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South Korea: Only Certified Crypto Mining Chips Can Be Imported

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Korea Customs Service (KCS) has added new items which will be examined thoroughly when imported from other countries. One of these 292 items includes cryptocurrency mining chips because of “high electricity consumption and high heat discharge”, which increases the likelihood of fire, as reported by South Korea’s news outlet Kyunghyang.

In November and December of last year, the KCS detected 454 virtual [currency mining chips] with an estimated value of KRW 1.3 billion. The measure will be reviewed once again by the Korea Customs Service whether the imported virtual currency [mining chips were] certified by the National Institute of Radiological Research.

South Korea Turns Crypto-Friendly?

Earlier this year, the Financial Supervisory Service (FSS) governor, Choe Heung-sik, announced that crypto users could legally use cryptocurrencies. However, consumers must use real names in future transactions by providing their personal information to cryptocurrency exchanges and banks.

In March 2018, the South Korean government announced that it was in talks with other departments and officials to lift the ban placed on ICOs in 2017. “Various scenarios such as the imposition of value-added tax, a capital gains tax, or both on trade; and the collection of corporate tax from local cryptocurrency exchanges, as well as the initiation of authorized exchanges with licenses are being discussed,” said Heung-sik.

Cryptocurrency exchanges have also joined hands to form the Korean Blockchain Association (KBA) which ensures that members follow proper rules and regulations for crypto projects. The organization published a new set of rules for 14 cryptocurrency exchanges including Bithumb, Coinone, Gopax, OKCoin Korea and Huobi Korea. Jeon Jae-jin, chairman of KBA, said, “We will establish the order of the domestically cryptographic [exchange] market through self-regulatory review. By providing a safeguard for the protection of users, we will contribute to ensuring the asset safety.” Coinone told Coindesk that they were looking forward to implementing the changes in order to create a safe blockchain environment.

Image Credit: Deposit Photos

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