Free transfer of assets is considered a “gift” under the Inheritance and Gift Tax Act. In South Korea, a gift tax must be paid on any asset with a monetary value. A new gift tax on airdrops for crypto assets is reportedly being considered by the Ministry of Strategy and
The organization has identified 16 service providers. Local exchanges’ offices were raided last month as part of an inquiry. More than a dozen cryptocurrency exchanges risk losing clients in South Korea as officials crack down on international companies they allege are operating illegally in the country. According to a news
Virtual asset service provider will enable Crypto.com to offer custody and exchange services for digital assets. Crypto.com has more than 50 million users. The world’s fastest-growing cryptocurrency platform, Crypto.com announced today that it has acquired an Electronic Financial Transaction Act and Virtual Asset Service Provider registration in South Korea. By
South Korea’s Ministry of Justice banned the officials of Terra from leaving the country. Do Kwon is issued notice to enter the country, who now lives in Singapore. The fall of UST initiated the bearish rally of the crypto market. Following the Crashdown of Terra(LUNA), the entire market dipped down
Exchanges, including Upbit, Bithumb, and Coinone, were the targets of raids. Around 200,000 South Korean investors are thought to have invested in TerraUSD and Luna. Shocking revelations from South Korea have been pouring in after the fall of Terra-Luna. On Wednesday, Korean prosecutors raided seven cryptocurrency exchanges to see whether
10,000 new web3 jobs will be created as part of the company’s $380 million investment. According to the notification, local university graduates would be given precedence. Dunamu, an asset management, and fintech company plans to invest $380 million to generate over 10,000 new web3 jobs. Dunamu is a well-known South
Several regulatory authorities from across the globe launched official investigations. Know Your Customer and Anti-Money Laundering rules are demanded. Several charges were brought against Terraform Labs and its co-founder, Do Kwon, after the collapse of the Terra ecosystem in May. As a result of the scandal, several regulatory authorities from
The Do Kwon fraudulent investigation began. Kwon was discovered to have stolen revenue by avoiding 50 billion won ($39 million) in taxes. Do Kwon is being investigated for tax fraud by the Seoul Southern District Prosecutor’s Office’s Joint Financial and Securities Crime Investigation Team. The National Tax Service discovered that
Major South Korean exchanges delist Litecoin (LTC). Major concern towards the privacy features of the new MWEB upgrade. South Korea is extremely stringent towards the safety protocols after the Terra LUNA tragedy. The delisting and ban of Litecoin (LTC) was indeed highly evident more than two weeks back. Ever since,
MarketAcross, the world’s leading blockchain PR and marketing agency has been named the official global media partner for Asia’s flagship blockchain event, Korea Blockchain Week (KBW). The event is held after two years break due to the COVID-19, between August 7 to 12, the KBW22 will be placed in the
