Search results for - south korea ico
Total found 8299 results
coingeek.com
South Korea digital currency tax on track for 2022
South Korea is set to introduce a tax on digital currency transactions by 2022, confirming the date for legal effect of the new measures agreed by the …
Qualifying transactions will be subject to a tax rate of 20%, according to the Ministry of Economy and Finance, which drew up an amendment following a change in the rules in 2020, according to reports.
As per a recently published legislative notice, the amendment is still to be agreed by vice ministers and the cabinet, but is expected to be signed off into law by the end of the month.
The tax applies only to transactions with profits of over 50 million won, roughly equivalent to US$45,685. The rate of tax increases to 25% for profits of 300 million won (US$273,950) or more.
The tax plans were originally slated to come into force in the fourth quarter of 2021, with October previously mooted as a date for implementation. However, plans have now been pushed back to January 2022, following concerns from cryptocurrency exchanges.
Exchanges had flagged the original timeline as too ambitious, asking the government for more time to implement the technical infrastructure required to apply the tax charges.
The new timeframe for launch is designed to allow flexibility for digital currency exchanges to meet their new compliance obligations before they come into force.
The digital currency tax looks set to hit at a time of increased interest in digital currencies and other digital assets in South Korea. Traditionally a forward thinking market for digital currencies, consumer use of digital currency and exchanges is already high by international standards, with the sector continuing to grow amid rallies in digital currency pricing.
While the tax will likely distort decision making for investors in digital currency, it is expected to raise significant money for state coffers, while normalizing tax treatment in line with other tradable assets.
See also: CoinGeek Live panel, Digital Currency & Global Compliance: Tools & Tips for Exchanges, Wallets & Other Service Providers
New to Bitcoin? Check out CoinGeek's Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.
asianbankingandfinance.net
Bitcoin price tops $36,800 in South Korea
#Bitcoin #LINK
Investors see the virtual currency as a safe asset amidst new coronavirus outbreaks.
Bitcoin topped $36,800 (KRW40m) per unit for the first time in South …
on 7 January, according to data from a local cryptocurrency exchange.
Bitcoin was trading at around $37,200 (KRW40.9m) won as of 8:58 AM during the day, up 6.94% from the previous day, according to local cryptocurrency exchange Bithumb. The bitcoin price is 380% higher compared to a year earlier.
It just took 11 days for the cryptocurrency to top the 40 million-won mark after it broke the 30 million-won threshold on 27 December 2020.
The bull run in cryptocurrency transactions as investors viewed the virtual currency as a relatively safe asset amidst the new coronavirus outbreak, according to industry watchers.
Demand for bitcoin also gained ground after PayPal, the biggest online payment firm in the US, decided in October last year to allow its customers to use bitcoin and other cryptocurrencies.
Do you know more about this story? Contact us anonymously through this link.
Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.
To get a media kit and information on advertising or sponsoring click here.
No jobs posted.
View all Banking Technology jobs
cryptopolitan.com
20% Crypto tax to be introduced in South Korea in 2022
TL;DR Breakdown
According to reports, the South Korean government is going to start implementing a 20% tax on some crypto transactions that meet certain …
thresholds. This was made known by the country's Ministry of Economics and Finance.
A recent notice by the legislative arm of the country added that this crypto tax law was still subject to being approved by Vice Ministers and the cabinet members. However, it is expected that this would be done by the end of the month.
The Asian country is renowned for its forward-thinking policies and its embracing of technological advancements. The new tax regime coincides with the growing interest in cryptocurrency in the country.
This new crypto tax would apply to transactions with a profit margin of at least 50 million won, which is equivalent to $45,685. The tax rate increases to 25 percent when the profit hits 300 million won which is $273,950.
It was also stated that the tax was earlier scheduled to come into existence by 2021 but the authorities have accepted to move the implementation to the first quarter of 2022 due to the concerns of crypto exchanges.
The exchanges in the country had demanded for more time to implement all of the necessary technicalities for the application of the crypto tax.
There is no denying countries around the world now recognises the crypto industry has a viable means of earning more revenue for their pockets.
Countries like Kenya, India, Israel and a host of others have already announced new crypto tax regimes for their citizens.
Kenya, for instance, wants to implement a crypto tax known as the Digital Service Tax, or DST. This tax regime will see all e-market transactions attract a payment of 1.5 percent tax.
coindelite.com
Where does South Korea Stand on ICOs?
04 Feb 2019 2 min read 0 0
The current week saw South Korea's decision to continue the ICO ban in the country, an effort which could prove to be beneficial for other big crypto markets in …
Asia.The virtual currency task force of the office for Government Policy Coordination released a comprehensive report regarding the ICO market. According to local financial authorities, the current ICO model is risky and unreliable in the government's eyes. Hence, the ban on domestic crypto token sales stays intact.On referring to the existing policies in South Korea, the local investors are allowed to participate in international token sales. Over the course of 12 months, the government revealed that many firms carried out unfair practices, abusing the regulatory loophole by establishing paper companies in the international market.South Korean firms created entities in regions like Japan and Switzerland for conducting coin offering, in an attempt to evade the stringent ban on local ICOs. These firms could still encounter regulatory issues in the home country if they target local investors.The Office for Government Policy Coordination, in its recent report, revealed that around 22 domestic firms have started token sales outside the country.According to the government's estimation, the local companies have approximately collected $500 million in the last two quarters of 2017. The country's virtual currency task force said:"Even though these firms raised tens of millions of dollars from ICO, the majority of the companies failed to transparently disclose how the funds were used and refused to cooperate with the government."The local crypto exchange is being investigated following the country's largest crypto scam and scandals including minor cryptocurrency trading platforms.After many failed token sales and exit scams, the majority of the industry favored a strict regulatory framework to protect investors.Nevertheless, the chairman of the National Policy Committee, Min Byung-do said that the government should target money laundering and fraudulent projects without affecting the root of the industry."The government has to leave the door open for new business models while cracking down on money laundering and speculations with stricter policies. It cannot, however, completely eliminate the root."The country with ICO ban could miss out on the multi-billion dollar industry. Some of South Korea's most prominent companies including Kakao had planned to conduct crypto token sales.But with the ICO ban, the company is reportedly launching a private token sale in Japan, which could very well be worth millions of dollars.In the wake of a nation-wide ban on ICOs, South Korea is turning its back on promising projects that could prove lucrative for the nation's economy.But, it is also essential to take account of security measures to preserve the protection of investors. In the face of such a conundrum, a suitable regulatory structure is necessary for allowing new business to thrive without any security compromise.Your email address will not be published. Required fields are marked *Join our mailing list to receive the latest news and updates from our team.
coinnounce.com
South Korea announces to ban privacy-centric cryptocurrencies.
