On: South Korea considers cryptocurrency tax

[verroq]

In addition to bitcoin’s swings of 20-30%, the premium with respect to USD also swings 10-20% in local South Korean exchanges. I really wonder what is going on in there sometimes. The premium is persistent and doesn’t seem to be arbed out. Is getting money in and out of South Korea so difficult that a 20% premium doesn’t yield an arbitrage opportunity?

[worldburger → verroq]

Precisely. Tight currency flight controls (see Korean Anti-money laundering laws).

$50,000/year is the limit per capita for personal use.

BUT even then, you’d need a Korean bank account which is difficult for non-resident foreigners to get.

[charlesdm → worldburger]

Do the same limitation apply to legal entities? Why not just set up a company?

[unixhero → worldburger]

How about not using fiat currency whatsoever