Korean Crypto Exchange Korbit Halting Deposits from Non-Citizens

Bitcoin crashes as South Korea confirms crackdown on anonymous crypto trading

"By the end of 2017, several researchers had reported additional spear phishing campaigns against South Korean cryptocurrency exchanges, numerous successful thefts, and even Bitcoin and Monero mining". The recent indecision and constant threat of exchange closures has created a few dips in the prices.

The government plans to require cryptocurrency exchanges to share users' transaction data with banks, in a potential move to impose taxes on the transactions, an official at financial authorities said Sunday.

"Korea Financial Intelligence Unit announced that financial companies are in the process of drawing up a guideline to prevent cryptocurrency-related money laundering, although any specific measures are yet to be confirmed", the Financial Services Commission said in a statement in response to the news.

Opening anonymous cryptocurrency accounts is also banned until banks install a system that ensures only real-name bank accounts and matching accounts at cryptocurrency exchanges to be used for deposits and withdrawals.

The shift toward tighter regulation sparked a strong reaction from many South Koreans, thousands of whom signed a petition on the website of the presidential Blue House to stop a ban on cryptocurrency trading.

A lot of confusion has been built around in the past two weeks about regulating cryptocurrency trading in the country.

WhatsApp Android Beta Gets Notification Channel Support on Oreo
However, the app developer will first need to add support for Notifications Channel, in order for users to put this to use. With these channels, users will now be able to pick and choose the notifications that they want to pay attention to.

According to reports, the government has previously indicated it would ban non-resident foreigners and minors from trading cryptocurrencies.

Virtual currency exchanges should pay the corporate tax on income earned a year ago by the end of March and the local income tax by the end of April, an official from the Ministry of Strategy and Finance said.

Under the existing laws for Income Tax in South Korea, local corporations are asked to pay 2.2 percent local income tax and 22 percent of corporate income tax on any income over 20 billion won (US$18.7 million).

Bithumb, one of Korea's major cryptocurrency exchanges, is expected to pay about 60 billion won in corporate and local income taxes as its estimated earnings reached 317.6 billion won a year ago, according to Yujin Investment & Securities. Its estimated earnings reached nearly $300 million a year ago. The first known North Korean cryptocurrency operation occurred in February 2017, with the theft of $7 million (at the time) in cryptocurrency from South Korean exchange Bithumb.

The post South Korean banks and exchanges to share data appeared first on NewsBTC.

Related:

  • Bangladesh says start of Rohingya return to Myanmar delayed

    Bangladesh says start of Rohingya return to Myanmar delayed

    In a dry statement released after the meeting, Suu Kyi's office said everyone "exchanged views and opinions to implement the recommendations".
    Watch Jay Leno Drive The Original 1968 Mustang From Bullitt

    Watch Jay Leno Drive The Original 1968 Mustang From Bullitt

    That includes a thorough debadging, with only the Bullitt-logo fuel cap on the outside marking the vehicle as something special. Of the estimated 30,000 kids that the Boys Republic rescued and helped so far, one was known to make it big in Hollywood.

    Wenger Confirms Manchester United Target Will Remain At Arsenal

    Today he can analyse better. "Before he was a bit more, My body can take that' like we all are when we are 20 years old". Arsenal manager, Arsene Wenger , says he wants midfielder, Jack Wilshere to sign a new contract at the club.
  • Cervical cancer screenings reduce death rate by 50 percent

    Cervical cancer screenings reduce death rate by 50 percent

    In a new survey of 25-35 year old women, a third admitted they wouldn't go if they hadn't waxed or shaved their bikini area. Jo's Cervical Cancer Trust has found they're anxious about body image , and whether they're "normal".
    Royal joy as Princess Eugenie announces engagement to long-term boyfriend

    Royal joy as Princess Eugenie announces engagement to long-term boyfriend

    The pair first met in the Swiss resort of Verbier back in 2010, as Mr Brooksbank enjoyed a skiing holiday with his friends. Brooksbank, 31, has been described by United Kingdom society magazine Tatler as "the king of the London club scene".
    IPhone X boosts Dixons Carphone sales

    IPhone X boosts Dixons Carphone sales

    The best performing regions were Greece and the Nordics, which delivered LFL revenue growth of 23% and 11% respectively. Dixons confirmed this morning that he will be replaced by Alex Baldock, who now runs online retailer Shop Direct .
  • Bristol team makes waves with acoustic tractor beam

    Bristol team makes waves with acoustic tractor beam

    In effect, this combination creates an acoustic mini-tornado, with a loud, twisting outer structure encasing a silent core. The new findings open the door for the technology to be used in a variety of settings, according to the researchers.
    Trump presidency anniversary: Golf fan spent 25% of year on links

    Trump presidency anniversary: Golf fan spent 25% of year on links

    Then-citizen Trump, whose political career began by questioning whether Obama was born in the United States, wasn't finished. Because trying to take down Trump is the most important issue facing the Democratic leadership.
    Man arrested after schoolgirl, eight, is stabbed to death in 'domestic incident'

    Man arrested after schoolgirl, eight, is stabbed to death in 'domestic incident'