04 Nov 2020 1 min read 0 0
#Monero #Dash #Zcash
South Korea's Financial Services Commission (FSC) announced on Tuesday its decision to ban privacy-centric digital currencies that possess a high-risk of money …
laundering.
South Korea's Financial Services Commission (FSC) announced on Tuesday its decision to ban privacy-centric digital currencies that possess a high-risk of money laundering. The regulator has added these new guidelines in its existing under the Special Payment Act, which specifically covers the legality of cryptocurrencies in South Korea. The new rules will come into force in March next year, barring all domestic cryptocurrency exchanges from offering services with such privacy coins.
This ban will affect the circulation of some of the popular privacy-centric coins, including Monero, DASH, and Zcash. Furthermore, the South Korean regulator will mandate the KYC and AML policies on all domestic cryptocurrency exchanges, and they have to confirm the users' real names by verifying them against their personal identities. Additionally, the crypto exchanges need to report their operational activities with the Korean regulator. Circulation of privacy-centric is now being regulated, but the hostility against these cryptocurrencies was already prevalent in South Korea.
Huobi eyes takeover of South Korea exchange Bithumb
#Bitcoin #derivatives
Home » Business » Huobi eyes takeover of South Korea exchange Bithumb Chinese digital currency exchange Huobi is reportedly eyeing a takeover of Bithumb, in a move that …
would create a new regional giant in the digital currency world. According to recent reports, shareholders in Bithumb are reportedly open to the idea, which would see Huobi carrying on the business of Bithumb in South Korea after the implementation of new digital currency laws in the country. This will require the exchange to obtain real name confirmation accounts, which would enable the firm to conduct business in South Korea. Currently only four firms have the required compliance rules in place to operate in the country, namely Bithumb, Upbit, Coinone, and Kobit. Reports surfaced in September that Bithumb is looking to be acquired for somewhere between KRW500 billion (US$430 million) and KRW700 billion (US$604 million) amid the ongoing fraud investigations into the company. Huobi's operations remain largely in China, with most of its senior executives living in China. Since the exchange announced it was withdrawing from the U.S. market back in November 2019, the company has set its sights on South Korea and Japan, with plans to become a significant player in the region. The company has also been reportedly interested in acquiring Bitflyer, the largest digital currency exchange in Japan with over 2.5 million active users. According to global transaction volume in crypto exchanges, Huobi is currently 7th, with Bithumb 12th and Bitflyer 19th respectively. The moves come after strong trading at Huobi, which the company has attributed to strength in contract derivatives and its other businesses. With several targets now in its sights, it is clear Huobi is eyeing acquisitions to take the group to the next level. Digital currency trading activity in Japan and South Korea is already high, though there tends to be a preference for locally based exchanges amongst consumers there. With Huobi moving to acquire a presence in both markets, this could allow the company access to these more closed markets through local subsidiaries. See also: CoinGeek Live panel discussion on The Future of Exchanges & Trading in a Tokenized World New to Bitcoin? Check out CoinGeek's Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.
bitcoinist.com
South Korea Issues Ban on ICOs
#Bitcoin #Ethereum
Receive all Bitcoinist news in Telegram! On Friday, South Korea's financial regulator, the Financial Services Commission, has issued a ban on all Initial Coin Offerings. …
Earlier this month, news circulated that the Chinese financial regulator banned all Initial Coin Offerings and forced cryptocurrency exchanges to shut down their operations until the end of September. According to an article by Techcrunch, on Friday, South Korea's financial regulator banned all Initial Coin Offering, due to concerns of potential financial scams. The South Korean regulator stated following: Raising funds through ICOs seem to be on the rise globally, and our assessment is that ICOs are increasing in South Korea as well, The South Korean regulator also stated that financial institutions and parties that are involved with Initial Coin Offerings will face "Stern penalties". The regulator argues that these measures are necessary in order to properly protect investors and users. The governments of the U.S., Hong Kong, and the UK have also issued warnings to investors that are planning to invest in Initial Coin Offerings. The vice chairman of Korea's Financial Services Commission (FSC), Kim Yong-beom, gave the following statement: There is a situation where money has been flooded into an unproductive and speculative direction, Given South Korea enormous cryptocurrency trading volume, the market was negatively affected by this news. The price of Bitcoin sharply fell with 3%, and the price of Ethereum also dropped 6.5%. Japan became popular in the cryptocurrency space after the famous Mt.Gox hack in 2014, where 850,000 Bitcoins were lost. In April 2017, the Japanese government officially recognized the decentralized cryptocurrency as a legal tender. Today, Japan's Financial Services Agency announced that it granted permissions to 11 different companies to operate as cryptocurrency exchanges. The agency argued that this is a necessary step to further legitimize cryptocurrencies and to protect the consumers from fraud. Currently, there are 17 more companies waiting to receive their permission from FSA in order to operate as cryptocurrency exchanges. What are your thoughts on South Koreas ban on Initial Coin Offerings? Do you think that it is necessary in order to protect investors? Let us know in the comments below! Images courtesy of Pixabay, Business Korea This week saw the release on YouTube of a trailer for a short satire with a cryptocurrency theme. The film is currently in post-production, but while waiting for it to drop, we spoke to the writer/director, Sam Lucas Smith. I Haven't Seen It Well, you've been missing out. I'd recommend getting over there right away, as the trailer has some razor-sharp dialogue, and is instantly quotable. The filmmakers hope to use the film as a Due to complaints received, the Ontario Securities Commission in Canada is in the process of investigating crypto exchanges in a bid to ensure that they are adhering to the country's securities laws. The amount of different digital currencies available to trade has increased exponentially since Bitcoin was developed in 2009. In fact, the latter went from being the dominant crypto to being responsible for less than 50% of the total market cap. This variety of © 2018 Bitcoinist.com. All Rights Reserved.
