GERMANY, BONN - JUNE 30: Real money for the population or digital crooks money? The photo shows Bitcoins physically (gold and silver) and manager miniature figures. (Photo by Ulrich Baumgarten via Getty Images)
Another major news development in South Korean cryptocurrency regulation.
According to a Jan. 30 report in Reuters, South Korea's customs service claimed in a statement that it had uncovered 637.5B won ($596M USD) worth of illegal foreign exchange trading via cryptocurrency markets.
74 percent of these crimes (approx. 472.3B won) came from illegal foreign currency trading, according to Customs. The service did not share details into what action South Korean authorities would be taking against these crimes.
Of that number, Customs apparently identified cases wherein Japanese investors transferred 53.7B won ($50.5M USD) to South Korean partners to sidestep regulation, amounting to 8.4 percent of the cited breaches.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
This development follows major news over the past week regarding South Korea's treatment of cryptocurrency trading. On Jan. 23, South Korea's Financial Services Commission detailed its plan to only permit cryptocurrency trading from real-name bank accounts in order to ensure KYC AML compliance and cut down on "illegal activities such as crimes, money laundering and tax evasion"—which also went into effect Jan. 30.
">GERMANY, BONN - JUNE 30: Real money for the population or digital crooks money? The photo shows Bitcoins physically (gold and silver) and manager miniature figures. (Photo by Ulrich Baumgarten via Getty Images)
Another major news development in South Korean cryptocurrency regulation.
According to a Jan. 30 report in Reuters, South Korea's customs service claimed in a statement that it had uncovered 637.5B won ($596M USD) worth of illegal foreign exchange trading via cryptocurrency markets.
74 percent of these crimes (approx. 472.3B won) came from illegal foreign currency trading, according to Customs. The service did not share details into what action South Korean authorities would be taking against these crimes.
Of that number, Customs apparently identified cases wherein Japanese investors transferred 53.7B won ($50.5M USD) to South Korean partners to sidestep regulation, amounting to 8.4 percent of the cited breaches.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
This development follows major news over the past week regarding South Korea's treatment of cryptocurrency trading. On Jan. 23, South Korea's Financial Services Commission detailed its plan to only permit cryptocurrency trading from real-name bank accounts in order to ensure KYC AML compliance and cut down on "illegal activities such as crimes, money laundering and tax evasion"—which also went into effect Jan. 30.
Read Again Broooh https://www.forbes.com/sites/jessedamiani/2018/01/31/south-korean-customs-reveals-nearly-600m-in-illegal-crypto-trading/Bagikan Berita Ini
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