South Korea Legalizes Bitcoin International Transfers, Challenging Traditional Banks
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Fintech companies in the country will be able to obtain a permit allowing them to legally offer Bitcoin international transfer services. Starting on July 18, the amended South Korean Foreign Exchange Transactions Act will enable fintech companies to register with the Financial Supervisory Service to legally "Provide international money transfer services for small funds," The Herald reported an FSS official saying on Wednesday. The amended law will allow new entrants to compete with traditional banks, offering money transfer services at a fraction of the incumbents' fees, with a shorter transfer time. Bitcoin remittance service provider Coinone only charges a 1% commission fee and "Deposits are made within 3 minutes after requesting money transfer," its website shows. About 40 fintech firms are slated to launch international money transfer services starting on August 15, the news outlet reported FSS officials saying, adding that "The move is expected to intensify competition in the 10 trillion won international money transfer market." Do you think Bitcoin remittances will overtake traditional bank transfers? Let us know in the comments section below.
Scumbag Tax Strategy for Bitcoin, International Transfer Pricing
EDIT: Not talking about Transaction Fees, interested in Tax Strategy Some people have mentioned that Bitcoins are taxless. However, even though your revenues would in bitcoins, your expenses would still be in dollars (paying rent, etc). The tax authorities would be able to sniff out something from the discrepancy between the two. Instead, what if you set up a holding comapny offshore which does it's accounting in all bitcoin. Then you cam setup a transfer pricing arrangement between the offshore company and the local authorities. This is probably the cleanest way to do this. http://en.wikipedia.org/wiki/Transfer_pricing I am a patriot. Tell me your opinion.
Is bitcoin a better alternative to international money transfer than say, Western Union?
What if instead of using Western Union to send people money, is it not simpler to use something like Bitcoin to do that? Would there be lesser fees? What apps would be relevant for that now? And how would the person turn bitcoin into their countries currency? Bitcoin ATM? Or is there a better way to do that now?
Sneak peek of our #Bitcoin transfer feature included in our upcoming "Blankenese" release 🤫 First internal testings have been completed. Now working on some final bugfixes before the launch 💪 #AutobahnNetwork will allow high-speed $BTC transactions fueled by $MTXLT 😎
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A South Korean district court has ruled for the first time regarding the nature of digital currencies. In the case where 216 bitcoins were seized by the police as criminal proceeds, the court ruled that it is inappropriate to confiscate bitcoins. The Suwon District Court in South Korea ruled on Friday that "Bitcoin is not subject to confiscation," the Kyunghyang Shinmun reported. The government announced this week how it plans to deal with digital currencies including bitcoin and ether. In July, the amended South Korean Foreign Exchange Transactions Act went into effect which enables fintech companies in the country to obtain a permit allowing them to legally offer Bitcoin international transfer services for small sums. What do you think of the court's ruling that bitcoin is not subject to confiscation? Let us know in the comments section below.
Transferring my money internationally for low fees using bitcoin?
I’m new to the world of bitcoin. I have a USD account at a bank in Singapore. I want to transfer this money to my own bank account in the USA. How do I do this without incurring the crazy wire transfer fees. I was hoping the bitcoin ecosystem could provide a solution. Apologies if this question has been asked before, in which case, could someone please forward me a link to the original post?
1.'Buy Bitcoin' sign raised as fed chair Janet Yellen testifies Before congress. 2.South Korea legalizes bitcoin international transfers, challenging traditional banks. 3.Private Swiss bank Falcon Group offers bitcoin asset management. 4.Coinsource bitcoin ATM company embraces Arizona. Allcoin website update : 1.Walton is still rasing ICO in allcoin.com. 2.POA will finish ICO soon. Allcoin official website : http://allcoin.com/
Popular Korean Talk-Based Stock Trading App Adding Cryptocurrency Exchange
South Korea’s top mobile stock trading app is launching a cryptocurrency exchange for bitcoin and ether. Kakao Stock is based on Kakao Talk, the country’s most popular smartphone messenger app with over 200 million users worldwide. Kakao Talk is installed on over 95% of smartphones in South Korea. Also read: South Korea Legalizes Bitcoin International Transfers, Challenging Traditional Banks Kakao Talk-Based Cryptocurrency Exchange Kakao Stock is South Korea’s top mobile stock trading app, which is based on the country’s most popular smartphone messenger app, Kakao Talk. It was established in February 2014 by fintech company Dunamu Inc. The company reportedly announced on Friday that it is launching a cryptocurrency exchange, according to local publications. Kakao Talk-Based Stock Trading App Adding Cryptocurrency ExchangeKakao Stock provides real-time stock quotes and stock trading capabilities that are linked to Kakao Talk. Users buying and trading stocks within the app are connected directly to securities companies in Korea as well as overseas. “Kakao Stock allows its users to conduct transactions without paying additional transaction fees besides the existing trading firm transaction fee,” the company detailed. The upcoming cryptocurrency exchange will be offered through the app only, and will handle a number of widely-traded coins including bitcoin and ether. The company has been building the exchange since June, according to Etoday. Kakao Stock’s Growing User Base Kakao Stock has achieved an average monthly user base of 310,000 active users and an average monthly transaction value of 1.2 trillion won (approximately $1.1 billion) since the service launched. The app has surpassed 1.6 million cumulative downloads and has an aggregate turnover of 20 trillion won as of June this year. Kakao Talk-Based Stock Trading App Adding Cryptocurrency Exchange The company has established partnerships with a number of top Korean trading firms, including Mirae Asset Global Investments, Kiwoom Securities, Eugene Investment & Securities, Korea Investment & Securities, IBK Securities, KB Securities, Creon by Daishin Securities, NH Investment & Securities, Samsung Securities, and Shinhan Investment Corp. Relationship with Kakao Talk Kakao Talk-Based Stock Trading App Adding Cryptocurrency ExchangeLaunched in 2010, Kakao Talk is South Korea’s top mobile smartphone messenger app with approximately 49.5 million monthly active users worldwide as of 2Q17. South Korea only has a population of about 50.7 million in 2017. The app is installed on over 95% of smartphones in the country, according to Techcrunch. In December 2015, Kakao Talk announced that it had reached 200 million users. After dominating the mobile chat market with Kakao Talk, Kakao Corp made a strategic investment of $2.5 million in Dunamu Inc in September 2015. “At that time, Dunamu had already been operating a mobile trading app for Kakao since 2014,” described Alltechasia. The publication added: The two companies jointly established a stock-financial service, Kakao Stock, to provide an integrated financial service optimized for mobile platform use through achieving synergies with other services and capabilities already offered by both Kakao and Dunamu. How popular do you think this Kakao Talk-based cryptocurrency exchange will be? Let us know in the comments section below.
Nano transactions as slow as Bitcoin? We have found a way! After seeing a Bitcoin expert on the US news suggest simply sending your private key internationally to avoid fees and delays, we thought we'd try it with 30 Nano... Semaphore value transfer!
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How To Deposit Bitcoin Into Mirror Trading International ...
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