South Korea: Gov’t Seeks to Tax Crypto Transactions as Capital Gains

South Korea: Gov’t Seeks to Tax Crypto Transactions as Capital Gains

South Korea’s government plans to tax capital gains returns on cryptocurrency transactions. The South Korean government plans to tax capital gains on cryptocurrency transactions. A Dec. 9 report from The Korea Times reveals that a revised bill to introduce the measure will be drawn up by the country’s Ministry of Economy and Finance by the first half of 2020.In parallel, the Korean National Assembly is in the process of advancing a related bill aimed…

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Crypto Exchange Upbit Confirms Theft of 342,000 Ether — $50M

Crypto Exchange Upbit Confirms Theft of 342,000 Ether — $50M

Crypto exchange Upbit announced that 342,000 ETH worth about $50 million were sent to an unknown wallet in a suspected hack. Major South Korean cryptocurrency exchange — run by a subsidiary of Korean tech giant Kakao — has notified users of the theft of 342,000 Ether (ETH) from its hot wallet.The incident was confirmed in an official statement written by Lee Seok-woo, the CEO of Upbit’s operator, Dunamu, on Nov. 27.Upbit will use corporate…

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China’s Dive Into Blockchain, Digital ID Spurs Rest of World to Action

China's Dive Into Blockchain, Digital ID Spurs Rest of World to Action

Identity digitalization: How China is taking major steps to use blockchain in the government sector. News on crypto and blockchain technology is coming in abundance from China. This became especially true in late October 2019, when the Chinese President Xi Jinping called for accelerating the use of blockchain technology in the country.President Xi identified dozens of use cases that should be promoted: loans, health care, anti-counterfeiting, charity and food security. Xi emphasized that blockchain…

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