The global market movement toward popularization of cryptocurrency, Korea is no exception
The global market movements for the popularization of cryptocurrencies have been actively developed.
The National Tax Agency has decided to streamline the tax return process for cryptocurrencies.
According to local media, the NTA recently announced that it will improve the system for declaring a cryptocurrency income tax return, which includes the standardization of income reporting procedures related to cryptocurrency and the easy calculation of the profit for a cryptocurrency.
In the meantime, it is pointed out that the method of calculating the profits obtained by the sale of a cryptocurrency is complicated and the method of managing the transaction details is different in each exchange, thus the tax payment is delayed.
Internet and Mobile Association of India (IAMAI) has recently established a block-chain committee with private-public partnerships. According to CCN reports, the Blockchain Committee aims to promote India’s labour market through the promotion of blockchain based industries.
The first chairperson of the committee is known as Tina Singh, a female executive from Mahindra Finance. The committee chair Singh is determined to help India’s blockchain committee create an innovative economic ecosystem by helping the communication between existing industries and blockchain based economy.
The US Securities and Exchange Commission (SEC) has newly established a dedicated FinTech division, including the field of cryptocurrency. A dedicated department, known as FinHub, was created to support Fintech-related startups. It is the role of coordinating regulatory issues in the areas of financial technology and distributed ledger technology, artificial intelligence, and digital marketplace, and helping start-up companies. Therefore, aggressive plans for the field of cryptocurrency are attracting attention.
In the case of South Korea, under the leadership of the government, the cryptocurrency market is regulated, but research and development efforts are steadily being popularized. A typical example is Berith Coin that integrates membership points from around the world into the cryptocurrency.
Berith is the first business-based virtual currency platform in Korea. It features a mix of membership and mileage systems to provide a variety of benefits. It provides new marketing and exciting experiences, especially for those who offer sales and services. It is a great merit that we can rediscover the value of missing points through the integration of various memberships and use it in actual economic life.
It consists of one platform through the configuration of Berith Wallet, Payment service, Berith Membership, and Berith Coin to ensure user’s convenience. Based on these platforms, we are able to construct a comprehensive economic platform and implement services that enable payment settlement anywhere in the world using blockchain based technologies.
There are various crypto coins such as Bitcoin and Etherium, but Berith Coin is the first cryptocurrency that can be used and circulated in combination with the actual business model. It is becoming more and more important to regain the paradigm of the global market by regenerating the real currency that is actually distributed through merchants in the future.
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