According to the statement, stated by the press secretary of the South Korean president, in the near term it is not planned to impose a
ban on cryptocurrency trading.
The current regulatory climate for cryptocurrencies and adopters in Korea is a markedly different from widely - reported whispers — since December — of a possible ban
on cryptocurrency trading in the country.
Last week, CCN also reported that Huobi, formerly the largest cryptocurrency exchange in China prior to the imposition of a nationwide ban
on cryptocurrency trading by the government, announced its expansion to Japan and South Korea through a partnership with SBI Holdings, one of the largest banks in Japan.
The timing of the launch comes at a time when the nation's government has issued
restrictions on cryptocurrency trading activities and is mulling a harsher crackdown on exchange - based trading.
The drop in the price of Bitcoin in South Korea has been led by weeks of speculation and misinformation about the South Korean government's
stance on cryptocurrency trade in the country.
«Today, Justice Minister Park independently released a
statement on a cryptocurrency trading ban policy that was not agreed upon by the government and the Ministry of Strategy and Finance.
South African citizens will now be expected to pay income tax
on their cryptocurrency trading as the South African Revenue Service (SARS) released a statement covering South African cryptocurrency tax laws on April 6, 2018.
While the world has been discussing the ban
on cryptocurrency trading activities that is still being considered in South Korea and that has caused a significant cryptocurrency market fall, the country has provided new information to talk about.
The alleged insider trading is said to have occurred prior to Korean regulators announcing new
rules on cryptocurrency trading in the country - a move that has been, at least in part, linked to the recent slump in prices across the crypto markets.
Since the beginning of this year, the crypto market has experienced increased pressure from regulators around the globe with crackdowns
focused on cryptocurrency trading and initial coin offerings and this has played a major role on the performance of the virtual currencies.
At that point, it appeared bitcoin (BTC) had found a bottom, but the ascent was cut short at $ 14,942 and prices fell further to $ 12,845 at 04:29 UTC — very likely on fears South Korea may soon announce an outright ban
on cryptocurrency trading at exchanges.
Apart from a number of rules that were already issued, the National Tax Service (NTS) is currently drafting a framework on how to effectively collect taxes
on cryptocurrency trading transactions.
The bitcoin trading volume at the Chinese segment of LocalBitcoins jumped two-fold from the previous levels after news about the ban
on cryptocurrency trade on par with Chinese yuan.
Exchanges in the country will be asked to submit details of transactions above a certain threshold to the tax authorities, and gains made
on cryptocurrency trades after appreciation will also be liable to capital gains tax.
According to Credit Karma, a website that gives consumers access to free credit score checks, a very small percentage of people are reporting gains they've
earned on cryptocurrency trades.
They discuss why HFT has actually been a strong positive for retail investors, the pros and cons of the current maker / taker system, and their
thoughts on cryptocurrency trading.
Since Bitcoins, or as a matter of fact, most of the cryptocurrencies are not backed by any government; the authorities seem to be hell - bent on declaring a cease and desist
order on cryptocurrency trade.
Important global economies like China and Russia have also been recently seen hitting hard on its local trading bodies and exchanges while putting up a
curtain on cryptocurrency trading.
At a press conference in Tokyo, she applauded the three Asian countries for keeping
tabs on cryptocurrency trading, stating, «We feel very strongly that we need to have this kind of regulation all over the world.»