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   678

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.

German Exchange to launch Bitcoin Products

Deutsche Boerse, the Frankfurt Stock Exchange holder, is deciding about the providing cryptocurrency products
24 May 2018   77

Reporting in London on Wednesday, at a significant event of the sphere, Jeffrey Tessler (the firm's chief of customers, products and core markets), declared: "We are deep at work with it." Nevertheless, any move into the crypto space from the stock exchange might not be forthcoming fast. When CME Group and Cboe Global Markets both started bitcoin futures trading last December, Tessler further claimed during the event that Deutsche Boerse is "not at the same stage." According to his point of view, the company is attempting to understand the volatility of the bitcoin market first and insuring clients and regulators are "in line" before stepping ahead with any offerings.

Whilst a move into offering bitcoin products is not definite, the exchange has already been active in the blockchain field. Deutsche Boerse unvealed details to CoinDesk about its plan to move the majority of its post-trade services to a blockchain last June. It affirmed at the time that it was interested in building a system, using Hyperledger's open-source Fabric protocol, in order to transfer securities and move commercial bank money, while still undertaking cross-jurisdictional compliance with regulators.

Also, as recently as March, the group declared it wish to deploy a platform for more operative securities lending using R3's Corda blockchain tech.