ethereumworldnews.com
04 Dec 2018 2 min read 7 5
#Bitcoin #Ethereum #ICO #Blockchain technology
The South Korean government reportedly has plans to tax cryptocurrency and ICOs, despite the lack of a regulatory framework.According to The Korea Times, Hong …
Nam-Ki, Finance Minister nominee, revealed that the South Korean government is planning to tax cryptocurrency and initial coin offerings (ICO). Nam-Ki submitted his written answer before the South Korean National Assembly in response to a question based on taxation of digital currency.The nominee further stated that the tax method for virtual currencies would be finalized in line with the taxation infrastructure and progress by global stakeholders. Furthermore, Nam-Ki said:A task force consisting of experts from relevant government agencies including the National Tax Service and the private sector will be formed to examine overseas examples and hammer out the taxation plan.With the current ICO ban in South Korea, the Finance Minister nominee said that the government would reach a definite stance on ICOs after studying various factors. These factors include market conditions, investor protection issues, and global trends.Also, Nam-Ki said that results from the survey done by the financial regulatory market and experts would form the government's orientation concerning ICOs.The nominee, speaking on virtual currencies, described them as a phenomenon with no generally acceptable regulatory structure. With 2,000 digital currencies traded worldwide and 160 traded domestically, Nam-Ki called for caution when regulating the industry.Hong Nam-Ki added that the government would nurture blockchain technology, citing that 90% of business fall under blockchain-related businesses. These businesses, excluding virtual currency exchanges, can be classified as venture companies.The South Korean market is receiving an influx of Chinese virtual currency exchanges. Major virtual currency exchanges like Binance, OkEx, and Huobi, have penetrated the Korean space.OKEx recently announced its move into the South Korean market and Huobi initially declared it would enable traders to use the Korean won to trade cryptocurrency. Binance has also made moves to spread within the South Korean community. With the influx of these Chinese exchanges, however, local cryptocurrency exchanges are powerless.The Korean government has been inconsistent in providing a regulatory framework the cryptocurrency industry. Towards the end of Q2 2018, the country declared that it would regulate digital currency exchanges, bringing some relief. However, less than a week after the announcement, the government deliberately postponed regulations.The Korean cryptocurrency exchange community express growing concerns over the avalanche of Chinese exchanges into the country. Domestic cryptocurrency companies find it challenging to expand abroad because of money laundering concerns.The Korea Bar Association recently urged the government to create laws that would develop the cryptocurrency industry in the country and improve investors' protection. For quite by chance, I discovered Bitcoin in 2010 and I have been an ardent enthusiast ever since. I enjoy cryptography, mathematics, and theoretical physics. If I am not writing about cryptocurrency, I am attempting to beat my scrabble high score. #XRPtheBase is a twitter hashtag that has gathered traction since Binance announced that it will...Many agree that blockchain technology has the potential to cause paradigm-shifts in many aspects of...The highly anticipated Ethereum (ETH) Constantinople hard fork has been scheduled for the 16th of...Please enter your username or email address to reset your password.
digitaljournal.com
South Korea follows China in banning cryptocurrency ICOs
#Bitcoin #ICO
China banned ICO's some time ago but also has closed down crtypocurrency exchanges in the country although it still allows over the counter trades between individuals. It remains to be …
seen whether South Korea will follow China further and also close down cryptocurrency exchanges at least temporarily. South Korea has several exchanges active in trading including bicoin. After meeting with the Finance Ministry, the Bank of Korea and the National Tax Service, the regulator said: "Raising funds through ICOs seem to be on the rise globally, and our assessment is that ICOs are increasing in South Korea as well." He said that there would be stern penalties for financial institutions or others who try to issue ICOs. However, there were no details given as to what the penalties would be. As with the Chinese government, the South Korean regime saw the ICO's as a locus for possible financial scams. The Commission said that it would continue to monitor markets to see if additional regulations are needed. As the quantity and scale of ICO's increase government regulators in many countries are showing concern. According to Coindesk ICO tracker data, in 2017 alone ICOs have raised $2.3 billion in funds. While some of these may be serious attempts to raise money to launch a coin others may involve quite risky plans that resemble pyramid schemes. Many ICO's already will not accept US citizens. Only accredited investors are able to take part in private security placements. One could argue that these are not securities. A recent article explains: Once the SEC will effectively intervene in cryptocurrency ICOs – which is only a matter of time – things will get very interesting, to say the least. A lot of previous ICOs didn't take the necessary steps to "deny" US citizens from investing. All of those projects and their teams are at the mercy of the SEC for the time being. Violating US securities laws is not something anyone wants to deal with. Additionally, these laws can also be enforced upon non-US companies, which makes it even more important to take countermeasures. "SEC" stands for the US Securities and Exchange Commission. The SEC is responsible for enforcing federal securities laws and also proposes new rules. It regulates exchanges and other security activities. Those issuing IOC's are obviously worried about future SEC regulation of IOCs. As the appended video shows, the price of bitcoin and some other cryptocurrencies dropped after the news from South Korea. This is a setback for bitcoin as it has been recovering from the effects of the Chinese announcement.
