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.

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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.


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