Later this Month

A report by Yonhap News says the South Korean government will ban all anonymous transactions in cryptocurrencies as soon as January 20th.  According to the article, only real name bank accounts will be allowed for deposits and transactions on exchanges. Simultaneously, new virtual cryptocurrency accounts… Read More

South Korea Cautions Consumers on Cryptocurrencies instead of Ban, Meanwhile Report Says Largest Exchange Bithumb Has Been Hacked

South Korea has decided not to ban cryptocurrencies after all, instead the Korean government has decided to caution consumers on purchasing or trading in cryptocurrencies while regulators attempt to better manage the emerging market.  Previously, it was expected that Korean government officials were going to… Read More

Is South Korea Backtracking on ICO Ban? FSC Vice Chair Moderates Stance on Token Offerings as New Task Force is Formed

This past week saw a bit of reversal in South Korea’s stance on Initial Coin Offerings (ICO). In September, it was reported that Korea had decided to totally ban ICOs following a similar approach by China. But during a presentation at the National Assembly by… Read More

Report: South Korea to Punish ICOs as Officials Look to Strengthen Crypto Regulations

A joint task force took place this weekend in South Korea addressing the burgeoning cryptocurrency market. According to a report in BusinessKorea, The Financial Supervisory Commission (FSC), the Korea Fair Trade Commission (KFTC) and the National Tax Service (NTS) came together to review digital currencies,… Read More

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