Major Korean cryptocurrency have lost their international traders due to uncertainty in the South Korean market. A spokesperson from the South Korean cryptocurrency exchange has expressed his concerns over the existing row.
“Providing fiat trading via authenticated banking accounts has been a key issue for us as we were unable to provide the service for over two years,” he told Cointelegraph.
Upbit has partnered with an internet-only bank K Bank. The official said that their new partnership will allow them to resume fiat trading for South Korean users.
“Ensuring full regulatory compliance is obviously very important to us, but the fact that non-citizens can’t trade through K Bank was not a determining factor in the partnership,” the upbit official said.
“A 20% tax has been proposed by legislators, but there hasn’t been an official announcement from South Korea’s Ministry of Economy and Finance. It’s hard to gauge how it will impact exchanges like Upbit until we know the specifics of the new tax guideline.” he added.
He also claimed that the tax amount levied by the government is lower than what they’re expecting.