    A post-mortem examination is scheduled to take place tomorrow (22 January) to establish the precise cause of death. To do something like that is awful . 'I can't trust what's happened and it being such a young lady is bad .
  • Woman Missing In Gulf Of Mexico After Falling From Carnival Cruise Ship

    Woman Missing In Gulf Of Mexico After Falling From Carnival Cruise Ship

    The ship was on a four-day Bahamas journey from Jacksonville that withdrew on Thursday; the lady has not yet been recognized. Coast Guard, Jacksonville Sheriff's Department, FBI, and Bahamian law enforcement are now assisting in the investigation.
    Gov. Ducey pledges to keep Grand Canyon National Park open

    Gov. Ducey pledges to keep Grand Canyon National Park open

    The state would use its own funds from the Departments of Parks and Tourism to keep the national park open and fully operational. Once a budget deal is reached, these essential employees are retroactively paid for their hours worked.
    Pawan Kalyan's wife Anna does an arathi

    Pawan Kalyan's wife Anna does an arathi

    Later at a meeting, the ambassador explained to Pawan Kalyan the scenic locations in Poland where films should be shot. On Monday morning, Anna gave haarathi and put tilakam on forehead of Pawan Kalyan in traditional Hindu ritual.

Comments

Latest news

Are hosts Megyn Kelly and Hoda Kotb trading on-air jabs?
Kelly just exploded with her own criticism, saying Jane told just about anyone who would listen that she had work done. She has since seemed to find her legs in large part by focusing on the voices of the MeToo movement.

PlayStation Characters Headline the Amiibo-Like Totaku Line of Figures
It is a neat little collection and one that even I (as a predominantly Xbox and PC player) am quite interested in. Style similarities to previous toy ranges, such as Nintendo amiibo and Disney Infinity, are readily apparent.

Apple to CANCEL the iPhone X, new report claims
The projected weak iPhone X sales are not likely to have a negative impact on the overall growth of iPhone models in the market. The latest research note from KGI Securities' analyst Ming-Chi Kuo (via Apple Insider ) might come as a shocker for many.

James Bond boss reveals Harry Styles 'could play a younger Bond'
If you want to believe the rumours, blockbuster director Christopher Nolan could be taking the reins of the next Bond film . After speculation continues to amount over who will take over from Daniel Craig after the next Bond film.

Apple teams with Malala Fund to support girls' education
Malala is a courageous advocate for equality. "My dream is for every girl to choose her own future", said Malala Yousafzai . Some of the biggest challenges facing girls' education are gender discrimination, religious extremism, poverty, and war.

Microsoft Goes After Chromebooks With $189 Windows 10 Notebooks
Microsoft is announcing a new update for Minecraft: Education Edition today which will start rolling out this Spring. Microsoft, PBS and NASA will deliver "Bringing the Universe to America's Classrooms" to AR and VR headsets.

Couple accused of killing 4-year-old held without bond at arraignment
When she returned, Diaz claimed she found the water level had risen and that her daughter was submerged in water up to her nose. Diaz said she pulled Gabrielle out of the tub, the girl vomited and her boyfriend attempted to provide CPR, the petition said.

UN African Ambassadors Take Issue With Trump's Reported Racist Comments
Last week, the African Group said in a statement that Trump's remarks were "outrageous, racist and xenophobic". I just want to say from the bottom of our hearts, we are part of you, we are part of a global community.

Berdych sweeps past Fognini into quarterfinals
The only time he's failed to reach at least the quarters was a year ago when he lost in the third round to Roger Federer. Berdych last beat Federer back in 2013 and has lost his last eight matches against the veteran. "I'm happy for him".

Sensex range-bound in late-morning trade, Nifty above 10900
Profit-booking was witnessed in telecom, metal, utilities and power segments which restricted the index gains. Meanwhile, the broad based NSE Nifty climbed by 77.70 or 0.72% at 10,894.70 with 34 components posting rise.

Trump's first year in office averaged dismal 38 percent approval rating
Trump received the highest approval in Alberta, where 29 per cent viewed him positively, and 16 per cent had mixed feelings. But Trump's number in Minnesota does not foretell the kind of election wave that many Democrats are hoping for.

Defending champion Federer maintains flawless record to reach quarter-final
Federer rifled a running forehand pass to earn three set points and again finished the set at the net, with a smash. Second seed Federer, 36, will face Czech Tomas Berdych in the last eight, who he beat in last year's third round.

USA plotting another Korean War: North Korea
The neighboring states are now engaged in talks on issues related to Pyongyang's participation in the Olympics . However, North Korean leader Kim Jong Un has clarified the country's capabilities.

Patriots open as a 5.5-point favorite over Eagles in Super Bowl
Keenum congratulated Foles in the tunnel after the game. "I just think you've got to keep going at it", Foles said. THIRD DOWNS: Minnesota was the league's best team defending third downs and was third in converting them.

Is There A Quarterback Controversy Between Nick Foles And Carson Wentz?
Minnesota might have the best defense in the National Football League and their offensive weapons are numerous and potent. On third down from the Eagles 15, Keenum was blindsided by rookie Derek Barnett , and the ball bounced directly to Long.

Other news