South Korea Will Ban Domestic Circulation of Privacy Coins
#Bitcoin #XRP #Monero #Dash #Zcash #Horizen #Super Bitcoin
Photo: BloombergShare this articleTelegramFinance Magnates Telegram ChannelSouth Korea's Financial Services Commission (FSC) announced on Tuesday its decision to ban anonymous digital …
currencies that possess a high-risk of money laundering.The regulator has added these new guidelines in its existing under the Special Payment Act, which specifically covers the legality of cryptocurrencies in South Korea. The new rules will come into force in March next year, barring all domestic cryptocurrency exchanges from offering services with such privacy coins.Join your industry leaders at the Finance Magnates Virtual Summit 2020: Register and vote for the FMLS awardsThe commission termed these cryptocurrencies as 'dark coins' and highlighted the difficulties in tracing the transaction of these digital currencies. This ban will affect the domestic circulation of some of the popular privacy coins, including Monero, DASH, and Zcash.Suggested articlesAre Alternative Payment Methods the New Banking King?Go to article >>Furthermore, the FSC will mandate the KYC and AML policies on all domestic cryptocurrency exchanges, and they have to confirm the users' real names by verifying them against their personal identities. Additionally, the exchanges need to report their operational activities with the regulator.Hostility Towards Privacy CoinsThough the market watchdog has decided to curb the circulation of privacy coins now, hostility against these cryptocurrencies were already prevalent. Multiple South Korean crypto exchanges are already delisting privacy coins due to prevailing international regulations. The South Korean arm of OKEx delisted Zcash, Monero, DASH, Horizen (ZEN), and Super Bitcoin (SBTC) in September 2019, citing the Financial Action Task Force guidelines. But, the platform later suspended the delisting process of Zcash and Dash.Upbit, another local South Korean crypto exchange, also delisted and ceased the trading of several cryptocurrencies, including three privacy coins due to money laundering concerns. Share this articleTelegramFinance Magnates Telegram ChannelTags: cryptocurency / privacy / south-koreaGot a news tip? Let Us KnowFound a mistake? Let us know Leave a Reply Subscribe Notify ofnew follow-up commentsnew replies to my comments All FM News SEC Sues $92 Million Crypto Fund Founder for Fraud/ 17 mins agoBinance Korea to Close Operations Next Month/ 1 hour agoExclusive: Exness 2020 Trading Volume Hits Record, Active Clients Double/ 3 hours agoCryptocurrency XRP Crashes to $0.23, Buyers Jump in/ 3 hours ago Related ArticlesDonald Trump's Working Group on Financial Markets Evaluates StablecoinsSEC Proposes 5-Year Relief for Broker-Dealer Custody of Digital AssetsUS Treasury Hiring Crypto Policy Officers Directory CategoriesCryptocurrency Brokers 40 Social Trading 4 Wealth Management 45 Cryptocurrency Exchanges 21 Forex Brokers 476 Affiliate Programs 88 Regulation Consulting 33 Tools for Brokers 63 Platforms 156 Industry Websites 250 Regulators 52 KYC 5 White Label Solutions 48 Cryptocurrency Liquidity Providers 4 Translation Services 18 CRM 2 Liquidity Provider 40 Platform Providers 80 MT4/MT5 Bridge Providers 39 Payment Processors 73 Industry Executives 332 Keep in touch with usTelegramLatest PodcastsContent ChannelsRetail FXInstitutional FXExecutivesCryptoCurrencyFinTechAboutOverviewKeep in touch with usAdvertise with Finance MagnatesServicesDirectoryIntelligenceEventsAboutWebsiteTerms, Cookies and Privacy NoticeFinance Magnates is a global B2B provider of multi-asset trading news, research and eventswith special focus on electronic trading, banking, and investing.Copyright © 2020 "Finance Magnates Ltd." All rights reserved. For more information, read ourTerms, Cookies and Privacy Notice ×Report NewsWe do not store your information and we do not disclose our sources. Leave your name/email (not required) if you'd like to be contacted about this story (will not be disclosed):First NameLast NameEmailmessage*EmailThis field is for validation purposes and should be left unchanged. This iframe contains the logic required to handle Ajax powered Gravity Forms. ×Found a mistake?Be it a typo or a factual error - we do our best but we are also human! Do let us know and we'd be happy to check ourselves and fix if necessary. Thank you.First Name*Last Name*Email*message*CommentsThis field is for validation purposes and should be left unchanged. This iframe contains the logic required to handle Ajax powered Gravity Forms. wpDiscuz
hacked.com
South Korea Loosens Grip on ICOs
08 Dec 2017 14 min read 4 6
#Bitcoin #Ethereum #NEM #ViaCoin #ICO
Initial coin offerings (ICOs) will not be banned in South Korea after all, according to a recent decision by the central government. Although the market will …
still be governed by strict regulations, institutional players will have the opportunity to invest in the burgeoning market. South Korean newspaper Chosun reported Friday that the government is looking to regulate the ICO market and will allow institutional investors to participate in the controversial crowdfunding model. Chosun revealed that several government agencies have formed a task force to sort out a regulatory framework for ICOs. They include the Ministry of Strategy and Finance, Financial Services Commission, Fair Trade Commission, Financial Supervisory Commission and Ministry of Justice. The task forces are investing the possibility of taxing cryptocurrency investors, as well as implementing Know Your Customer (KYC) and Anti-Money Laundering (AML) policies for institutional investors. These protocols have already been adopted elsewhere and currently form the basis of the Simple Agreement for Future Tokens (SAFT) protocol. A task force spokesperson told Chosun: "Currently, the task force is considering imposing stricter regulations for investor and consumer protection within the cryptocurrency market." The spokesperson added "in regards to ICOs, the government will likely impose regulations to enable institutional investors to invest in ICOs." That being said, South Korea will still keep a tight lid on public access to ICOs, with the spokesperson clarifying that only institutional investors will be able to enter the market. The spokesperson added: "It is not possible to allow any citizen of South Korea to invest in ICOs. However, the government may allow institutional investors that meet capital requirements established by the Financial Supervisory Commission." South Korea has adopted a fairly laissez faire approach to cryptocurrency, which has made the Asian nation a prime destination for traders. The South Korean yuan is the third most traded fiat currency involved with cryptos, behind only the Japanese yen and U.S. dollar. South Korean exchanges were at the center of the latest bitcoin rally that took prices north of $19,000. Last month, South Korea's Financial Supervisory Service (FSS) said it had no plans to monitor cryptocurrency exchanges. According to FSS head Choe Heung-sik, "supervision will come only after the legal recognition of digital tokens as a legitimate currency." Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading. Featured image courtesy of Shutterstock. Swiss Banks Join Forces to Launch Ethereum Platform America's Largest Banks Do Not Support Bitcoin Futures You must be logged in to post a comment Login You must be logged in to post a comment. When it comes time to retire, one method for receiving income from your savings is to purchase an immediate annuity. The purpose of an immediate annuity is to provide a regular payment over a certain period of time or over the investor's lifetime. An immediate annuity can preserve a minimum level of income that you cannot outlive. Allocating a portion of your retirement money to an option that will provide income for life can make sense for many retirees. So how does an investor decide what immediate annuity to purchase? The scenarios discussed in this article apply in the United States. Readers are encouraged to consult their accountants about tax considerations related to buying annuities. It's also important to consider that when earnings from an annuity are withdrawn, they will be taxed as ordinary income, no matter how long the owner has owned the account. Steve Vernon, a research scholar for the Stanford Center on Longevity, writing for CBS News' "Money Watch," noted that immediate annuities can be fixed, inflation adjusted and variable and guaranteed lifetime withdrawal benefit (GLWB). GLWB combines the features of traditional annuities and systematic withdrawals. Once you purchase a fixed or inflation adjusted immediate annuity, your payout is locked in, Vernon noted. Your payments will not be adjusted based on changes in capital markets. The monthly payout on a variable annuity, by contrast, will change based on the annuity's stock and bond portfolio. The owner can modify the portfolio even after they start receiving payments. Vernon recommends keeping the stock allocation between one third and two thirds. When shopping for GMWB annuities, Vernon recommends annuities with management fees around 50 basis points or lower, and insurance fees round 100 basis points. Vernon encourages people to use online annuity purchase services like www.immediateannuities.com and Income Solutions and Immediateannuities.com to compare different immediate annuities. Steve Goldberg, an investment adviser writing in Kiplinger, thinks of an immediate fixed annuity as term life insurance in reverse, the longer you live, the better you do. The insurance company pools the premiums from thousands of its annuities and invests them primarily in bonds. The company also makes educated guesses about how long its annuity buyers will live. It then makes monthly payments to policyholders each month based upon both expected longevity and expected investment returns. In today's low-interest-rate environment, that's much better than an investor can do in all but the riskiest bonds, according to Goldberg. It's also likely better than an investor can do if he put all his money into stocks. But there is a catch: With an annuity, you don't get your money back, unless the buyer opts for what's known as a "certain period annuity" or similar option. Additional features, however, usually bring additional costs. Goldberg believes immediate fixed annuities usually make sense only for retirees. The older the retiree, the fewer years the insurance company will have to pay the benefits – so the bigger the monthly checks. Immediate annuities seldom make sense for all of an investor's money, Goldberg notes. Like Vernon, Goldberg suggests going to ImmediateAnnuities.com to compare different immediate annuities. Plug in the state you live in, your age and your gender, and the website provides quotes from numerous companies. There are three typical ways to purchase immediate annuities, according to Rich White, a financial writer writing in Investopedia. One method is the annuitization of a tax-deferred annuity. The purpose of a tax-deferred annuity, unlike an immediate annuity, is to build funds to create an income stream at a later date. Most tax-deferred annuities permit the account to be converted at some point in time to a guaranteed income stream. Another method is the lump sum payment, in which the investor's funds are transferred to an insurance company to purchase a revenue stream. Oftentimes, the investor is using cash from a retirement plan distribution, lottery winnings or an award from a personal injury settlement. A third method is the terminal funding of a retirement plan. Some retirement plans offer annuity payouts. The plan in this case terminates its liability to the participant by transferring the participant's funds to an insurance company. When retirement plans "pay out" in this manner, a "qualified immediate" annuity of offered for tax efficiency. These choices all present options. The owner of a tax-deferred annuity who wants to annuitize is not limited to the payout offered by the insurance company, White notes. The policyholder can shop payouts offered by competing companies and conduct a tax-free transfer to the company offering the best terms. This is known as a Section 1035 exchange. If a retirement plan offers a particular insurance company for terminal funding, the policyholder can shop for others and select the plan they find most suitable. An annuity payout over a fixed number of years that is purchased with a single sum can be converted to an annual interest rate equivalent, White noted. If, for example, the policyholder is quoted an annuity of $600 per month for 20 years in exchange for paying a premium of $10,000, an annuity rate calculator will find this payout converts to an annual interest rate of 3.96%. This rate can then be compared to other fixed-period annuity payouts, perhaps over longer or shorter periods, and also to rates available on bonds, money market funds or CDs. For a lifetime annuity payout, there is no fixed period to evaluate. Death could occur at any time, and the payments would discontinue. White recommends a good starting point is to use the annuitant's life expectancy as the payout period. If a 67-year-old female is offered a lifetime payment of $600 per month for a $100,000 premium, her life expectancy would be 17.67 years, based on the 2007 Period Life Table published by the Social Security Administration. One payout option for immediate annuities is income for a guaranteed period, which is also called "certain period annuity," according to CNN Money, as noted in a previous article on annuities' role in financial planning. This guarantees a specific payment for a specific time period. If the owner dies before the period ends, their beneficiary receives the remainder of the payments. Another option is lifetime payments that guarantee a payout for the owner as long as they are alive, but there is no survivor benefit. The payouts can be variable or fixed, depending on the type of annuity selected. The amount of the payout depends on the amount invested and the owner's life expectancy. Still another payout option is life with a guaranteed period certain benefit, also known as "life with certain period." The owner receives a guaranteed payout for life along with a period certain phase. If the owner dies during the certain period, the beneficiary continues to receive the payment for the remainder of that period. Joint and survivor annuity is one in which the beneficiary continues receiving payments for the rest of their life after the owner dies. It is important to buy an annuity from a company that holds a top credit rating from the three leading agencies of U.S. insurance companies: A.M. Best, Moody's and Standard & Poor's. The considerations for shopping for an immediate annuity are extensive. Investors must spend their time comparing options. Many retirees will find it worth their time to work with a financial adviser. Those who seek the assistance of an insurance agent must keep in mind that insurance agents are paid commissions by the insurance companies offering the annuities. Investors have the option of working with a non-commissioned financial adviser. The head of Binance has officially denied rumors that the exchange was hacked on