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28th December 2017

South Korea to impose new curbs on cryptocurrency trading

South Korea’s government said on Thursday it will impose additional measures to regulate speculation in cryptocurrency trading within the country. “The government had warned several times that virtual coins cannot play a role as actual currency and could result in high losses due to excessive volatility,” the government said in… Read More

27th December 2017

Corruption: Prosecutors demand 12-year sentence for Samsung heir Lee

South Korean prosecutors on Wednesday demanded a 12-year prison term for Samsung’s jailed billionaire heir, Lee Jae-yong, who maintained his innocence during an appeal of his conviction on bribery and other charges. In August, a lower court sentenced Lee to five years in prison for offering bribes to former South… Read More

20th December 2017

South Korea: Bitcoin exchange shuts down after hack

South Korean cryptocurrency exchange Youbit is closing down and filing for bankruptcy after being hit by hackers. The crypto trader had suffered a previous attack in April, and had since tried to improve its security and maintenance systems, it said on Tuesday afternoon, but the latest development had led… Read More

7th December 2017

South Korea plans to impose taxes on bitcoin adopters

By Samburaj Das, Crypto Coin News South Korea’s National Tax Service (NTS) is pressing ahead with a framework to enforce taxes on cryptocurrencies including bitcoin. Run under the purview of Korea’s Ministry of Strategy and Finance, the National Tax Service is tasked to assess and collect internal taxes in the… Read More

5th December 2017

Korea to use AI to better combat money laundering

Korea Herald South Korea’s top financial regulator said Tuesday it will use artificial intelligence technology to automate some of the nation’s probe systems against money laundering. Kim Yong-beom, vice chairman of the Financial Services Commission, said it will start building the anti-money laundering compliance system using AI next year. Read More

1st December 2017

North Korean firm reinvents itself to beat sanctions

By Agence France-Presse 01 December 2017 The Shinhung Trading Company has exported seafood, sold millions of dollars of iron ore to China’s national railway and bypassed sanctions to import luxury goods from Japan. But as a series of United Nations sanctions have taken those big ticket items off the… Read More

13th October 2017

Seoul to launch tax evasion crackdown on firms, individuals

South Korea’s tax agency said Friday it will crack down on tax evasion by big businesses and wealthy individuals to boost its tax revenue. The National Tax Service plans to thoroughly look into possible capital outflows by high-income earners and conglomerates and check moves to pass on managerial control of… Read More

7th September 2017

Samsung’s Lee replaces attorney ahead of bribery appeal

Samsung Electronics Vice Chairman Jay Y. Lee has replaced his lawyer ahead of an appeal against the five-year jail term he was given for bribery and other charges, a spokesman for his law firm said on Thursday. Attorney Song Wu-cheol was replaced by Lee In-jae, a more senior representative attorney… Read More

25th August 2017

Samsung heir Lee Jae-yong sentenced five years for corruption

A bribery and cronyism scandal that has already toppled a South Korean president has claimed a major business scalp after a court sentenced Lee Jae-yong, the acting chairman of Samsung, to five years in prison after finding him guilty of offering bribes and other crimes. The billionaire, who is South… Read More

7th August 2017

North Korea vows harsh retaliation against new UN sanctions

SEOUL, SOUTH KOREA – North Korea vowed Monday to bolster its nuclear arsenal and launch “thousands-fold” revenge against the United States in response to tough U.N. sanctions imposed after its recent intercontinental ballistic missile launches. The warning came two days after the U.N. Security Council unanimously approved new sanctions to… Read More

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