Cryptocurrency South Korea Planning ICO and Crypto Taxation Published 2 weeks ago on December 3, 2018 By Layla Harding Share Tweet In accordance with a document presented by Hong Nam-ki, the finance minister nominee, the government tax authorities of South Korea are planning the taxation on Cryptocurrencies and Initial Coin Offerings. Document submitted to the National Assembly of South Korea According to Hong Nam-ki, the document shall be concluded by the creation and advancement of tax infrastructure. The document was submitted to the Korean National Assembly. A special task force shall be appointed to access the document and examine different cryptocurrency taxation plans to choose the most suitable. The document mentioned cryptocurrency as an electronic sign of value that is issued by private authorities and not by a government bank or financial institutions. The document also stated about more than 2000 crypto that exists in the cryptocurrency world although only about 160 are being traded currently on the exchanges of South Korea. Hong Nam-ki also focused on Initial Coin Offerings that are currently banned in South Korea saying that ICO market will be examined and monitored carefully. Related Topics:Bitcoinbitcoin taxbtc taxsouth koreasouth korea bitcoinSouth Korea Bitcoin RegulationSouth Korea blockchainsouth korea cryptocurrencySouth Korea ICOSouth Korea ICO taxSouth Korea ICOsSouth Korea Initial Coin OfferingsSouth Korea RegulationSouth Korea tax Up Next Whale Alert: More than $14 Million PAX transferred to exchange for buying Don't Miss Crypto Updates: G20 Cryptocurrency Tax, TRON and Sirin Labs Continue Reading You may like Bitcoin institutional adoption rising: BTC price analysis Is Bitcoin ready for the Santa Rally: Off to $4400. Bitcoin Coffee: The first blockchain coffee is a fact! Seven Popular Ways to Earn Bitcoin Bitcoin Whale Alert: 5351 BTC transferred to Bitfinex Hong Kong tightening Bitcoin laws amidst the cryptocurrency market crash 2 Comments 2 Comments Pingback: South Korea Planning ICO and Crypto Taxation - Satoshiuncle Pingback: South Korea Planning ICO and Crypto Taxation - The Cryptopedic Leave a Reply Cancel reply Your email address will not be published. Required fields are marked *Comment Name * Email * Website #Blockchain Bitcoin Coffee: The first blockchain coffee is a fact! Published 22 hours ago on December 18, 2018 By Guest Author Blockchain can be used for beautiful things. You can arrange and settle a lot through blockchain. Property rights, identity, but also, for example, the origin of products. How about coffee on the blockchain? Today you can buy the world’s first blockchain coffee: Token. This newly established coffee brand is an initiative of Moyee Coffee and FairChain Foundation that want to offer you full transparency about where your coffee comes from. Thanks to the blockchain, more money can go to the poor farmers. And that must make the world a little more honest. The token is the first coffee brand that is entirely transparent with blockchain technology. No more hard time for coffee farmers Nowadays, many coffee farmers have a hard time. They can barely cover their production costs, let alone social and environmental costs. According to the recently launched coffee brand Token, blockchain could provide the transparency and efficiency needed to change that. Blockchain technology makes the massive inequality in the coffee chain transparent for consumers. Token embraces this transparency and offers a solution. The first cargo of 60,000 kilos, produced by small coffee farmers and blockchain-traceable, is going to prove that an honestly distributed value chain is possible. Transparency Token attempts to become the world’s first complete end-to-end blockchain coffee. The token is a collaboration between Bext360, Moyee Coffee and the FairChain foundation. Their blockchain system makes it clear precisely what everyone deserves in every step of the chain. Inefficiencies and unnecessary intermediaries can thus be identified. According to the organizations, this transparency makes a fairer distribution of value throughout the chain possible. Blockchain technology makes the massive inequality in the coffee chain transparent to consumers. Token embraces this transparency and offers a solution. Does blockchain make coffee more honest? Most coffee is produced by a handful of large coffee companies that do not distribute the profits equitably. For example, the vast majority of the 25 million coffee farmers in the world can barely cover their production costs. Fortunately, there are more and more coffee brands who believe that blockchain can be used to make coffee more honest. This technology provides the transparency and efficiency needed to change this unfair system. The coffee chain Cryptocurrencies provide various modern opportunities; you can use on your daily basis. Presently, you can easily gamble with cryptocurrencies or invest your money in betting with crypto. For example, you can use a betting site Fairlay to bet on anything you want. You can also choose to build up more gradual assets by investing in the blockchain technology that lies behind all cryptocurrencies. The success of digital coins is possible thanks to the revolutionary blockchain technology. You can see that there are great opportunities for companies that develop blockchain services and for other companies that benefit from the digitization of the financial sector. To make the benefits of blockchain real, each bag of Token coffee is provided with a token. Every token is worth 50 cents