Wednesday, claiming that "irregular trades" have now been fixed. Speculation that the exchange might have been hacked triggered a sharp reversal in the fortunes of most major cryptocurrencies. The company's CEO Changpeng Zhao reassured traders Wednesday that their accounts had not been compromised. "We have localized the irregular trades, they will be reversed. All funds are safe, thanks to the fast alarm. Please learn to secure your accounts against phishing," he tweeted Wednesday afternoon. Users took to Reddit, Twitter and other social media channels on Wednesday to report highly suspicious activity on their Binance accounts. Several traders reported that their altcoins were suddenly liquidated without prior warning or consent. Oddly enough, the loss of altcoins was associated with a massive spike in Viacoin (VIA), a relatively obscure cryptocurrency that more tripled in value on Wednesday. Following the reports, Binance quickly froze trading and withdrawals to investigate the matter further. The loss of coins seems to inflict accounts with registered API keys, which are used to enable trading bots. The exchange issued a follow-up statement informing traders that the Binance platform had not been compromised: "As of this moment, the only confirmed victims have registered API keys (to use with trading bots or otherwise). There is no evidence of the Binance platform being compromised. Please remain patient and we will provide an update as quickly as possible." Fears of a coordinated cyber breach made for a highly turbulent session in the crypto markets. The total value of all crypto assets briefly plunged by more than 10% as traders rushed to exit their positions. Crypto exchanges are routinely the target of sophisticated cyber attacks, a trend expected to intensify as digital currencies rise in value. Attackers have already made off with billions of dollars worth of stolen cryptocurrencies over the years. It was just last month that Japan's Coincheck was drained of $500 million in NEM after hackers successfully redirected the coins into alternate account. The heist was the biggest the market had ever seen, surpassing the 2014 attack of Mt Gox. Exchanges have stepped up their security guidelines in response to the wave of attacks. This includes adopting stricter KYC/AML requirements and reminding users how to better safeguard their accounts. Hacking attempts aren't just limited to exchanges. It has been estimated that roughly 10% of all ICO funds have been compromised by cyber criminals. With billions flowing into the ICO market, that's no small number. Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading. Featured image courtesy of Shutterstock Annuities are contracts issued by insurance companies that have some tax advantages. They are often used in retirement planning because they can provide an income stream after generating earnings on a tax-deferred basis. Bob MacDonald, founder of LifeUSA, writing in Forbes, defines an annuity as a long-term contract between a buyer and an insurance company that allows the accumulation of funds on a tax-deferred basis for later payout in the form of a guaranteed income, the core strength being the safety the guarantees. MacDonald believes annuities have a place in a retirement plan. There are many types of annuities. This article will describe the main types of annuities and the ways they can be used in retirement planning. The scenarios discussed in this article apply in the United States. Readers are encouraged to consult their accountants about tax considerations related to buying annuities. CNN Money encourages people to consider an annuity after they have maxed out other tax-advantaged retirement investment vehicles, such as IRAs and 401(k) plans. If a person has additional money to set aside for retirement, an annuity's tax-free growth can be beneficial, especially if the investor is in a high-income tax bracket. Annuities have drawbacks, CNN Money notes. The money cannot be withdrawn for a period of time without incurring a penalty fee and taxation. Typically, if the owner makes a withdrawal within the first five to seven years after buying the contract, they will have to pay a surrender charge of up to 7% or more on the withdrawn amount. Annuities sometimes charge other fees as well. There are two basic types of annuities: immediate and deferred. The purpose of an immediate annuity is to provide income for the owner right after buying the annuity. People typically buy an immediate annuity as a way to have a guaranteed income. The purpose of a deferred annuity is to grow the funds to provide future income. Deferred annuities can be converted to immediate ones when the owner wants to begin collecting their payments. Annuities have different payout options. One option is income for a guaranteed period, which is also called "certain period annuity," according to CNN Money. This guarantees a specific payment for a specific time period. If the owner dies before the period ends, the beneficiary receives the remainder of the payments. Another option is lifetime payments that guarantee a payout for the owner as long as they are alive, but there is no survivor benefit. The payouts can be variable or fixed, depending on the type of annuity. The amount of the payout depends on the amount invested and the owner's life expectancy. Still another payout option is life with a guaranteed period certain benefit, also known as "life with certain period." The owner receives a guaranteed payout for life along with a period certain phase. If the owner dies during the certain period, the beneficiary continues to receive the payment for the remainder of that period. Joint and survivor annuity is one in which the beneficiary continues receiving payments for the rest of their life after the owner dies. The primary factors taken into account in the calculation of annuity payments are the current dollar value of the account, the age of the owner, the expected future inflation adjusted returns from the assets in the account, and the annuitant's life expectancy based on industry standard life expectancy tables, according to Investopedia. An annuity can be surrendered. If the owner surrenders their annuity before a specific time period, there will likely be a surrender fee. The surrender charge usually declines by one percentage point per year after the annuity is purchased until it disappears completely, usually after seven or eight years. It is possible to exchange an existing annuity for a new one. These are known as 1035 swaps under the IRS code in the U.S., according to CNN Money. There are no taxes incurred when exchanging one annuity for another. However, when exchanging an old annuity for a new one, the owner begins a new surrender period. In addition, the spousal provisions in the annuity contract are also considered. Annuities are usually either fixed or variable. A fixed annuity offers an assured amount of payment over the payment term or the annuitant's life and carries little risk. The annuitant usually receives a fixed amount of money every month for the rest of their life. However, the price for removing risk is limiting growth opportunity. Should financial markets have a bull market, the annuitant misses out on these additional gains. Variable annuities, on the other hand, allow the annuitant to participate in the potential appreciation of their assets while still drawing an income from their annuity. With a variable annuity, the insurance company typically guarantees a minimum income called a guaranteed income benefit option and offers an excess payment amount that fluctuates based on the performance of the annuity's investments. Variable