Sunday, June 25, 2017

BitcoinTV: by Tone Vays on YouTube

Tone's MA #67.1 - Q&A on #SetGwit2x, UASF, BIP148 & Bitcoin Price
Stopped Last Video By Accident, here is the Q&A


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BitcoinTV: by Tone Vays on YouTube

Tone's MA #67 - SegWit2x Still Creating a Cloud of Worry on Bitcoin
@ToneVays https://twitter.com/ToneVays Website: http://ift.tt/1ozzb3b Bitcoin: 1NAxERktkH8FCRJkeaThRJeQ3fzVjBdKEi Litecoin: LSuLSrk9ygxPZxAQgTVBX2Lpb2G9Wvoi3v Magic Money Film: http://ift.tt/2kGRi82 Use discount Code "tone" if purchased on Vimeo BNC Liquid Index for Bitcoin On Trading View: BLX 1Broker affiliate code: 14766 (use at your own risk, it's unregulated): http://ift.tt/2q3uCDo BitMex affiliate code: http://ift.tt/2q0Jogc Disclaimer: The 1Broker & BitMex affiliate links are to be used at your own risk, I mostly use them to just place trades for less than $100 and I'm ready for all my bitcoins being hacked. (best is to always hold your own keys) Time Index: 00:01 - Intro & Travel Schedule - Equities - Gold - Oil - FX (EUR, GBP) - Bitcoin Technicals - Litecoin Technicals - General Crypto Thoughts (Fees, SegWit2x, UASF, etc) - Live Q&A BitMain Article that caused the price crash: http://ift.tt/2rtXBPK Guide to setting up your own node (see below for making it #UASF compatible) http://ift.tt/2iIbrOb http://www.uasf.co/ UASF - BIP148 Mandatory Reading: http://ift.tt/2sLIhTc http://ift.tt/2sBTINZ http://ift.tt/2qDrzUZ http://ift.tt/2rds1aL http://ift.tt/2rkveXB http://ift.tt/2qA09MA http://ift.tt/2rzBhpy http://ift.tt/2rpV6kX http://ift.tt/2spoJUu CoreDev UASF Support: http://ift.tt/2seVpAy Informative UASF Video's https://www.youtube.com/playlist?list=PLQBwZ2xry6eZNK6zhYaefOl8prFbGxipq Links to Equipment that is on the way: http://ift.tt/2sx4JN7 http://ift.tt/2nccAg0 Tone Vays is available for consulting at the rate of 0.1 btc per hour. Please email Tone@protonmail.ch for additional info.


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Six Legal Issues Bitcoin Faces in South Korea

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Six Legal Issues Bitcoin Faces in South Korea

Six Legal Issues Bitcoin Faces in South Korea

South Korea currently has no regulations regarding bitcoin, even as the digital currency has gained immense popularity following its recent price spikes. Lawyer Kim Kyung Hwan outlines the six most important legal issues surrounding bitcoin in the country.

Also read: Why South Korean Bitcoin Adoption Could Outpace Most Other Countries This Year

Regulations Expected in the Near Future

Six Legal Issues Bitcoin Faces in South KoreaKim is a lawyer, patent attorney, and tax accountant in South Korea. He is also a member of the National Assembly Secretariat which provides support services to lawmakers such as legislative research and administrative supports. In 2015, he was selected by the Ministry of Commerce, Industry and Energy to receive the Industrial Technology Protection award by Korea Internet & Security Agency (KISA).

In an article published in Chosun on Friday, Kim noted how the rise in bitcoin’s price prompted more people in South Korea to get involved. However, the country does not have regulations for the cryptocurrency. This causes uncertainty and “a lot of trouble” for anyone making bitcoin transactions, he said, adding that:

It is expected that the regulations will be introduced [in South Korea] like Japan in the near future.

He then outlined six legal issues of digital currencies pertinent to South Korea.

Classification of Bitcoin, VAT, and Money-Laundering

Six Legal Issues Bitcoin Faces in South KoreaThe first and most fundamental legal issue is whether bitcoin is money, a security or an asset, Kim began. The South Korean Financial Services Commission has said they will propose a regulatory framework for Bitcoin-based businesses this year.

The Commission, the Ministry of Strategy and Finance, the Bank of Korea, the Financial Supervisory Service, academics and legal experts met in November last year. They started a debate about the legal definition of bitcoin, the exchange registration system, and anti-money laundering. However, no guidelines have been announced yet. Kim noted (loosely translated):

The National Tax Service in Korea interprets bitcoin as money and an asset but the FTC [Fair Trade Commission] interprets it as a good. This needs to be resolved through legislation.

The second issue is whether to impose VAT or consumption tax on bitcoin purchases. Kim cited countries where bitcoin is considered an asset impose VAT and “Korea belongs here as well,” he conveyed. “However, the international trend towards VAT is on the way to exemption,” he detailed, giving the example of Japan having revised its law to exempt bitcoin purchases from consumption tax.

Another issue he brought up is the need to overcome problems such as money laundering. “Korea considers digital currency as a commodity, and since telecom dealers are not obligated to prevent money laundering, there is no regulation yet,” he explained.

Business Registration

The fourth issue is whether digital currency businesses including exchanges need to register or notify any authorities. “A person who wants to conduct an exchange business now reports it as a telecommunications dealer under the Electronic Commerce Act. However, it can not be regarded as a regulation specific to virtual money,” he detailed. He then cited Japan’s new amended law to require bitcoin exchange businesses to register with the Prime Minister, be regularly audited and also be supervised by the Prime Minister.

Remittances using Bitcoin

Six Legal Issues Bitcoin Faces in South KoreaThe fifth issue concerns bitcoin remittances, when bitcoin is transferred and converted into won or other foreign currency. The current Foreign Exchange Transaction Act states that foreign exchange transfers including remittances can only be done through a financial company. “According to the interpretation of the Ministry of Strategy and Finance, it is important to note that many bitcoin providers may be in violation of the Foreign Exchange Transactions Act,” Kim explained.

However, starting on July 18, the law allows small-scale foreign exchange transactions for non-financial companies. This will significantly improve remittances in the country as the traditional banking practice is expensive and cumbersome, he indicated. Bitcoin.com recently reported on a leading mobile commerce company, Omnitel, which started a bitcoin remittance business in order to lower the cost of remittances as well as the time taken.

ICO

The last issue Kim mentioned concerns Initial Coin Offerings (ICOs) which have gained popularity lately. “There are similar schemes such as IPOs (initial public offerings) or crowdfunding in the capital market in Korea, but they are clearly different,” he explained. The issue also needs to be addressed as well.

When do you think South Korea will catch up to Japan’s regulations on bitcoin? Let us know in the comments section below.


Images courtesy of Shutterstock and Korean Financial Services Commission


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The post Six Legal Issues Bitcoin Faces in South Korea appeared first on Bitcoin News.



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