Altcoin News by Thebittimes.Com

South Korea’s National Tax Service (NTS) has updated its position on virtual assets. In a new statement, NTS clarified its position regarding the owners of decentralized crypto wallet s. Thus, individuals who own virtual assets through non-custodial decentralized wallet s, such as MetaMask, will not be subject to reporting on financial accounts abroad. “Overseas business operators only provide programs to store and store personal encryption keys, etc., and do not have control over them, so they are not involved in selling, buying, or exchanging, or holding virtual assets in wallet s such as cold wallet s are not subject to overseas financial account reporting.” NTS statement The service’s position became clearer after NTS included virtual assets in reporting overseas financial accounts from June 2023, requiring declarations from users with assets exceeding 500 million won. You might also like: South Korea’s FSC proposes rules to safeguard crypto...

Elon Musk, CEO of Tesla and SpaceX, engaged with Twitter and Block co-founder Jack Dorsey regarding the importance of self -custody in cryptocurrency. Musk responded to Dorsey’s announcement of Bitkey, a self-custodial Bitcoin (BTC) wallet from Block, but made a minor error in his reference to a well-known crypto adage. Not your keys, not your wallet, as they say — Elon Musk (@elonmusk) December 7, 2023 The correct phrase, often cited by crypto enthusiasts, is “not your keys, not your coins.” This saying highlights the belief that personal control over one’s crypto keys is essential for true ownership of digital assets. The importance of this principle has been underscored by numerous failures of third parties in the crypto industry, including the recent criminal conduct at FTX, which involved misusing customer deposits. You might also like: Ledger sees funding success in wake of FTX collapse Musk’s mistake in the phrase was quickly ...

Over 150 crypto wallets blacklisted for alleged links to funding terror groups can now be drained of all funds following a ruling by an Israeli court. Tel Aviv's Magistrate Court has reportedly issued a ruling allowing Israel's government to seize all the crypto in more than 150 digital wallets it blacklisted over alleged links to funding terrorist groups.  According to Dec. 18 local Israeli media reports, Israeli Defense Minister Benny Gantz has revealed the court 's Dec. 15 ruling has already allowed authorities to seize a further $33,500 from digital wallets linked to the Islamist militant group Hamas. Prior to the court ruling, Israeli authorities had only been legally allowed to seize digital assets with direct links to terrorist activity but not additional funds in the same wallets. In December 2021, authorities seized $750,000 from the wallets. The de facto ruling authority of the Gaza Strip in Palestine since 2007, Hamas is classified as a terrorist organization...