annuities can provide a balance between guaranteed retirement income and continued growth exposure, according to Investopedia. Variable annuities usually have management fees. The ongoing investment management and other fees oftentimes amount to 2% to 3% a year. The fee structures can be complex. Insurance agents and others who sell annuities often tout the positive features and downplay the drawbacks, making it important for the purchaser to carefully review the annuity before buying. Not all annuities have high fees, however. "Direct sold annuities" that are not sold by insurance agents do not charge a sales commission or a surrender charge, according to CNN Money. Companies offering "direct sold annuities" include Schwab, Fidelity, Vanguard, T. Rowe Price, Ameritas Life and TIAA-CREF. Before investing, one should compare the annuity fee structure with regular no-load mutual funds. No-load mutual funds levy no sales commission or surrender charge and impose average annual expenses of less than 0.5% for index funds or around 1.5% for actively managed funds. It's also important to consider that earnings from an annuity will be taxed as ordinary income when the earnings are withdrawn, no matter how long the owner has owned the account. For some investors, it is critical to secure a risk-free income for their retirement. Other investors are less concerned about fixed income than about continuing to enjoy the capital gains of their funds. These needs determine it is better to choose a fixed or variable annuity. The factors in deciding between an annuity and a mutual fund will be addressed in a future article. Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com. Planning For The Crypto Price Recovery Why Bitcoin Is Tanking and Why You Should Keep your Cool Crypto Update: Coins Resume Slide Before Easter Weekend Long-Term Cryptocurrency Analysis: Ethereum at Make-or-Break Levels after Selloff Copyright © 2017 - Terms & Conditions
pymnts.com
FINMA Investigates ICOs, South Korea Bans Them
#Bitcoin #Ethereum #Tezos #Bancor #ICO
Share Tweet Share Share Share Print Email While Swiss financial watchdog FINMA announced it is investigating a number of initial coin offerings (ICOs) for possible breaches of Swiss law, …
has decided to ban the crowdfunding method altogether. According to news fromReuters, the Swiss investigation is the second crackdown in less than two weeks by FINMA and could lead to greater regulatory oversight of some of the most prominent blockchain projects in Crypto Valley, located in Zug, Switzerland. FINMA has observed a marked increase in initial coin offerings conducted in Switzerland, it said. Switzerland is the latest nation to take a harder look on this new crowdfunding method, which allows cryptocurrency entrepreneurs to raise millions by creating and selling digital tokens. Just weeks after China banned ICOs, South Korea announced today that it is following suit, with its regulator stating that ICOs for bitcoin and other cryptocurrencies are pushing the market into a nonproductive speculative direction. Several regulatory bodies, including those in the U.S., China, Hong Kong, Singapore and Russia, have warned that lack of regulations has made ICOs popular with scammers. This month, FINMA closed down what it said was the provider of a fake cryptocurrency, stating that it was investigating around a dozen other possible cases of fraud. Right now, Switzerland does not have rules governing conduct specifically for ICOs. But depending on how an ICO is structured, some parts of the procedure may be covered by existing regulations, FINMA said. The Crypto Valley Association has issued a statement supporting ICO regulation and said it is working with its members on developing an ICO code of conduct. Bottom line, we welcome that the Swiss regulator is taking action and recognizes the need for clear guidance and oversight, especially with regards to KYC (Know Your Client) compliance, while also fostering innovation, Oliver Bussmann, president of Crypto Valley Association, said. Switzerland has hosted four of the six largest ICOs to date, including a record-breaking token gathering by Tezos, which raised the equivalent of $230 million to $240 million in bitcoin and Ethereum in July. Bancor Protocol, a Zug-based foundation enabling the creation of other cryptocurrencies, raised over $150 million in June. Join The Conversation: Related Items:bitcoin, Blockchain, cryptocurrency, FINMA, fraud, ICOs, News, What's Hot Share Tweet Share Share Share Print Email Recommended for you Weird Stuff People Buy On Amazon Cybersecurity Conference App Exposed Attendee Data Bitcoin And The Break-Even Conundrum Get our hottest stories delivered to your inbox. Signup for the PYMNTS.com Newsletter to get updates on top stories and viral hits. email: post-cont-out
South Korea community exchange Bitribe adds Bitcoin SV support
#Bitcoin #Bitcoin SV
Home » Business » South Korea community exchange Bitribe adds Bitcoin SV support Bitribe, the largest community exchange in South Korea, has …
announced support for Bitcoin SV (BSV). The digital currency exchange launched Bitcoin SV in its aggregate trading section with two trading pairs, BSV/USDT and BSV/BTC. This makes BSV available to over 1 million Bitribe users in Korea and other Asian countries. Celine Yang, the Bitribe CEO commented, "As the largest community exchange in South Korea, Bitribe will bring more than 1 million global community users to participate in BSV's Korean ecological layout, and is committed to providing the highest quality exclusive services to more BSV Asian investors." Bitribe has risen to become one of the biggest players in the vibrant and competitive Korean digital currency market. With business entities in Korea, Singapore and other Asian countries and over a million users, it's the largest community-based aggregated exchange. It provides its users with digital asset issuance, digital currency aggregation transactions, blockchain project incubation and other decentralized finance services. Despite being one of the newest entrants in the market, it processes billions of dollars' worth of transactions daily. In the past 24 hours, the exchange recorded $4.4 billion in trading volume as per CoinMarketCap data. Bitcoin Association Founding President Jimmy Nguyen welcomed the announcement, saying, "We are pleased to welcome Bitribe as another exchange to the BSV ecosystem. Interest in Bitcoin SV is strong in Korea and other Asian countries, and it's wonderful to see Bitribe offer retail investors another platform to acquire and trade BSV. We are also glad to see Bitribe's emphasis on compliance, which aligns with our vision to build a regulation friendly industry for digital currency." Bitribe becomes the latest platform to support Bitcoin SV as the world wakes up to the endless opportunities that only BSV offers. Just recently, Canadian online brokerage Netcoins added Bitcoin SV to its platform, making it the eighth digital currency it offers. Mark Binns, the CEO of Netcoins' parent company BIGG Digital Assets captured it best, saying that the inclusion of Bitcoin SV will attract even more users who want to explore the original Bitcoin, as Satoshi envisioned it. Binns stated, "We are also excited to add Bitcoin SV to the Netcoins app, making Netcoins an even more attractive trading platform for Canadians." Other platforms that have launched support for Bitcoin SV in the recent past include exchange aggregator Swapzone, the South Korean subsidiary of Hotbit Global and South African based digital asset wallet AnkerPay. New to Bitcoin? Check out CoinGeek's Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.
