South Korean Won

South Korean Financial Regulator Confirms Privacy Coin Delistings- Adds New Guidelines to Report Unusual Transactions

22/02/2021 by Idelto Editor

South Korean Financial Regulator Confirms Privacy Coins' Delisting — Adds New Guidelines to Report Unusual Transactions

South Korean financial watchdogs are about to start overseeing crypto-related activities in the nation, and additional barriers for exchanges keep appearing. Moreover, one of the South Korean regulatory bodies codified the measures announced last year on privacy coin listings.

No Major Domestic Exchanges Can List a Privacy-Centric Crypto-Asset

According to Electronic Times, the Financial Services Commission’s Financial Intelligence Unit (FIU) confirmed that all privacy coins would be delisted from the domestic cryptocurrency exchanges.

The watchdog argued that difficulties in determining transaction details carry a high risk of money laundering through such cryptocurrencies.

Although the FIU just confirmed it, the local press first reported the measure in November 2020. The FIU pledged to ban privacy coins such as monero (XMR) and zcash (ZEC).

South Korean platforms such as Okex have since been forced to delist several privacy coins to align with the anti-money laundering (AML) rules.

However, as of press time, no major South Korean crypto exchanges have any privacy-centric cryptos listed. The Financial Intelligence Unit is the regulatory body responsible for dealing with AML matters.

Reporting ‘Unusual’ Transactions Within Three Working Days

Also, per Yonhap Times, the unit will ask domestic exchanges to flag and report any unusual transactions on their platforms “within three working days.” According to the FIU guidelines, the reports should specify the transaction’s values in fiat Korean won (KRW).

The regulatory body expects policy exchanges through a protection management system, which will gather information such as banking data and social security numbers. In fact, the unit wants that banks are also responsible for making exchanges compliant with AML rules.

The South Korean crypto bill will become effective in March 2021, after clearing a series of delays and discussions on who should oversee all the crypto industry from a legal perspective.

Also, the coronavirus pandemic halted discussions, as other bills were granted a significant priority on the pipeline.

What do you think about this news ahead of the South Korean crypto bill deadline? Let us know in the comments section below.

South Korean Government to Start Taxing Crypto Trading Profits in 2022

08/01/2021 by Idelto Editor

The South Korean government has issued an amendment to introduce tax on cryptocurrency trading profits. The plan is now a reality after several attempts to delay it by lawmakers.

New Rules Impose 20% Tax on Crypto Profits

Per Asia Today, the legislative notice details that the amendment will be enacted in February, and profits from buying and selling cryptos in South Korea will be taxed at 20%. However, the rule is applicable only to crypto holders with annual income of over 2.5 million won ($2,300).

The Ministry of Economy and Finance said the enforcement decree is scheduled to be promulgated after meetings with the central government’s cabinet. The amendment is being applied to the country’s existing 2020 revised tax rules.

Although it will be enacted in the next month, the legislative notice clarifies that the new rule will start applying in 2022, according to government documents. The amendment also covers new tax rules for stock transactions.

In fact, transactions of listed shares will also be part of the 20% taxation rules for profits of over 50 million won annually, which is substantially lower than the one imposed on crypto gains. Stocks transactions will be taxed at 25% for annual profits of over 300 million won.

Korean Government Kept Delaying Crypto Taxation Plan

Reports of the South Korean government delaying the launch of a new tax framework for crypto profits made headlines several times in 2020. In November, the National Assembly asked to delay the process, which was originally set to take place in October 2021. In December, the planning and finance committee of the National Assembly announced that it will postpone the new tax rule until 2022.

Moreover, the Korea Blockchain Association requested on Oct. 14, 2020, that the regulators postpone the 20% crypto tax plan until 2023. The group argued that local crypto firms need “a reasonable period” of time to comply with the new rules.

What do you think about South Korea’s new crypto tax plan? Let us know in the comments section below.

