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01-11-2018: South Korea Crackdown on Crypto Exchanges
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A South Korean minister announced plans of a bill intended to ban cryptocurrency trading in the country. According to Reuters, South Korean officials are working on documentation that will make it illegal to trade virtual currencies on local exchanges. The country’s Justice Minister Park Sang-ki said the decision comes in the wake of discussions and agreements between governmental departments, including its Finance Ministry and financial regulators. Reuters reported that Sang-ki announced the ban in a press conference, stating: “There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges.” However, South Korea-based contributor Joseph Young reported on his personal Twitter, citing local sources, that the South Korean Ministry of Strategy and Finance does not agree with the proposal from the Ministry of Justice to ban cryptocurrency trade in the country. Young reports that a final decision has yet to be made [cointelegraph].
Bithumb and Coinone, two of South Korea’s leading cryptocurrency exchanges by volume, are reportedly the subjects of a tax investigation being conducted by the country’s National Tax Service (NTS). The tax-collecting body is a subsidiary of the Ministry of Strategy and Finance, which has stated that corporate taxes may apply to virtual currency exchanges. A measure that would subject digital asset holdings to capital gains taxation may also be under consideration.
Cryptocurrency miners in China will be forced to pack up and shut down at the order of authorities, or risk continued operation in violation of a state mandate now being carried out by a multiagency task force led by the central bank. It was reported by local sources that last week, a notice was circulated among Chinese authorities directing them to “guide” an “orderly exit” for operators of cryptocurrency mining facilities as they shut down operations. The notice was issued by an interagency task force assigned to the role of examining risks in internet finance [ethnews].
Investment bank Goldman Sachs has admitted that Bitcoin and other digital currencies could succeed as real money in developing economies. Goldman strategists wrote in a recent report: “In recent decades the U.S. dollar has served its purpose relatively well. [But] in those countries and corners of the financial system where the traditional services of money are inadequately supplied, Bitcoin (and cryptocurrencies more generally) may offer viable alternatives.” Nonetheless, the investment bank warns against expecting 2017-level returns [cointelegraph]. And lastly, Binance CEO Zhao Changpeng has commented on Bloomberg TV that Warren Buffett “does not understand cryptocurrency” and that he is making “a big mistake.”
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