How to avoid arrest for crypto transactions in S. Korea?

South Korea Ministry of Justice released 7 conditions to met in order to make cryptocurrency transactions legal for exchanges
12 December 2017   942

The Ministry of Justice of South Korea is considering the possibility of a complete ban on trading crypto-currencies and digital tokens in order to protect consumers from fraudulent schemes. This is reported by the Nikkei Asian Review.

Blockchain technology can be applied to a wide range of fields in the fourth industrial revolution. We need to find out ways to adopt this new technology quickly as many other countries are rushing to develop this technology.

Choo Kyung-ho
Liberty Korea Party, Rep.

To obtain a legal status, a list of rules is introduced, in case of failure of which the organizers of the exchange or developers will be punished with a prison term of up to 10 years or fined up to 500 million won. For money laundering and fraud, violators face a prison for 10 years or a fine in the form of a threefold amount of illegally obtained funds if they exceed 500 million won.

Operations will be legal only if seven conditions are met:

  1. Deposit of fiat money,
  2. Keeping a reserve on accounts of third-party companies,
  3. Explaining the risks of operations with crypto currency,
  4. Verification of the identity of users,
  5. The creation of a system for countering money-laundering,
  6. The organization of protection of cryptographic keys
  7. Reporting.

The government provides a semi-annual grace period for existing exchanges, during which they are obliged to bring their activities within the framework of the law.

It is expected that this initiative of the Ministry of Justice will meet opposition from other institutions. At a meeting with journalists in late November, Finance Minister Kim Dong-Yong spoke out for the development of crypto-currency technologies, calling them the future of the financial industry.


BTC Extortionists to Send Explosion Threats In US & CA

Police reported that explosive devices in the places specified by extortionists were not found
14 December 2018   79

In Canada and the United States, local businesses and residents received letters threatening to detonate a bomb if they did not send bitcoins to extortionists. Because of this, in some regions, law enforcement officers evacuated people from bus stations, schools and airports, reports Global News.

Extortionists threatened to blow up universities, schools, city halls and local businesses in the US states of Utah, Aidaxo, New York, Oklahoma and Illinois. The New York City Police Department urged residents not to panic or send bitcoins to criminals. Police also reported that explosive devices in the places specified by extortionists were not found.

In Canada, extortionists promised to blow up buildings and car dealerships in Toronto, Edmonton, Ottawa, Calgary and Montreal. Some residents of the attackers asked for a ransom in bitcoins in the amount of $ 20 thousand. After verification, the Calgary police stated that the messages were part of phishing attacks and did not pose a threat to the public.