This Law Firm has wrote a few articles on Bitcoin Law in Korea. This Alt Currency/Bitcoin Law articles may be found at: Court Challenges to Governments Ban on Cryptocurrency in Korea and Will the Korean Government Ban Bitcoin? Other article can be found via searching the Blog. A Forbes article notes, with one significant caveat, that:
“All foreigners, including residents, nonresidents and “kyopo” ethnic Koreans with foreign citizenship, will be banned from trading cryptocurrencies in Korea, the FSC’s foreign media department said by email. Minors are banned after Prime Minister Lee Nak-yeon earlier claim the cryptocurrency craze could lead the youth toward crime.”
However, the article, additionally notes that:
“However, Kang noted a loophole. In the new system, foreigners and minors can’t possibly make investments as it operates on a bank’s real-name account, but they could potentially use corporate accounts to make additional investments. ‘There’s no limit to that for now. We haven’t come up with measures to ban that as there is no actual way to do so,’ he said.”
Thus, according to the Forbes article, companies registered in Korea shall still be legally allowed to trade/invest in Bitcoin even if shareholders happen to be non-Koreans. We shall update the reader of this blog when more on Korean Alt Currency legal issues become available.
- Is Bitcoin Banned for Foreigners in Korea? Korean Bitcoin Law Updates
- Future of Bitcoin in Korea according to FTC: Korean Cryptocurrency Updates
- Korean Cryptocurrency Case Filed to the Korean Constitutional Court: Korean Bitcoin Updates
- Korea Blockchain Law Society Founded: Korean Crptocurrency Law Updates
- Will the Korean Government Kill Bitcoin? The legality of Bitcoin in Korea
- Bithump Crypto-Currency Exchange in Korea to Ban Trading in 11 Countries
- South Korea to Impose Taxes on Cryptocurrency in 2022
- Foreign Account Tax Compliance Act (FACTA) in Korea
- USA Today cites The Korean Law Blog and IPG Attorney Sean Hayes on Casino Gambling Law
- Tax Liability of Controlling Shareholders in a Korean Company: Tax Law Updates
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