Legal

Cryptocurrency News

IOTA: Funds worth $4 million lost

It is reported that funds worth $4 million had been stolen from IOTA wallets. The evangelist of IOTA, Ralf Rottman stated that IOTA technology is secure after the funds of users were looted by an unknown source. He warned the users not to generate seeds by accessing online tools.  

Bitcoin Market News

Bill amendment for disclosing crypto assets

The public officials will have to disclose their cryptocurrency holdings. The member of South Korean National Assembly’s Administrative and Security Committee, Chung Dong-yong together with Eun-hee, Park Joo-hyun, Yoon Young-il and four other lawmakers presented the legislation. The legislation was passed to amend the bill on Public Service Ethics Act commanding the public to disclose cryptocurrency holdings worth 10 million won and above.

Bitcoin Exchange in Korea

Taxation on the income of Crypto Exchanges

The government announced that the South Korean cryptocurrency exchanges had to pay taxes up to 24.2%. As per the existing law, it is identified that corporations earning income beyond 20 billion won have the tax obligation of 22% corporate tax and 2.2 percent local income tax. The crypto exchanges will have to pay their corporate tax by the end of March and local income tax in April.

Authorities prohibit bitcoin transactions in Bali

Authorities prohibit bitcoin transactions in Bali

The Indonesian Government commanded that the retailers in Bali should not accept bitcoins at the restaurants and shops. The head of the Bank of Indonesia’s representative office, Karana stated about the bitcoin transaction had been popular in Bali. He emphasized, “Along with the Directorate of Special Crime Investigation unit, we will enforce the rule that all transactions in Indonesia must use rupiah.”

IRB's Action against Luno

IRB’s action over Luno Exchange

The Inland Revenue Board charged an investigation in Luno, London based cryptocurrency exchange. The Luno bank accounts in Malaysia were frozen as per the order so as to audit whether the company had complied with the regulations as per Income Tax Act. It was also aimed to determine whether the company had involved in any money laundering activities. It was emphasized that all Malaysian traders should adhere to the law maintaining proper records for audit.

PBoC issues document

Document released by PBoC on Crypto trading

The Business Administration Department of the People’s Bank of China (PBoC) had commanded the payment facilitators to stop encouraging cryptocurrency trading activities. The document released by the Business Administration Department will apply to services registered with Beijing and also its branches operating across. The document emphasized payment companies to probe internal operations and report regarding the crypto trading activities by 20th January.

Prosecutor's office probe OneCoin

Bulgarian Special Prosecutor’s Office probe OneCoin

The Bulgarian Special Prosecutor’s Office had been conducting an international investigation into business prospects behind the OneCoin virtual currency investment scheme. The Prosecutor’s office had been probing jointly with Eurojust and Europol. It is revealed that many material evidence were ceased and currently businesses associated with OneCoin Limited are being investigated.

Massachusetts accuses Bensonoff

Massachusetts accuses Bensonoff

The Massachusetts Securities Division had charged Brookline, MA, resident Kirill Bensonoff and his company Caviar for selling unregistered securities following the launch of an Initial Coin Offering (ICO) from his home. Unaware of the Massachusetts securities laws, Bensonoff had managed to bring up $3 million from the token-sale. The Secretary of Commonwealth said people to cautiously adopt securities laws over an ICO issue.

Russia Bank official o cryptoruble

Russian Crypto: “Foreseeable future is unlikely”

The Deputy Governor of the Bank of Russia, Sergey Shvetsov stated, “The appearance of cryptoruble (national cryptocurrency) in the foreseeable future is unlikely.” He emphasized that until the demand for cryptos is largely connected with the bypass regulations, the regulator cannot permit the issue of cryptoruble. On the other hand, the Deputy Finance Minister addressed on the idea of using cryptoruble in cross-border payments.

Blue House employees cannot invest in crypto

General Affairs Secretary issues notice to employees

The staffs of Blue House had been warned to refrain from making cryptocurrency investments. It is reported that the General Affairs Secretary, Lee Jeong-do issued a written notice addressed to the employees ordering them not to indulge in cryptocurrency transactions and investments during working hours. The officials are drafting the internal rules and guidelines controlling cryptocurrency transactions.