With the revision of the Act on Electronic Documents and Electronic Transactions in 2020, electronic documents also took effect, while blockchain-based electronic contract platforms are emerging one after another. Blockchain technology prevents forgery and alteration of electronic documents and automates contract procedures.
Korean government will start taxing cryptocurrencies such as Bitcoin from January next year. Investors are required to pay 20% as tax on any excess income over 2.5 million won obtained from buying or selling cryptocurrency.
TOMNTOMS (www.tomntoms.com), a coffee specialty store, issues a virtual asset 'TOMTOM Coin'. The idea is to use it as a payment method and customer rewards within TOMNTOMS.
On the 4th January, the US Office of the Comptroller of the Currency (OCC) released a legal interpretation that banks can use ‘stable coins (virtual assets with constant value)’ for payment and remittance business.
As interest in Non-Fungible Tokens (NFT) based art works increased, the volume of transactions was the highest ever.
Bitcoin consignment service for Korean companies and institutions will be released in January of this year.
Virtual asset consignment service will be started for Korean companies and institutions. Although it is interested in virtual assets as an investment vehicle, it is expected to be good news for Korean companies and institutional investors who have been hesitant because there is no suitable counter.
While large overseas virtual asset exchanges such as Coinbase (www.coinbase.com) and OKCoin (www.okcoin.com) have stopped trading Ripple (XRP), a similar move has begun on Korean virtual asset exchanges.
Virtual Asset Industry ahead of the Enforcement of the Special Financial Information Act, Domestic VS Overseas 'Temperature Difference'
With the revised Specific Financial Information Act (SFIA) that regulates virtual asset providers (VASP) coming into effect in March, there is a temperature difference between Korean virtual asset services and overseas services.
Korean government striving to industrialize blockchain.. Full support for fintech convergence technology
The Korean government supports blockchain companies to enter the global market and establishes a dedicated organization in charge of establishing standards for blockchain services.
Aprobit (www.aprobit.com) stops sharing order book with Bitfinex (www.bitfinex.com) "To comply with SFIA (Specific Financial Information Act)."