S. Korean Crypto Exchange Halts Deposits from Foreigners

The news comes as the Ministry of Strategy and Finance plans to impose taxes on cryptocurrency operators in Korea this year
22 January 2018   383

Korbit, South Korean cryptocurrency exchange, announced that its virtual account service will be terminated this month in order to introduce accounts attached to users' identities.

Korbit also added that foreigners will not be allowed to deposit Korean won at any domestic cryptocurrency exchanges when the new system is implemented.

If you are not a Korean citizen, the KRW deposit to the domestic virtual currency exchange will be stopped when you switch to the new KRW deposit method in January. This applies to both domestic residents and non-residents.


Korbit Statement

The news comes as the Ministry of Strategy and Finance plans to impose taxes on cryptocurrency operators in Korea this year, the ministry said Monday. The rate is expected to top 20%.

Virtual money exchanges will have to pay taxes. But we have yet to decide the exact tax rates as we are in talks with the National Tax Agency.


A ministry official statement

He added the government reached a consensus to levy corporate and other taxes on exchange operators during the first half of this year.

Bithumb, a leading domestic cryptocurrency exchange operator, is expected to pay about 60 billion won in corporate and local income taxes according to the plan. Bithumb is estimated to have chalked up earnings of more than 300 billion won last year.

Recently, we have reported that the government of South Korea plans to require cryptocurrency exchanges to share users’ transaction data with banks, in a potential move to impose taxes on the transactions.

Iranian Central Bank Doesn’t Recognize Bitcoin as Official Currency

The Central Bank of Iran announced that it has never recognized Bitcoin as an official currency and conducts no transactions in it or other cryptocurrencies  
22 February 2018   38

Last year, the Iranian government was interested in utilizing cryptocurrencies as a way of bypassing economic sanctions levied against the country. Today it completely changed its mind. The Central Bank of Iran announced that it will never recognize Crypto as official currency.

The bank informed citizens about risks of making investments because there is a chance to lose financial assets. Currently, the bank is cooperating with other institutions to develop mechanisms to control and prevent the use of cryptocurrencies in the country.

The wild fluctuations of the digital currencies along with competitive business activities underway via network marketing and pyramid scheme have made the market of these currencies highly unreliable and risky.

The Central Bank of Iran

However, there is some positive news. Today, Iran’s Information and Communications Technology (ICT) Minister Mohammad-Javad Azari Jahromi informed about the development of a local cryptocurrency by Post Bank. Unfortunately, the stage of research is not stated.