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Monday, February 26, 2018

Money

Local banks will look into whether or not exchanges that use corporate accounts (aka honeycomb accounts) are against financial authorities' anti-money laundering guidelines.
Prohibited from Using Corporate Accounts
30 January 2018 - 4:30pm
As banks will look into whether or not exchanges that use corporate accounts (aka honeycomb accounts) are against financial authorities' anti-money laundering guidelines, so that investment by 800,...
The U.S. seems to be concerned that virtual currency can be a loophole in financial sanctions on North Korea.
Part of Financial Sanctions on N. Korea
29 January 2018 - 9:30am
The New York State Department of Financial Services (DFS) asked six South Korean banks and their New York branches to report on the current conditions of digital currency transactions in South Korea...
The South Korean government has decided to strengthen capital gains taxes on foreign major shareholders.
Levying Capital Gain Taxes on Foreigners
29 January 2018 - 9:30am
As the South Korean government has decided to strengthen capital gains taxes on foreign major shareholders, the Financial Supervisory Service (FSS) sent an official letter to domestic listed...
Steven Mnuchin, U.S. Treasury Secretary, said openly on January 24 (local time) that a weak dollar is good for the United States in terms of trade.
US’ Blatant Weak-Dollar Policy
26 January 2018 - 10:00am
U.S. Treasury Secretary Steven Mnuchin said openly on January 24 that a weak dollar is good for the United States in terms of trade. The remark has been interpreted as a signal that the U.S....
Lee Hyeon-seon, chairman of the Market Surveillance Commission at the Korea Exchange is explaining a next-generation market surveillance system scheduled to be launched this year in Yeouido, Seoul on January 24.
For Monitoring Unfair Transactions
25 January 2018 - 5:30pm
In the future, if a person spread false information about stocks on the internet, Artificial Intelligence (AI) will automatically capture the securities trading account related to the person. For...
Many securities firms reside in this financial district in Youido.
Slight Rent Increases
23 January 2018 - 10:15pm
The transaction volume of Seoul’s commercial real estate investment market increased by 50.2% quarter-on-quarter (q-o-q) in the fourth quarter of 2017. CBRE Korea, a global commercial real estate...
Cryptocurrency traders transactions should be reported to the Financial Intelligence Unit (FIU) when they deposit more than 10 million won (US$9,289) a day or 20 million won (US$18,579) in a week.
Real-name Trading of Cryptocurrency
24 January 2018 - 9:30am
Starting from January 30, cryptocurrency investors in South Korea will have to use real-name bank accounts in order to continue trading. They will not be allowed to trade digital currencies unless...
The amount of stock sales through block deals on the KOSPI main bourse surged to 55.1 trillion won (US$51.61 billion) last year, up 37 percent from the previous year.
Block Sales Sharply Increased
23 January 2018 - 11:15am
The amount of stock sales through block deals on South Korean bourses increased sharply in 2017 from a year earlier. In particular, the KOSPI showed more than 30 percent growth. According to the...
Game firms expect that virtual currency-related businesses can create profit for them in an instant with a growing volume of transactions and create a synergy with their existing business – game money.
For Synergy?
23 January 2018 - 10:30am
Game developers are going in the cryptocurrency-related industry one after another because they believe that they can make profit immediately and the structure of virtual currency can create a...
The Korean government is planning to release guidelines late this month, which are expected to include mandatory trading history storage at banks by virtual currency exchanges.
Solution for Taxation on Investors
23 January 2018 - 10:30am
The South Korean government recently decided to impose a capital gains tax on profits derived from virtual currency trading. Still, the government has to solve various things in order to do so,...
The Korean government will be collecting a 22 percent corporate tax and a 2.2 percent local income tax from the major cryptocurrency exchanges.
Facing Huge Taxation
23 January 2018 - 9:15am
South Korean cryptocurrency exchanges, which turn out a fee profit of billions of won every day thanks to the digital currency frenzy, will need to pay up to 24.2 percent taxes. Accordingly, large...
Currently only 20 major digital currency exchanges are blocked in South Korea but an increasing number of exchanges will be continuously blocked in the future.
Amid Concerns Over Customers’ Opposition
22 January 2018 - 10:45am
The card industry is suffering from concerns over a backlash from customers as it has blocked the payment in foreign cryptocurrency exchanges in line with the government's moves to curb a frenzy of...

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