South Korea's Largest Bank Unveils Bitcoin Custody Services
09 Aug 2020 5 min read 35 13
#Bitcoin #Bitcoin Cash
KB Kookmin Bank (KB), the largest commercial bank in South Korea, has agreed a deal with blockchain venture fund Hashed and crypto trading firm Cumberland …
to offer bitcoin custody services.
In January, the government-owned bank filed its trademark application for digital assets custody with the Korean Intellectual Property Office. The trademark is called Kbdac. It covers more than 20 crypto-related areas.
According to a statement on August 7, KB said it predicts that the crypto industry will evolve beyond virtual currencies to include other traditional assets such as real estate and artwork that will be issued and traded on blockchain platforms.
The lender, which reported a net profit of 2.44 trillion won ($2.05 billion) in 2019, is now positioning itself after competitor NH Bank announced in July that it is also planning to start offering crypto custody services to corporate investors.
Hashed indicated that the deal with KB has been inspired by changes in regulation, which appear to support cryptocurrency and other blockchain-oriented business models.
Simon Kim, chief executive officer of Hashed, the crypto investment company with offices in San Francisco and Seoul, noted:
The news comes as banks, who have since started to muscle their way into the cryptocurrency space, received backing from the U.S. government. In July, the Office of the Comptroller of the Currency gave local banks the go-ahead to manage and store digital assets on behalf of their customers.
In South Korea, the government, which has previously banned ICOs, in March amended the Reporting and Use of Specific Financial Information Act to recognize cryptocurrencies for the first time and recently classified them to be taxable.
What do you think about KB Bank offering crypto custody services? Let us know in the comments section below.
coinidol.com
South Korea Plans to Revise ICO Ban and Crypto Regulations
09 Apr 2019 2 min read 0 1
#Bitcoin #Ethereum #XRP #ICO
Government officials and legislators in South Korea are now revising their crypto regulation and the ICO ban, as reported by ZDNet Korea. The …
lawmakers made an official announcement during the Deconomy conference in the capital Seoul, that cryptocurrencies such as bitcoin (BTC), Ripple (XRP), Ethereum (ETH) and others, are under a proper revision. Other top government officials such as the Chair of National Assembly (NA) Min Byung-Doo, co-president of the 4th Industry Forum of the NA Song Hee-Kyong, Chairman of the 4th Industry Special Committee of the NA Jung Byung-Kook, the governor of Cheju Island, Won Hee-Ryong and others, were present. In October 2019, they came out with an idea to legalize ICOs and further set proper cryptocurrency regulatory frameworks. "Regulation is not bad. Regulation is very necessary, it is the only way to legitimize the market and enable investors to build trust towards the cryptocurrency market," Byung-Doo said. Furthermore, lawmakers confirmed their willingness to boost the blockchain industry, ratifying an agreement on policy direction. It's necessary to cooperate for the nation's innovative economy. South Korea has been serious on cryptocurrency regulations compared to several countries. This is because of the craze which struck the digital currency sector late 2017 in the country – an event that affected S. Korea so much. While other giant crypto-friendly nations like Singapore, Australia, Swiss and others, are tussling to lead the blockchain and crypto industry, S. Korea put a ban on initial coin offerings (ICOs) in September 2018, claiming that collecting funds via the issuance of crypto was just like the way gambling works. However, the government reiterated the ban at the beginning of this year after finding out that the citizens were still involved in the sale of tokens. Recently, the government uncovered the results of its investigation into ICO operation and digital currency related firms. The authorites was tasked to ascertain the ICOs and their future in the outlined framework of the country's economy. "We will continue to remain cautious about systemizing initial coin offerings." "If we suggest guidelines, it can be understood that we approve of ICOs which is a risky investment option," Prime Minister's secretariat revealed. A member body of lawyers called Korean Bar Association (KBA), also urged the government to formulate a proper legal framework for the crypto and blockchain industry. The blockchain and crypto community is generally calling for the regulations, so, it's now up to the government to act.
what is cnd coin
payout twitch
trx coin binance
shorthop
eth transaction hash
what is snt coin
south korea bitcoin exchange
south korea bitcoin
bitcoin news south korea
augur ico
icon ico
icon ico icon ico
5000 icon collection ico
favicon ico icon generator
korea bitcoin exchange