The Best in Crypto – 1/23/18

S. Korea to Tax Crypto Exchanges 24.2 percent, in Line with Existing Tax Policy

On Jan. 22, the South Korean government has announced that it will be collecting a 22 percent corporate tax and a 2.2 percent local income tax from the country’s cryptocurrency exchanges. This is following an unprecedented anti-money laundering probe into six major South Korean banks showing a 36 times increase in commissions from virtual accounts linked to crypto exchanges (Cointelegraph).

US Senators Blast Venezuela’s Oil-backed Cryptocurrency Plan

In an open letter addressed to Treasury Secretary Steven Mnuchin, U.S. Senators Marco Rubio and Robert Menendez asked how the Treasury Department will monitor Venezuela’s plan to create its own oil-backed cryptocurrency that will be utilized to help avoid global financial sanctions (Coindesk).

China Moves to Crack Down on Digital Currency Pyramid Schemes

China’s public ministry stated on Jan 19. that they will take aim at pyramid scams and financial schemes, including those involving cryptocurrencies (Coindesk).

Nordea’s Bitcoin Ban Leaves Financial Regulator Taking Back Seat

Blazing a trail in Europe, Nordea Bank AB banned its employees from trading Bitcoin and other cryptocurrencies, as the regulator is leaving the decision-making to the industry (Bloomberg).

Bitcoin Hackers Have Stolen ‘¬£285million’ from Cryptocurrency investors causing ‘CHAOS’

Taking advantage of no centralized authority, blockchain transaction irreversibility, and rush during an initial coin offering, hackers have stolen the equivalent of $400 million from cryptocurrency investors. (Express).

Two Cryptocurrencies That Are Set to Soar

Our very own Goldfinger lays out the bullish rationale for why it’s time to get in to List (LSK) and Litecoin (LTC) (321Ethereum).

Bulgarian Police Raids OneCoin Offices, ‘Ponzi Scheme’ Servers Shut Down¬†

Led by European law enforcement, the offices of another controversial altcoin OneCoin were raided on Jan. 17 and 18. Facing charges regarding fraud and pyramid schemes, the centralized OneCoin remains remains operational (Cointelegraph).

Bitcoin Drops as South Korea Bans Anonymous Cryptocurrency Trading

Bitcoin fell to $10,179 as South Korea banned anonymous cryptocurrency trading, designed to prevent children and criminals from trading (Telegraph)

Criminals Drop Bitcoin for Other Cryptocurrencies

Other cryptocurrencies such as Monero and Zcash are being used over Bitcoin for criminal activity, due to the desire to keep Bitcoin rather than spend it. Bitcoin transactions related to”dark web” sites have decreased from 30 percent to one percent (Fortune).

 

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