AsiaBitcoin.comCrypto-MiningcustomsImporting MinersMiningMining RigSouth Koreasouth korea cryptocurrency

South Korean Officials Notice a Sudden Rise in Crypto Mining Rigs Imports- Over 41 Shipments Intercepted in 3 Months

Crypto adoption is a hot topic in South Korea, and recent figures have been proving it. However, crypto mining activity is also starting to gather interest across the country, per the latest reports from local media outlets.
A Single Rig Should Worth $150 ‘or Less’ to Be Considered for Personal Use
According to Kyungin Ilbo, custom officials in one of the biggest ports of South Korea, Incheon, are reporting a boost in mining rig hardware imports. The port is also the most prominent air terminal in the nation.
During October 2020 and January 2021, authorities from the Incheon Headquarters Customs had intercepted 41 shipments with mining rigs.
Although the number is not so high compared to other countries’ reports, in 2019, South Korea had just one case of crypto mining-related shipment interception.
Officials believe that the crypto prices plunge seen in 2019 could be the reason behind the little interest among South Korean crypto miners. However, with the current bull-run, miners might be recovering the interest towards acquiring mining rigs.
But customs authorities warned that there are legal consequences for crypto miners who don’t file declarations and pay taxes. An import of mining rigs can be considered “for personal use” if it’s worth $150 or less.
However, if the import is worth above that value and the individual doesn’t declare it correctly, they may be at the risk of violating the Customs Act. An official quoted by Kyungin Ilbo said:
To avoid paying customs duties, if you falsely report the product name, price, and …
Story continues on Bitcoin.com

Related posts
American Residential WarrantyBalance SheetBitcoin hodlersBitcoin PaymentsBitcoin TeslaBitcoin.comBTCcrypto exchangeFinanceGeminiglobal currency

American Home Warranty Company to Accept Crypto Payments, Plans to Add BTC to Investment Portfolio

Following in the footsteps of Tesla, the home warranty company American Residential Warranty (ARW) says it will accept cryptocurrency payments for its services. In addition, the company also plans to acquire and hold bitcoin as part of its strategy “to…
AltcoinCBDCCrypto regulationsregulationSouth Korea

Korea’s Shinhan Bank Completes Digital Won CBDC Pilot

Shinhan Bank of South Korea has announced the completion of its central bank digital currency (CBDC) pilot. The project was carried out in conjunction with LG CNS and the team claims the pilot is in a bid to get the…
Bitcoin.comBlockchainBlockchain AssetsCelebritiescollectiblescryptocurrencydigital jewelrydigital jewelry NFTEthereumjewelry collectionLil Pump fansLil Pump SweetNewsNFTNFT SweetNFTsNon-fungible TokenRap Artistrecording artistSweetTom Mizzone

Multi-Platinum Recording Artist Lil Pump to Drop ‘Digital Jewelry’ NFTs

On March 10, the hip-hop artist Lil Pump announced the multi-platinum-selling artist has partnered with the non-fungible token (NFT) platform Sweet. The American rapper will drop three unique NFT collectibles in total and he’s also releasing a one-of-a-kind “digital jewelry…