that you can invest in part of the coffee chain via the KrypC Technologies platform. You can give it to the farmers who produce the coffee, but also to yourself by offering yourself a discount on your coffee. Gradual growth instead of a supercharger It is, of course, nice if you have made a significant profit with cryptocurrencies. Earning a lot of money gambling with crypto is possible. However, the chance that you have burned your fingers on the bitcoin is also quite significant. If you are tired of waking up every day with the uncertainty of having become 10% richer or poorer with a digital currency that night, you may want to consider putting your money in mutual funds. You then become for a tiny part owner of a large number of companies that make all kinds of articles and provide services. To be honest: you will not get rich with an investment in the fintech sector. Although the underlying trend is healthy, you run the risk with your assets, and it is essential to build a financial buffer and invest only with money that you can miss for a long time. How blockchain makes the world fairer? The blockchain ensures that the world becomes fairer. It offers safety and transparency. This technique can be used for all kinds of applications. How does blockchain work? The blockchain can be seen as a ledger containing the accounting of each transaction that has ever been done. Every time a new transaction is registered, it comes to a chain of existing data blocks of transactions. That is why we call this chain the blockchain. Information about companies can be recorded on the blockchain. This increases the chance of fair trade. Scandals can be prevented because the right information is available. Just think of the fraud with software in cars. That would not have been possible if all the information had been recorded on the blockchain. Multiple parties check the information. It would immediately have been discovered that something is not right. The registration on the blockchain would, therefore, be rejected. With such a discovery you are almost assured that it is made public. The blockchain can also work with clothing manufacturers. There could be registered where sweatshops are located. If a piece of clothing comes precisely from that area, it could be observed on the blockchain that it was not produced with respect for the man. Another example: elections are not fair all over the world. By registering votes on the blockchain, no more results can be tampered with. The blockchain tracks the information and verifies that the information is correct. Voice fraud is then impossible Fair gambling These days, we see that blockchain technology is being used more and more often in online casinos. Not only to be able to support payment instruments such as Bitcoin and altcoins but also in games themselves. For example, players can check whether a round in a game has been fair. We thank Davey Cross for this guest post. Continue Reading #Gambling Crypto Casinos: 5 Reasons Why They Are Better Than Traditional Casinos Published 1 day ago on December 17, 2018 By Guest Author Cryptocurrencies and blockchain technology are gradually entering the mainstream and start to influence our everyday life. With the current direction the economy market is taking, the gambling sector is also meeting a lot of innovations, including a recently bigger and more significant number of appearing crypto casinos. How they change the gambling industry? What novelties do they bring? Here are 5 top advantages of crypto casinos over traditional casinos: 1. Anonymous transactions When playing crypto betting games on the Internet, many players value anonymity for many different reasons. Firstly, the situation of online gambling in their countries might be uncertain. Secondly, they might be afraid of a possible data leak, which could cause them problems with the law or provide additional knowledge to people for whom the possession of this data would be unwelcome by the players. Gambling is often a lonely gig, and almost no one would be happy about the possible, revealing information about his losses or even winnings. Crypto casinos efficiently solve this problem, as they are based on blockchain technology, which is independent of third parties, like governments and banks. Therefore, transactions are almost entirely anonymous. For example, in Bitcasino the only things you need to provide when depositing money is your wallet ID and e-mail ID, unlike in traditional casinos, where you need to provide your discrete data, such as your name, surname, address, and even bank account number, phone number. Sometimes in traditional casinos, you have to also send a scan of your ids, such as passport or driving license. 2. Transparency Although major traditional casinos are regularly verified and licensed by individual agencies, players may still have suspicions about the honesty of the operators. Many people give up on playing in major casinos only because of this sole reason, like for example on PokerStars which was called a „rigged” software countless times. In crypto casinos, thanks to the blockchain technology, the code of the software are revealed and immutable, which means that even the creators cannot interfere with it. Most crypto betting sites already use the so-called provably good algorithms, which can be analyzed and verified for fairness on the part of the service operator. 