South Korea arrests 16 cryptocurrency traders for trading on foreign exchanges

While the cryptocurrency community is making sure the world embraces cryptocurrency, one of the most technologically advanced countries has arrested traders for trading on foreign exchanges, with an estimated $2 billion in assets illegally traded.

You should know that depending on the type of transactions and cryptocurrency assets you transfer, they may be illegal in a particular country. This shows the backwardness and incompetence of regulators in some countries.

It is for these reasons that 16 people who were involved in crypto in South Korea were arrested. Although this country is one of the few centers of technology in general. Another 7 of them are under investigation. The basis of the charges was the "kimchi premium," a tax levy applied to any transaction involving foreign assets purchased in South Korea.

In other words, if you buy a bitcoin and decide to put it on a foreign exchange without paying the tax, u may be jailed.

South Korea is well-known for its anti-cryptocurrency stance due to its fear of money-laundering schemes. Only slightly confused by the fact that it is also not difficult to do it through fake and offshore companies (exceptional for fiat cash).