South Korean university issues blockchain-stored diplomas amid the spread of the coronavirus

South Korea’s Pohang University of Science and Technology (POSTECH) is set to issue blockchain-stored diplomas to its new graduates. Given the threat of the coronavirus, the university believes it’s no longer safe for students to congregate at a graduation ceremony. Instead of postponing the event, the administration decided to give students the option to get […]
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Feb 6, 2020, 8:26PM UTC

South Korea plans 20% tax on crypto gains

The government of South Korea is planning to charge a 20% tax on income from cryptocurrency transactions. The country’s Ministry of Economy and Finance recently ordered its office of income tax to review a crypto taxation plan, local news outlet Pulse reported Monday, citing “multiple” government sources. Previously, the ministry’s office of property tax had […]
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Jan 20, 2020, 6:16AM UTC

Bithumb to invest over $8M in local ‘regulation-free’ zone for blockchain development

South Korea’s largest cryptocurrency exchange Bithumb is set to invest 10 billion won (~$8.6 million) in Busan city’s “regulation-free” zone for blockchain development. The country’s Ministry of SMEs and Startups announced the news on Thursday, saying that Bithumb will invest via its subsidiary GCX Alliance. Bithumb and Korea’s Financial Services Commission will discuss more details […]
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Jan 9, 2020, 9:20AM UTC

Bitcoin should be listed directly on Korea Exchange, says a government committee

The Presidential Committee on the Fourth Industrial Revolution, a group set up by the South Korean government, has recommended that bitcoin should be listed directly on Korea Exchange (KRX), the country’s sole securities exchange operator. The committee has also suggested allowing cryptocurrency products, such as bitcoin derivatives, in the country, according to a report from […]
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Jan 6, 2020, 1:16PM UTC

Crypto exchange Bithumb hit with a massive tax bill of over $69M

South Korea’s largest cryptocurrency exchange, Bithumb, has been hit with a hefty tax bill of 80.3 billion won (~$69.5 million). Local media outlet Pulse reported the news on Monday, saying that Bithumb’s largest shareholder, Vidente Co., confirmed the tax claim in a regulatory filing on Friday. South Korea’s taxation authority, the National Tax Service (NTS), […]
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Dec 30, 2019, 9:30AM UTC

South Korea plans to tax crypto gains

The South Korean government wants to start taxing residents’ cryptocurrency-related profits. The country’s Ministry of Economy and Finance is pushing for the measure to be implemented next year, local news outlet The Korea Times reported Sunday, citing “government sources.” “Related discussions have been taking place. The revised bill will be drawn up by the first […]
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Dec 9, 2019, 7:50AM UTC