KCN Six legal issues bitcoin faces in South Korea
Channel: KCN News
Date: 2017-07-07

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There are still not regulations regarding bitcoin in South Korea. According to news.bitcoin.com, lawyer and member of the National Assembly Secretariat Kim Kyung Hwan outlines the six most important legal issues surrounding bitcoin in the country. The first legal issue is whether bitcoin is money, a security or an asset. The second issue is whether to impose VAT or consumption tax on bitcoin purchases. Another issue is money laundering. The fourth issue is whether exchanges need to register or notify authorities. The fifth issue concerns bitcoin remittances. The last issue Kim mentioned concerns Initial Coin Offerings (ICOs) which have gained popularity lately. 


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