Financial regulatiors are examining virtual accounts for corporate clients over digital money (cryptocurrency) hassles in South Korea.
The financial regulators in South Korea have inspected banks that have opened virtual records for corporate clients in the midst of worries that such records could be misused as a proviso to pull in new investors for digital forms of currency.
Controllers have restricted banks from offering virtual accounts, which are expected to offer or purchase cryptocurrrencies, to individual clients, in the most recent measure to help anticipate theoretical venture for virtual coins.
Be that as it may, virtual bank accounts for corporate clients enable them to make a huge number of financial balances for people.
The issue is that digital currency (cryptocurrency) exchanges have utilized such records to draw new speculators for virtual coins when virtual financial balances for individual clients are prohibited.
“Such accounts have a high possibility of an accident,” said a financial authority official.
Monetary controllers are directing inspections into six retail banks over accounts being utilized as a part of exchanging cryptographic forms of money.
Controllers are carefully watching whether banks conform to anti-money laundering rules regarding digital currency related accounts, authorities said.
Cyrptocurrencies, for example, bitcoin and ethereum, have quickly picked up fame in recent years among South Korean financial specialists planning to make quick profit.
Despite a boom in cryptocurrency transactions, their exchanges go largely unregulated in South Korea, as they are not recognized as financial products. There are also no rules for protecting virtual currency investors
South Korea is home to one of the world’s greatest private bitcoin trades, with more than 2 million individuals evaluated to possess a portion of the best-known digital currency.
Regardless of a boom in digital money exchanges, their exchanges go to a great extent unregulated in South Korea, as they are not perceived as monetary items. There are likewise no tenets or rules for protecting virtual currency financial specialists.
Is Toronto Next to Accept Bitcoin for Property Taxes?
Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.
Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.
Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.
Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned
“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”
“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.”
He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”
Morning Crypto Roundup
- Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
- Bitcoin stays above $10,000
- Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
- After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
- According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share