The XRP Asian Breakout: Japan And South Korea Lead The Charge

Digital currency exchange Gemini announced yesterday that it is opening its services to traders in South Korea and Japan. The move comes just over a year after Gemini first opened its doors in New York. The exchange, which had been in the works since early 2015, came online following its successful bid for a bank charter. Yet the exchange struggled to find traders following its launch, and may be looking past US shores in a bid to attract more activity. Customers in both countries will have access to bitcoin and ether trading, both markets of which will trade against the US dollar. South....

Crypto tax evasion is becoming a hot potato for the authorities in some Asian countries, such as Japan and South Korea. A South Korean city is now actively fighting against tax evaders who are suspiciously reporting meager earnings in their filings. 511 Individuals in the Authorities’ Eyes According to Gugkje News, the authorities of Gyeongju, in North Gyeongsang Province, are aware of several possible cases of crypto tax evasion where individuals are reportedly hiding money into cryptocurrencies without reporting them before the tax authorities. As the new “Specific Financial....

Despite the government’s friendly regulations towards both Bitcoin startups and services the Japanese Bitcoin infrastructure remains imperfect in comparison to other East Asian countries, including South Korea and Taiwan. In early 2015, Bitcoin investors and startups were confident that the Japanese Bitcoin industry would establish a solid infrastructure for digital currency users to cash in and out through low-cost and efficient applications. How is it in other Asian countries? Countries in Asia such as the Philippines, South Korea, and Taiwan have Bitcoin payment service providers,....

Hong Kong, which many consider as the Asian center of financial and technological development, is struggling to see consistent growth in its Fintech and Bitcoin markets. Other Asian countries such as China, Japan, South Korea and Singapore have outcompeted Hong Kong by creating a practical and efficient ecosystem for startups and financial service providers to operate in. Clear policies. China and South Korea in specific have laid out sound regulations and policies within their Fintech and Bitcoin markets, allowing startups and mature corporations to follow a clear regulatory framework to....

South Korea is making efforts to prepare “Systematic Groundwork” for the spread of digital currency. According to South Korea’s Yonhap agency, the country recently hosted the 12th Fintech Center Demo Day event, where Yim Jong-yong, chairman of the Financial Services Commission (FSC), declared that the South Korean government would also offer $2.65 bln in financial support over the next 3 years for the development of the fintech sector. Cointelegraph has already reported new Bitcoin centric developments in South Korea recently and how things are changing fast in Korea in sync with....