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Major Korean exchanges secure name account agreements with local banks

Major cryptocurrency exchanges in South Korea have reached agreements with Korean banks to continue issuing real name accounts, media announced.

The agreements, even if they are not yet permanent, will allow trading platforms to register with tax authorities before the September 24 compliance deadline.

Bithumb, Coinone and Korbit have partnerships with Korean banks Banks have reportedly agreed to continue issuing real name accounts on major digital asset exchanges in South Korea.

The agreements have yet to be finalized, but the confirmations received will allow the forex trading platforms to complete their registration with the country’s tax authorities before the regulatory deadline expires at the end of this month. On Wednesday, a spokesman for Nonghyup Bank announced that the institute had agreed to renew agreements to issue real-name accounts for traders Bithumb and Coinone.

According to a report by Korea Jongang Daily, the agent confirmed that the bank will provide the exchanges with the necessary documents to finalize their contracts. The current agreements with the two crypto platforms are expected to expire on September 24th, when the new, stricter industry regulations passed in March are enforced.

While the previous contracts were renewed every six months, this time the bank refused to disclose the terms of the last contracts, the English edition of Joongang Ilbo noted. In this regard, Shinhan Bank announced that it will continue to issue real name accounts for Korbit, another leading Korean exchange. However, the bank noted that the confirmation does not mean that the contract with the crypto company has been officially renewed.

The document was released for the exchange to continue its registration process, a spokesman explained, and further details: The partnership renewal will be announced before the September 24th deadline, but for now we will be canceling it for later.

According to the Korean newspaper, the statement suggests the bank is considering potentially expanding its partnership with Korbit but will likely wait for the exchange to be registered with the Financial Services Commission (FSC). The post cites another source as saying that the final announcement will likely be “last minute”. The current contract expires after September 24th. Korea’s four largest cryptocurrency exchanges will continue to operate under stricter rules Registration with the Korea Financial Intelligence Unit (FIU), an anti-money laundering agency under the FSC, is an important requirement for the country’s current crypto regulations.

To enroll, Korean exchanges must not only partner with a bank to implement the real name account system, but also obtain an Information Security Management System (ISMS) certificate from the Korea Internet and Security Agency. The country’s four major crypto trading platforms have now successfully met both conditions. Upbit, the largest volume of transactions, was recorded last month.

The Korean online bank K Bank provides real-name accounts for the platform. However, the entire registration process can take up to three months. During that time, the financial regulators will review the filing and approve the application, the FSC noted earlier this week. In addition to Upbit, Bithumb, Coinone and Korbit, 17 other exchanges have also received ISMS certification, according to an article in the Chosun Ilbo newspaper.

However, small cryptocurrency trading platforms struggled to convince Korean banks to provide them with the necessary services under the revised Special Fund Act. 59 Exchanges have not yet met the requirement and may have to close after the stricter rules come into effect.

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Russian government plans to view cryptocurrency mining as a business activity

The chairman of the financial markets committee of the Russian Duma, Anatoly Aksakov, announced that the government plans to consider the search for digital currency in the category of business activities. On the sidelines of the Moscow Financial Forum, Aksakov highlighted upcoming changes in the regulation of virtual currencies, including issues related to mining and emissions caused by trading digital currencies.

Furthermore, by registering all cryptocurrency processes as business activity, you will also be subject to state tax policy. “Since this is a type of business activity, it is of course necessary to enter it into the registry, assign a code corresponding to it as a type of business activity and introduce taxes,” Aksakov told the Russian newspaper TASS.

Russia wants to enlighten through regulatory policy The chairman of the financial market committee of the Duma emphasized the importance of educating citizens about the terminology of the digital currency market. He said that these regulations would draw a clear line between the central bank’s digital currency and the decentralized system’s virtual currencies. Aksakov argues that digital currency is not just a payment method, but a financial company that is used as an investment vehicle. He supports the importance of designing a structure for digital currency differences and their respective values.

“There is a central bank digital currency and there is a digital currency that is actually likely to be understood as a cryptocurrency, and the boundaries of these concepts need to be clearly defined so that there is no confusion … discuss the fact that the currency Digital is actually now, although we call it money, it is used more as a financial instrument, a financial asset that is an investment object, rather than a means of payment, ”added Aksakov.

Cryptocurrency penetration in Russia Crypto regulations are not Russia’s first step in cracking down on the democratic nature of digital currencies. Last month, Russia’s Federal Financial Supervisory Authority, Rosfinmonitoring in Moscow, ordered the latest tracking system to track cryptocurrencies. This system aimed to analyze the behavior and movements of merchants in order to de-anonymize their identity.

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Taiwanese Investor Loses Over $ 3 Million In Household Units After Account Hacked

More than $ 3 million worth of homes were stolen from a private antiquarian in the nation of Taiwan, suggesting that even decentralized finance is vulnerable to illicit transactions by those who steal and commit dirty deeds to earn money.

Investor Loses Over $ 3 Million Against Tether The victim in question is a man named Liu Kun-Hung. He has a lot of cryptocurrencies in various online wallets. Two contained more than $ 3 million in loin, a popular stablecoin said to be backed by the US dollar.

