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South Korea. Towards a Bitcoin regulation

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December 4, 2017 | 

1470 Views | 

Joanna Newman | 

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With the growing success of Bitcoin, most countries are thinking about the possibility of cryptocurrency taxes.

Among these countries, South Korea.

Thus, his Deputy Prime Minister, Kim Dong-Yeon, said his government was trying to better regulate the Bitcoin market. He would also be studying cryptocurrency taxation methods.

Regulation of cryptocurrencies of the Japanese type

It should be noted that so far, this country had a light regulation for investors or Bitcoin industries.

These regulations are quite similar to those imposed by Japan through the Japan Financial Service Agency (FSA).

In addition, local virtual currency platforms can operate freely in South Korea with minimal government oversight.

As for Japan, in July it canceled the 8% tax on Bitcoin, in order to facilitate the growth of the Japanese market in this area.

South Koreans should adopt the same type of tax policy, as the country also seeks to provide more flexibility to cryptocurrency companies.

South Korean banks to offer Bitcoin safes to their customers

In South Korea, the main cryptocurrency exchange is Bithumb, which accounts for 70% of the market.

But South Korean banks are also very interested in virtual currencies. They started offering Bitcoin portfolios and safes, where investors can keep their currencies.

So Shinhan Bank would like to be an alternative to Bithumb, which has already been hacked twice this year.

All this news from South Korea is very encouraging. It proves once again that countries recognize the importance of Bitcoin and its future and are trying to normalize this market.

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TAGS: NEWS INFO BITCOIN CRYPTOCURRENCY REGULATION

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