South Korea bans cryptocurrency trading for its officials

South Korean government issued an as of now unofficial ban for all the public servants to trade or invest in the digital currencies
06 March 2018   185

South Korea is one of the largest cryptocurrency markets and usually regulations their government puts through affect the market in some way. Now the impact wouldn't be so huge, but the chances are, the affected group wouldn't be very happy about it. You see, Korean government effectively banned all government officials from trading cryptocurrency, even if it's not related to their jobs.

As reported by Maeil Business Newspaper, South Korea has issued a ban on virtual currency holdings and transactions to all civil servants. The document entitled “Virtual currency holdings and transaction-related information for civil servants” has been circulated through the departments. In this document the personnel department requested that all government officials refrain from holding and trading virtual currency, especially in the work hours, even if there is no job relevance. This is actually the first case of government banning cryptocurrencies for all its public officials.

The disciplinary actions are not defined by the document, but are openly encouraged, because cryptotrading is considered a “violation of the prohibition of forbearance obligations under the civil servants' law”. Each ministry is free to judge the possibility and severity of such a disciplinary action.

As you can see, the South Korean government is quite adamant to stop any possibility of any kind of trading or investing in the cryptocurrencies using information learned by officials during their duties. This is, while quite strict, possibly the best approach for this kind of situation, because there have already been accusations of officials' insider trading and market manipulation using undisclosed information of future regulations.

Crypto Taxpayers to be supported in India

Cleartax, the largest Indian tax filing platform joins Zebpay exchange to help crypto taxpayers
24 March 2018   101

The object of this partnership is to educate Bitcoin traders and investors about the current tax laws and how to apply them in stating cryptocurrency profits and incomes. Indian authorities are aimed to find the best approach to Bitcoin and the other kinds of cryptocurrencies. The recent declarations of the regulators that new instructions would be accepted in a short time, have not been followed by real actions. So the attempts to enforce the control on this sphere have led to summaries that this task in not going to be simple at all. According to last month media reports, new frameworks and rules were waited by the end of March.

Though they failed to to introduce extensive regulations, the Indian authorities are focused to tapping into crypto earnings. In a previous month the Income Tax Department released notifications for thousands of cryptocurrency investors, as reported.

The Cryptocurrency Advisory Plan will help Indian bitcoin investors and traders in this year's tax campaign. The biggest tax filing platform Cleartax joins the Indian bitcoin exchanges and wallet providers Zebpay. They are both objected to support taxpayers to understand and abide by the law regarding taxation of the transactions with cryptocurrencies.

Cleartax declared it has the tax and technological expertise “to help people understand how bitcoin works”. Besides, the platform has started tax filing services for cryptocurrency investors. The Cleartax CEO and founder Archit Gupta claimed that together with Zebpay they are going to “simplify taxes for Indians”. The head of exchange at Zebpay, Nischint Sanghavi added that he believes the partnership with Cleartax will simplify tax planning for Zebpay`s customers.

In February about 100,000 cryptocurrency investors received tax notices from India`s Income Tax Department. Questionable dubious transactions, authorities investigated some of the cryptocurrency exchanges, and banks paused many of their accounts. Then the governmental pressure caused significant drop in trading volumes.

The authorities in Delhi have set a number of warnings against investing in BTC. Also the largest commercial banks have restricted severely the operations of local exchanges and individual cryptocurrency traders, even before any law demanding such measures is adopted.