Bitcoin.com Partners With Mecon Cash, Enabling BCH to Korean Won Withdrawal at Over 13,000 ATMs Across South Korea

20/01/2020 by Idelto Editor

Bitcoin Cash has been added to Mecon Cash’s M.Pay platform which is integrated with over 13,000 ATMs in South Korea. By making bitcoin cash usable for withdrawing won across the country, Mecon Cash is ensuring that BCH users in Korea can always make urgent and small transactions in any place that still does not accept peer-to-peer electronic cash directly.

Also Read: First Bitcoin Cash Developers Meeting of 2020 to Be Held Today

Bitcoin Cash Integrated Into Platform With Over 13,000 ATMs in South Korea

South Korean cryptocurrency company Mecon Cash has integrated BCH into its payments platform M.Pay following a cooperation agreement with Bitcoin.com. The platform is connected to one of the biggest providers of ATMs, so bitcoin cash can now be used to withdraw to Korean won through M.Pay in more than 13,000 ATMs in South Korea at South Korea’s biggest convenience store chains GS25 and Mini Stop.

The main target demographic for the new service is cryptocurrency holders who need quick cash as well as people who send over $6 billion in remittances to Korea from overseas each year. Mecon Cash also operates other services in addition to payments, including an e-commerce platform that allows users to buy a wide range of products (Mecon Mall) and mobile games that utilize M.Pay for rewards. Bitcoin Cash is now available to be used on these as well, and you can expect more interesting collaborations with Bitcoin.com to be announced in the future.

“Through our partnership with Bitcoin.com, we will grow the presence of Bitcoin Cash throughout the Korean market starting with the ATM withdrawal services. We have huge applications coming up where the close collaboration between Mecon Cash and Bitcoin.com will see positive synergies in the upcoming future not only in the Korean market but also the global market,” stated Chairman of Mecon Cash, Jo Jae Do.

“Mecon Cash is enabling Bitcoin Cash to be used at 13,700 ATM locations across Korea,” commented Bitcoin.com Executive Chairman Roger Ver. “Bitcoin.com is proud to be working with Mecon to help bring Bitcoin Cash and Mecon Cash to Korea and to the world.”

Promoting the BCH Ecosystem

Consistently among the top digital assets in the world by market cap, Bitcoin Cash is accepted by most crypto service providers. It also powers the Simple Ledger Protocol infrastructure which already includes more than 6,000 SLP tokens created since August 2018.

As part of its mission to bring economic freedom to the world, Bitcoin.com is strongly promoting BCH adoption as peer-to-peer electronic money, as well as the development of the surrounding ecosystem, with all its business partners. For example, last year the electronics manufacturer HTC added native bitcoin cash support to its flagship smartphone, Exodus 1, following a partnership with the company.

It was also recently revealed that Bitcoin.com is planning to launch a $200 million BCH investment fund this year that will focus on payment related solutions and non-custodial financial services for Bitcoin Cash. The fund will invest in and incubate BCH businesses like payment gateways, processors, remittances, wallet and merchant acquirers.

What do you think about Bitcoin.com partnering with Mecon Cash to enable bitcoin cash to Korean won withdrawal at over 13,000 ATMs across South Korea? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

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Bithumb Pledges $8M to South Korea’s ‘Regulation-Free’ Blockchain Zone

10/01/2020 by Idelto Editor

South Korean cryptocurrency exchange Bithumb has pledged to invest roughly $8 million into the Busan blockchain zone. The region was recently declared “regulation-free” by the national government and modeled after the Switzerland town of Zug. Bithumb’s subsidiary GCX Alliance will discuss the preliminary plans with the Financial Services Commission (FSC) this month.

