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South Korea’s government is reportedly hitting the country’s digital currency exchanges with tax demands in a bid to control the market. According to the Yonhap News Agency, South Korean cryptocurrency exchanges will be required to pay 22 percent of corporate and 2.2 percent of local income taxes if they had...
On January 18th the chairman of South Korea’s Fair Trade Commission Kim Sang-jo stated during a radio show that shutting down cryptocurrency exchanges is not realistic. During the interview, chairman Kim went as far as to say that banning cryptocurrency trading is “not realistic at all,” and warned the government about...
South Korean cryptocurrency exchanges including Bithumb, Coinone, and Korbit are adding more employees than banks and financial institutions, local mainstream news networks have reported. YTN, one of South Korea’s largest mainstream media outlets, revealed that Bithumb, which processes more than $2.6 billion worth of cryptocurrency trades on a daily basis,...
Woori Bank, the third largest commercial bank in South Korea behind Shinhan and Kookmin, is planning on closing down the existing accounts of cryptocurrency exchanges. Last week, mainstream media outlet Hankyoreh reported that Woori Bank is planning to shut down services for the country's 3 largest cryptocurrency exchanges: Bithumb, Korbit, and Coinone who...
On September 11thh, Coinone, South Korea’s third-largest cryptocurrency exchange behind Bithumb and Korbit, launched the first offline cryptocurrency exchange in the country, enabling clients to purchase cryptocurrencies such as bitcoin through ATMs and physical products including USB drives. In South Korea, the vast majority of investors and traders have been...