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   947

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.

US Authorities to Sell $4.3M Worth Seized BTC

As reported, the Bitcoins were seized during different federal investigations
18 October 2018   90

The US Federal Penitentiary and Marshals Service has announced an auction, during which 660 Bitcoins will be sold, previously confiscated by law enforcement agencies. The current market value of the coins put up for sale is about $ 4.3 million, CoinDesk reports.

Bitcoins offered for sale were seized during federal criminal, civil and administrative investigations.

The auction will be held on November 5, and to participate in it, you must register no later than October 31 and make a deposit of $ 200,000.

The trades will be divided into two parts and include the sale of six blocks of 100 BTC and one more block of 60 BTC. Auction participants will not be able to view other people's rates or change their own.

The Office clarified that part of the assets put up for auction includes Bitcoins, which were seized during the recent investigations into the cases of the traders Teresa Tetley and Thomas Mario Costanzo. Teresa Tetley was sentenced in July to a year in prison on charges of trading in cryptocurrency without the necessary license and laundering money obtained from drug trafficking.

The Marshals do not report which part of the bitcoins seized from Tetley and Costanzo is put up for auction, however, it was previously known that 40 BTC were withdrawn from the first, and 80 BTC from the second.

Two previous major auctions for the sale of confiscated bitcoins were held in the United States in January and March of this year. In the first case, 3813 BTC was sold, in the second - 2170 BTC.