Also read: Mining Giant Canaan Faces Stiff Competition After IPO Shares Slump

Bithumb Joins South Korea’s Blockchain Coalition in the ‘Regulatory-Free’ Zone in Busan

On December 30, 2019, news.Bitcoin.com reported on the South Korean exchange Bithumb when the National Tax Service of South Korea (NTS) withheld more than 80 billion won ($69 million) from the company’s international clients. Bithumb is one of South Korea’s most profitable exchanges and the Korean won is often a top five trading pair with the most popular digital currencies. The recent tax levy was considered South Korea’s first attempt to have the NTS enforce tax commitments tied to cryptocurrencies. Following the NTS crackdown, Bithumb has reportedly partnered with the nation’s Ministry of SMEs and Startups. The high volume South Korean exchange plans to inject $8 million into South Korea’s “regulation-free” zone for blockchain development in Busan.

Busan is allegedly one of seven regions that the Korean government has chosen to pilot distributed ledger tech and crypto solutions. Bithumb is also no stranger to Busan, as the exchange operates a walk-in customer service center in the zone, alongside its other branches in Busan Daejeon, Gangnam, and Gwanghwumun. Local reports highlight the Busan investment plan will be hashed out with the FSC during the latter half of January 2020 and purportedly Bithumb’s GCX Alliance will carry out the objectives. “Bithumb and the Financial Services Commission will discuss the investment in Busan blockchain special zone at the end of January,” a senior official from the Ministry SMEs and Startups detailed.

Busan’s So-Called ‘Regulation-Free Zone’ Isn’t Exactly a Place Where You Can Develop Any Kind of Cryptocurrency Project

Busan isn’t exactly an area where blockchain developers and companies can create whatever they want. Initial coin offerings (ICO) are not acceptable within the Busan special region. The area in Busan is meant to be similar to Zug’s famous crypto hub in Switzerland, but there are still restrictions. The public caught wind of the special blockchain zone when the Ministry of SMEs and Startups revealed the idea in July. One of the biggest reasons for leveraging Busan is because it’s the second most populated city with lots of tourism.

The government entity wants blockchain and crypto projects to focus on the public sector with ideas that bolster tourism, consumerism, and public safety. In order to call Busan a “regulation-free zone,” South Korean officials lifted 11 regulations for businesses and startups leveraging blockchain. Bithumb’s GCX Alliance contribution will add to the expected 29.9 billion won ($25 million) by the year’s end.

The push to galvanize Busan was started by South Korean President Moon Jae-In, who recently told the press adapting to blockchain technology was “a matter of survival.” Researchers from Amcgroup have highlighted the fact that only the local BNK Financial Group’s stablecoin is being used within Busan’s borders. No other cryptocurrencies are being worked on at the moment, the report discloses. Further, Amcgroup stressed that “lack of exceptions for cryptocurrencies has limited the appeal to blockchain startups.” Bithumb donating funds to Busan may be good for the region, but if blockchain startups won’t want to work there because public cryptos are restricted, the so-called “regulation-free blockchain zone” might be a worthless attempt.

What do you think about Bithumb planning to donate $8 million to the Busan blockchain zone? Do you think the “regulation-free” zone is truly regulation-free or do you think the government conceived concept is hogwash? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any third party products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Image credits: Shutterstock, Busan, Bithumb customer service centers and logos, Cruisemapper, Wiki Commons, Fair Use, and Pixabay.

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Google Singles out Bitcoin With New Keyboard Currency Symbol

21/02/2019 by Idelto Editor

In what some view as a landmark move, Google developers have added the bitcoin currency symbol to the iOS keyboard. The move, by a company so successful it’s evolved its domain name into a verb, reflects Bitcoin’s mainstream trajectory.

Also read: 10 Years Ago Bitcoin’s Genesis Block Changed the Course of History

An Unlikely Love Story: Apple, Bitcoin and a Currency Symbol

The bitcoin symbol, which has seen deployed in a shortcuts app to aid Siri with command execution, is available on the Google Keyboard on iOS devices. Apple’s native keyboard does not have this functionality.

Google Singles out Bitcoin With New Keyboard Currency Symbol — Standing tall among the world’s greats, behold Google’s new bitcoin currency symbol.

