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Security Service of Ukraine (SBU) has shut down several crypto exchanges reportedly involved in illegal financial transactions since the start of 2021. According to a statement by the SBU on Wednesday, the network of “clandestine cryptocurrency exchanges” were based in the country’s capital Kyiv and collectively processed a monthly turnover of $1.1 million in funds linked to criminal activity. The SBU’s announcement claimed that the illegal crypto exchanges provided anonymous transaction services, which made them a money laundering risk. Indeed, Ukraine’s state security service stated that some individuals funneled funds through these platforms to organize protests across the country. According to the SBU, these illegal funds came from e-wallets linked to banned Russian payment processors such as Qiwi, WebMoney and Yandex. Ukraine’s state security service also reportedly recovered computers containing evidence of suspected illegal activity and allegedly forged incorporation documents for the companies during raids of the crypto exchange platforms. The news of the shutdown comes on the heels of a similar raid against a warehouse suspected of diverting electricity to mine cryptocurrency using PlayStation 4 consoles. However, an investigation by Delo, a local business publication, revealed that the facility was being used to generate in-game currency and not for farming crypto. Meanwhile, as previously reported by Cointelegraph, Ukraine’s parliament is considering a new bill to legalize crypto payments in the country. However, the legislative action will not change the status quo of Bitcoin (BTC) and cryptocurrencies not being classified as legal tender in Ukraine. The country’s central bank is also working on a national digital currency project. The National Bank of Ukraine received official authorization to issue a central bank digital currency (CBDC) back in July. The Ministry of Digital Transformation partnered with the Stellar Development Foundation on a joint strategy for digital assets and CBDCs.

Dejan Roljic, the CEO of Gocrypto, announced the successful onboarding of its payment gateway at 1,000 different locations. Roljic made the announcement through a blog posted on 20 February where he expanded on the growth of the firm. He explained that the payment gateway is now available in several locations in five countries and has also started expanding its services in South America. The team is planning to onboard as many stores as possible in 13 new markets of Latin America. Expanding in International Markets Gocrypto is making moves towards crypto adoption since its launch and the company’s CEO has announced that the platform has successfully onboarded 1,000 locations worldwide. The payment gateway firm first made headlines when it help made Slovenia the genuine Bitcoin City. Sources>>https://www.cryptoknowmics.com/news/gocrypto-announces-its-onboarding-of-1000-merchant-locations-globally

South Korean government is making plans to tax the crypto transactions. Their team of representatives has been taking up meetings to inspect more into the scheme. Tax prices can rise as well as go down by a large margin. Korean times reveal that a revised bill will introduce the measure that will be drawn up by the country’s ministry of economy. One year after the assembly plenary session, the new regulations would come into effect. However, governmental interventions will require an adequate definition of cryptocurrencies. Crypto transactions depend upon the primary factors. Anti Laundering of Money In general, transaction, the government does the verification of funds. But in the case scenario of digital funds, no government does the confirmation of the document. This is a convenient means but can also turn out to be a state of loss. The government also suggests that the use of cryptocurrency will gradually increase. Also, this increase will turn out to be a beneficiary part of the transactional process. Encryption techniques can turn out to be hugely beneficial, especially for regular investors. Understanding the inside work of crypto transactions will require a thorough understanding of its interior job. If you have been following Crypto News then you must have heard that cryptocurrency generally utilizes encryption techniques. Varied Benefits of Tax Crypto Transaction Taxing crypto transactions can be very beneficial for investors. These investors have to make a one-time investment, and after that, they can gain a considerable amount of money out of it. Since years, the government has been seeking to tax the crypto transactions. Several meetings occurred before the actual taxing of cryptocurrencies. Major changes have been made when all the representatives in the meeting agreed upon the making of tax transactions. Each of these taxing transactions requires the support of the government. Hence they need the ultimate comfort of the government. All these facts are taken into account by the government, therefore the tax transactions matter has been buried for a while. Even after all these efforts, the South Korean government is seeking to tax crypto transactions. #Crypto News South Korea#crypto traders