However, it appears that the money disappeared from the thieves’ hands practically overnight, marking the latest onslaught of a serious streak in the past month. The money was divided between two digital accounts hosted in the United States. Everything seemed to be going well when Liu noticed in early July that three transactions were taking place. He had transferred money from his accounts to an “unknown cloud wallet” called by the police.

He knew something was wrong because he had not authorized the transaction and was not involved in transferring the money. Liu decided to change the passwords on his account several times, but that didn’t stop hackers from being able to access them.

He then reported the problem to the police, although by then much of the money had been deposited into various cloud accounts that Liu did not own. At this point, up to $ 500,000 of the digital money had been used in Liu’s account. In an interview he says: They (hackers) can steal our personal information from anywhere: from employees, from communication applications we use, or even from the platform on which the account was opened in Taiwan.

Liu was also able to contact several Tether representatives and have their accounts frozen, which helped prevent cyber thieves from stealing the remaining money. According to the Taiwan Criminal Investigation Service, the hacker’s diary address has already been reported. They say the address is tied to a cloud service provider, which is how the money moved.

Cell phone led to login information According to police, the hacker is believed to have been able to infiltrate Liu’s account and Tether’s hideout by sneaking into his home phone, as well as the phones of several of his employees, and obtaining information there. . Liu says: I will not be the last victim.

By using the most advanced technologies, the digital currency is known to be tough and powerful in protecting vital information; security is one of the main reasons we invest in it. But apparently that’s not the case here. So far I have been very disappointed and frustrated and urge Tether and its affiliated operators to protect others, especially foreign investors like me.

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German asset manager Union Investment targets BTC exposure for various funds

German funds and asset managers are expanding their horizons for crypto investments as the country has more favorable laws for special funds. $ 500 billion asset manager Union Investment plans to add Bitcoin (BTC) to various mutual funds as part of a pilot program targeting its institutional clients.

The Frankfurt-based institute told Bloomberg on Monday that it plans to add BTC to a small number of mutual funds that will only be available to retail investors.

For each fund, exposure to Bitcoin is limited to a maximum of 2% of total assets. Portfolio manager Daniel Bathe said the new investment strategy is expected to start in the fourth quarter, although no set timeline has been specified.

Union Investment is the investment arm of the DZ Bank Group, an institute with more than 800 cooperative banks. As of June 2021, Union Investment managed assets of US $ 507 billion, making it one of the largest asset managers in Germany.

Germany is fast becoming a hotbed for cryptocurrency investments, especially among institutional players. A new law came into effect on August 2 that allows institutional funds to hold cryptocurrencies and paves the way for greater acceptance of digital assets, including among German pension funds. Meanwhile, German stock broker S Broker recently announced a range of crypto-focused product offerings. Related: What the SEC Can Learn From the German Regulator At the retail level, Germans don’t do that well when it comes to introducing cryptocurrencies, according to a recent survey by financial comparison site Finder.

The survey of 42,000 people estimated that only 11% of Germans were exposed to digital assets. While it is superior to the US and UK, it lags far behind emerging markets and other European countries. Bitcoin comes back to attention when the first cryptocurrency rises to $ 52,000. The price has recovered to about 79% from its summer lows. The total market capitalization of Bitcoin is once again approaching $ 1 trillion.

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The financial administration in Slovenia offers a special tax of 10% on crypto income

Slovenia may be small, but it is one of the fastest growing countries in Europe, especially in a business and economic context. After its successful economic successor to Yugoslavia, it became the first country to join the European Union in 2004 and is the richest Slavic country in terms of per capita GDP.

The adoption of cryptocurrency in Slovenia has grown rapidly over the years. Citizens’ knowledge of cryptocurrencies is relatively high. The cryptocurrency tax bill According to local media, the Financial Administration of the Republic of Slovenia (FURS) has made a proposal to change the crypto tax rules in the country.

This proposal aims to introduce a taxable income calculation of 10% for activities in cryptocurrencies in the near future. The country’s tax administration says this change would dramatically simplify the taxation of cryptocurrency-related income.

The total market for cryptocurrencies is $ 2.28 trillion | Source:’s Total Crypto Market Cap Currently, the agency has to analyze a person’s cryptographic activities on a case-by-case basis. It examines many of the transactions a contributor has made between buying and selling digital currency, as well as the various cryptocurrencies that they have bought, sold, or converted. Should the changes be introduced, the tax authorities stated that they would no longer have to go through this stagnant and lengthy crypto-administrative process.

Related reading | Make Money In Bitcoin Markets? Don’t forget the crypto taxes “We would like to point out that it is not the profit that is taxed, but the amount that a Slovenian taxpayer receives in his bank account when he converts virtual currency into cash or buys something,” said FURS, according to media reports. Introduction of the cryptocurrency in Slovenia Recently, Slovenia has been projected as a hotspot for blockchain and cryptocurrency activities. With an estimated population of 2 million, the country has more physical locations that accept cryptocurrency payments than the entire United States.

Related reading | Slovenia Bitcoin City becomes the world’s first fully cryptocompatible lifestyle hub According to GoCrypto, as of 2020, more than 1,000 locations will allow payments in cryptocurrency, including cafes, restaurants, dentists, hair salons and hotels. In early 2019, it was also the only country in the world where you could only survive thanks to cryptocurrencies.