Cryptocurrency Development Company in South Korea
Cryptocurrencies have become a cultural phenomenon in Korea. Particularly Crypto market plays an important segment in South Korea, Compare to other countries South Koreans are famous for a high percentage of Cryptocurrency enthusiasts within the population.
South Korea is considered the third-largest market for Bitcoin traders in the world. It is the home place for more than a dozen of cryptocurrency exchanges, In South Korea, cryptocurrency trade will be 30% above prices compared with other countries.
Table of the content
- Cryptocurrency Regulation in South Korea
- How to Buy and Trade Bitcoin in South Korea
- Cryptocurrency Taxation in South Korea
- Bitcoin ATMs in South Korea
Cryptocurrency Regulation in South Korea:
In South Korea Cryptocurrency regulations are pretty tough, South Korean government introduce a crypto exchange licensing system it was recommended by the Financial Action Task Force(FATF), now you all are confused about What is Financial Action Task Force(FATF)?, It is an intergovernmental regulatory organization and also International anti-money laundering watchdog.
South Korean Finance Minister Hong Nam-ki revealed that the South Korean Government was planning to introduce more robust for cryptocurrency regulations. In South Korea, Cryptocurrencies are not treated as legal tender and exchanges, Cryptocurrency transactions are currently tax-free in South Korea but taxation will be expected to be enforced at the end of 2019.
How to Buy and Trade Bitcoin in South Korea:
Korbit - it is the first and largest Bitcoin exchange platform in South Korea, based on trading volume, by using this method deposits can be made via Bank transfer only, it offers a remittance service.
Coinplug - By using this platform customers can buy Bitcoin by making a bank deposit to one of Coinplug’s Virtual bank accounts. It also operators the okBitcard service which allows Bitcoin vouchers to be purchased from any ATMs.
Mycelium Local Trader - This platform used you to find local Bitcoin sellers, Mycelium Local Trader mostly works in highly populated areas, because it is trouble to find Bitcoin sellers in a highly-populated area so this platform helps us to meet the Bitcoin Sellers and conduct the trade. Mycelium does not take any charges for their services
Changelly - It works in nearly every country, In this platform, you will need another cryptocurrency in order to purchase Bitcoins, Changelly is the easiest and fastest way to buy Bitcoins with Altcoins.
LocalBitcoins - It helps both Bitcoin Buyers and Sellers, It does not need any personal information, Purchase to Bitcoin can be made quickly via cash deposit.
CoinMama - It is the World’s largest Bitcoin broker works in almost 55 countries around the world to buy Bitcoin with a credit or debit card payment, they charge 6% of the fee on each purchase and also gives highest limits for buying Bitcoins with a credit or debit card. Purchasing with a debit or credit card is one of the fastest and easiest ways for new users to buy Bitcoin.
Not only these Exchange platforms, some of the most popular Cryptocurrency exchanges like Coinbase, Binance, Kraken, Coinswitch, Bitfinex, Cex.Io, Virwox, but Remitano also help you to Buy and Trade Bitcoin in South Korea.
Cryptocurrency Taxation in South Korea
Normally South Korea has an every high taxation rate. From 2013 Bitcoin and other cryptocurrencies are exempt from the capital gains tax, this will helps traders and investors can keep 100 percent of their profits. The government will also require exchanges to provide user’s transaction data in order to impose an individual tax as well, it helps to navigate crypto taxation more simple. But now the Government of South Korea has announced that Crypto exchanges request to pay corporation tax up to 22% by Next year because it is estimated that the amount of exemption would be considerably large.
Some of the crypto tax tools can help you to keep records of your crypto transactions they are
Beatrix - It is one of the cryptocurrency tax services enables with audit support, by using this tool you can consolidate trades across over 40 exchanges and calculate the capital gain
Britax - Tax filling platform it offers up to 3 calculation methods to optimize your tax results, it can help you to import your wallet address and exchanges data to calculate your taxes
Cointracker - it is cryptocurrency wallet tracker and tax calculator that provides full tax reports up to four countries
Contracting - It can analyze your trades and generates real-time reports on profit or loss
Crypto tax - It offers country-specific tax reports which can be generated in over 30 local countries.
Not only these tools, but there are also so many tools that can be used for your crypto transactions they are Blox, Token tax, Zen ledger and more.
Bitcoin ATMs in South Korea:
South Korea is the largest country to introduce the first Bitcoin ATM. This Bitcoin ATMs it allows the users to buy and sell a cryptocurrency, In south Korea ATM machine was developed by the popular exchange platform Coinplug with help of well-known company Nautilus Hyosung(Third largest ATM Manufacture in the world) and also it is an international brand dedicated to the production of ATMs.
No identification or any personal information like(KYC) is not required to use this machine. But this machine also set up some limits to swipe crypto coins around 100.000 won(around $100).
There are a lot of Bitcoin ATMs which are located in South Korea, But the ATM which can be located in a coffee shop called Sedona inside the COEX Mall at Samseong Station is considered to be a major ATM in South Korea.
From this article, you all are cleared about how cryptocurrency play major role in South Korea If you are a Start-up or Entrepreneur searching for the best cryptocurrency development company in South Korea? Or want to create your own crypto coin like Bitcoin? Your search ends here!
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