Asia

South Korean City Threatens to Seize Cryptos From Tax Evaders

<div class=”featured_image_container”> </div> <strong>Crypto tax evasion is becoming a hot potato for the authorities in some Asian countries, such as Japan and South Korea. A South Korean city is now actively fighting against tax evaders who are suspiciously reporting meager earnings in their filings.</strong> 511 Individuals in the Authorities’ Eyes According to Gugkje News, the …

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Former South Korean Social Media Giant in Talks ‘With Major Gaming Companies’ to Implement Its Crypto

<div class=”featured_image_container”> </div> <strong>A former South Korean social media giant is still keeping alive its promise to relaunch its business with the help of the cryptocurrency industry. A local media outlet reported that Cyworld is in talks with “major gaming companies” that involve crypto-related ventures.</strong> Company Also Plans to Launch Its Mainnet to Compete With …

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Study Finds South Koreans Aged 20-39 Mainly Invest up to $100 in Cryptocurrencies

<div class=”featured_image_container”> </div> <strong>South Korea’s “crypto boom” is a term that the local media has widely adopted to refer to the current hype seen across the Asian nation. In fact, a recent study unveiled a rising trend in the number of South Koreans making small-scale crypto investments.</strong> New Crypto Investors Seem Unafraid of Strict Regulations …

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Ripple acquires stake in cross-border payments firm

Ripple continues its push into the Asian market by acquiring a stake in a cross-border payments firm. According to a blog post, Ripple has agreed to acquire a 40% stake in cross-border payments firm Tranglo, with the aim to expand RippleNet’s On-Demand Liquidity, or ODL, service that uses the XRP cryptocurrency. The completion of this transaction …

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Major South Korean Bank BNK Busan Plans to Offer Banking Services to Domestic Crypto Exchanges

<div class=”featured_image_container”> </div> <strong>The South Korean crypto frenzy among the banking industry remains on fire, as another major bank is treading waters to offer banking services for crypto exchanges. The BNK Busan Bank launched a program that consists of visiting competitors’ banks that already offer it.</strong> BNK Busan Is Visting Its Competitors to Conduct the …

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China social media star Bart Baker to drop 8 NFTs with DeFine Art

Baker, who has around 24 million followers across multiple Chinese social media platforms, will auction eight unique NFTs as part of the collaboration. One of the NFTs, called The Bart Baker Experience, will allow the winner of the auction to make a video with Baker that will be circulated on social media and minted into …

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South Koreans Are Required to Pay Taxes for Crypto Holdings in Overseas Exchanges, Authorities Warn

<div class=”featured_image_container”> </div> <strong>South Korean tax authorities are unstoppable in keeping crypto holders in their eyes and making them accountable to pay taxes. The National Tax Service (NTS) has issued a warning to the crypto traders that they have to report their earnings even from tokens held in foreign exchanges.</strong> No Details on How the …

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South Korean Tax Agency Identifies Over 2,400 Evaders Who Used Cryptocurrencies to Bypass Taxation

<div class=”featured_image_container”> </div> <strong>South Korean authorities seem to be focusing on strengthening measures to combat tax evasion across the nation. The country’s tax watchdog profiled thousands of evaders that relied on cryptocurrencies to hide assets worth billions of Korean won.</strong> Evaders Hid a Total of $32.24 Million in Assets Per the Korea Herald, the National …

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Japanese Court Convicts Bitcoin Tax Evader- Trader Gets a Year in Prison Plus Fine for $200K

<div class=”featured_image_container”> </div> <strong>Japanese authorities aren’t hesitating in hunting down anyone considered a crypto tax evader. A court in Ishikawa has sentenced one of them, a 56-year-old man that will spend one year in prison, plus pay a $200,000 fine.</strong> Sentenced Man Didn’t Disclose His BTC Trading Activity of the Period 2017-2018 According to Chunichi, …

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South Korean Officials Notice a Sudden Rise in Crypto Mining Rigs Imports- Over 41 Shipments Intercepted in 3 Months

<div class=”featured_image_container”> </div> <strong>Crypto adoption is a hot topic in South Korea, and recent figures have been proving it. However, crypto mining activity is also starting to gather interest across the country, per the latest reports from local media outlets.</strong> A Single Rig Should Worth $150 ‘or Less’ to Be Considered for Personal Use According …

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