3. More attractive bonuses and jackpots Once you know that playing in crypto casinos is anonymous and fully secure, it is time for another crypto advantage of casinos over traditional casinos. Apart from entertainment, players play primarily for money. Crypto casinos offer attractive prizes and bonuses thanks to the fact that running such a site is way cheaper thanks to blockchain technology. For instance, given the reliability and transparency they provide crypto casinos don’t need to spend loads of money on obtaining the gambling license, and thanks to no third party involved on the blockchain, the transactions between players and crypto casinos omit bank fees. It is a very significant advantage of crypto casinos over traditional casinos because excluding these fees means thousands of dollars saved every day. 4. Faster deposits and withdrawals Another advantage of crypto casinos over traditional casinos are much quicker, usually instant withdrawals and deposits. It is a significant factor for players who are worried about the safety of their funds. In major traditional casinos like PokerStars, withdrawals usually last from 24 to 72 hours, and in less known poker sites they might last from a few days to even few months. In crypto casinos, you can feel secure and always be sure that your money is easily accessible. 5. Crypto casinos are the future on online gambling With many advantages of blockchain technology, crypto casinos are the future of online gambling. Therefore, it is worth it to take over the competition. For example, if you are a professional poker player, you are probably aware that the poker industry is continually changing, and only people who can adjust to this environment, are likely to succeed. Adapt to the changing conditions before your opponents even start thinking about it! Will you try your hand? Cryptocurrencies are going to revolutionize our lives together with the gambling industry. The changes are already happening and thanks to many advantages such as, among others, the security, reliability, transparency, bigger prizes, and faster transactions you may experience the entirely new world of crypto betting games. If you have been playing in traditional casinos, we strongly encourage you to try your hand in any of the crypto casinos. This article is a Guest Post, submitted by Daney Cross. Note: Coinnounce.com does not promote, in any way, the gambling industry and does not recommend you to invest/play with your money/cryptocurrencies at any online crypto gambling websites. This article is only the viewpoints of the author and is not intended to promote any gambling sites in any form. The gambling industry, including crypto gambling, is very high-risk. Continue Reading #Bitcoin Hong Kong tightening Bitcoin laws amidst the cryptocurrency market crash Published 2 days ago on December 17, 2018 By Nadja Eriksson Hong Kong is ready to impose strict bitcoin laws in the country which previously has been a great market for initial coin offerings and other crypto related businesses, unlike the mainland China which had imposed a strict ban on all bitcoin and crypto related activities in the country. The Securities and Futures Commission of Hong Kong plans to put cryptocurrency exchanges, crypto traders and other crypto related companies under its sight. Guidelines by SFC The following has been planned by the Securities and Futures Commission because of the growing crypto related frauds and money laundering activities in the country. According to the commission’s guidelines, all investment fund should acquire licensing from the SFC if more than 10 percent of their assets are in bitcoin or any other cryptocurrencies and the investment funds will be permitted to sell these products only to the institutional investors. The planned regulation will come into the picture step by step. The companies that are willing to have an initial coin offering should fulfill the requirements of the commission which includes that their coins or tokens should be at least a year old. Steps taken by the SFC previously Earlier this year, the Securities and Futures Commission had issued warning letters against 7 bitcoin exchanges in the country after investors filed complaints about not being able to withdraw their funds from these exchanges. Some of the exchanges were also indicted for manipulating the cryptocurrency markets. Also, SFC had instructed Black Cell Technology to stop its initial coin offering on an immediate basis and the company was accused of running unapproved promotions of its ICO. The consequences of regulation The strict regulations by the Hong Kong authorities will surely affect the cryptocurrency space as Hong Kong which is one of the leading economies in the world is fighting against money laundering activities in the crypto industry. Bitcoin and other cryptocurrency exchanges in the country will be subject to reporting to the SFC on a regular basis and will need to go through strict observations and examinations which shall prove to be quite a burden for some of the businesses and hence they may not be willing to abide the new regulatory framework. The framework will also increase the working cost of the exchange hence forcing them to increase the trading fee. The increased trading fee would discourage new investors to enter into the markets. On the other hand, some experts are predicting that a strict regulatory framework would eventually lead to an increased confidence within the investors. What do you think about the proposed regulations by the Securities and Futures Commission of Hong Kong? How will it affect the price and adoption of bitcoin in the long run? Tell us in the comments section below. 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