A Reddit user explained how to produce the key manually: “If any of you guys want to be able to type it, the Unicode code point it: U+20BF. For me, on Linux this means hitting Ctrl-Shift-U then releasing and typing 20BF or 20bf since caps don’t seem to matter which produces a nice ₿.”

For Windows, another user proved just why an Android symbol would be very welcome indeed: “On windows, you first have to edit the registry. In order to enable a universal (independent of language settings) input method in Windows, one can add a string type (REG_SZ) value called EnableHexNumpad to the registry key HKEY_CURRENT_USERControl PanelInput Method and assign the value data 1 to it. Users need to log off/in on Windows 8.1/8.0, Windows 7, and Vista or reboot on earlier systems after editing the registry for this input method to start working. Then, holding ALT and typing “+20BF” should give ₿.”

It’s unclear why Google has opted to add the bitcoin symbol to Apple’s interface and not yet to that of Android. Apple’s penchant for privacy is a good fit for bitcoin users, yet its wallet-gobbling insistence on proprietary software is in direct contrast to Bitcoin’s – and Google’s, for that matter – open-source nature. With most privacy-minded individuals opting for Android over iOS, it’s thus slightly ironic that the bitcoin symbol, a currency arguably geared towards the privacy-conscious, is available exclusively on iOS. Even more ironic is the fact that most iOS users tend to use the native Apple keyboard as opposed to the Google version, pointing to Google’s permissions requirement as an adoption deterrent.

From Brand Recognition to Brand Adoption in a Single Keystroke

If brand recognition is any indication of eventual mainstream acceptance then Google’s addition of a bitcoin currency symbol to its native iOS keyboard is a sizeable arrow pointing in the right direction.

The symbol now features on the Google keyboard currency strip alongside the dollar, euro, yen, pound, Korean won, Russian ruble, Indian rupee, and the cent symbol.

It’s alluring to fall into the honey trap that this spells significant news. The tech conglomerate, which under the guise of parent company Alphabet co-founder and president Sergey Brin once admitted that it “failed to be on the bleeding edge [of blockchain]” is finally coming around. That Alphabet is going Bitcoin, and then – just maybe – crypto. (Especially in light of Google’s AI defining bitcoin as a “collapsed economic bubble” or making the cryptocurrency industry the butt of a launch joke.)

After all, in the period 2012-2017, Google placed second as the most active corporate investor in the blockchain space. And rumors regarding a cryptocurrency of Google’s own making have been circulating for a while, but that seems far-fetched, with Brin admitting as recently as last year that he doesn’t know “a whole lot about cryptocurrency” save for an amateur ethereum mining rig he’d set up with his son.

Offering a Window Into the World’s Collective Conscious

While the addition of a bitcoin currency symbol certainly shows Google isn’t turning a blind eye on the world of crypto, this latest news is unlikely to signal Alphabet’s foray into the land of cryptopia. Instead, for a company that makes billions out of listening to us ask questions, it’s only natural that they would give us what we want. According to Google Trends, the search query “What is bitcoin” was the year’s top in the U.S. and U.K. in 2018. A company that, in layman’s terms, “owns the internet” can only stay top by doing what it does best: playing host to the globe’s digital hive mind. And if that collective mind wants bitcoin, then bitcoin is what it’ll get.

Google has a significant effect on the cryptocurrency market. Unlike other movers and shakers holding the stock market in the palm of their hands, it’s primarily a content ledger, whether that content is organic or paid. Yet when the bitcoin price dropped by 11 percent after Google announced it would follow in Facebook’s footsteps and restrict the display of crypto ads in 2018 (a ban that’s since partially been lifted), it drove home the reality that Google has more of a say in crypto-land than many would like.

Time will tell what cascading effect the addition of the bitcoin symbol will have in the minds of everyday iOS users. And, of course, when Android users will get to greet the new family member.

What do you make of the addition of a bitcoin currency symbol to iOS? Tell us in the comments section below.

Images courtesy of Shutterstock and Reddit.

Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.

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