in South Korea
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Learn More about buying ECS in South Korea
How to buy eCredits in South Korea
Is ECS a good investment in South Korea?
The eCredits Ecosystem is a decentralized, blockchain-based ecosystem with its own native,
usable cryptocurrency, called eCredits (ECS). According to the official website of eCredits, by
using the eCredits Blockchain, local and regional micro-ecosystems will be able to develop,
provide, and sell services and goods. This movement will be supported by the eCredits
ecosystem, which aims to provide a platform for this aim. These services are designed to aid
micro, small, and medium-sized businesses (MSMEs) in competing on an equal footing or even
surpassing larger market participants. As a result, local businesses will be able to connect with
their customers on a whole new and direct level. This will give local suppliers opportunities to
reward their customers by enabling them to earn discounts and bonuses through repeated
purchases. Since eCredits ecosystem is built on and powered by blockchain technology, which
is by its very nature decentralized and secure, it also supports diversity and incorporates social
values like equality into its functionality. With regard to making purchases from small businesses
and retailers, eCredits wants to become the method of choice for customers. The overall goal of
eCredits is to encourage local shopping, strengthen neighborhood communities, and promote
more environmentally friendly behaviors
What is eCredits ?
ECS is the abbreviation and official sign for eCredits, which is a digital currency or form of digital
asset that is operating on its own decentralized blockchain as a pro-environmental project.
Is eCredits legal to buy in South Korea
Yes, cryptocurrency is legal to buy in South Korea. The South Korean government has taken a
cautious but supportive approach to the development of the cryptocurrency industry, and has
implemented a number of regulations to promote the growth of the sector while protecting
consumers and investors. The legality of trading cryptocurrency in South Korea is governed by
the Virtual Currency Act. The mentioned act defines virtual currency as a type of electronic
asset that can be used as a medium of exchange, but does not have legal tender status.
According to the same act, in South Korea, individuals and businesses can legally buy, sell,
trade, and hold cryptocurrencies such as Bitcoin, Ethereum, and others. However, the use of
cryptocurrency as a means of payment for goods and services is still limited.
It is important to keep up to date with the latest developments and regulations in the
cryptocurrency sector in South Korea, as the legal and regulatory framework for cryptocurrency
may change over time.
Is eCredits taxed in South Korea
Yes. According to the the Virtual Currency Act, in South Korea, cryptocurrency is taxed as
income under the Income Tax Act and the Corporate Tax Act. According to these laws, profits
derived from the sale or exchange of cryptocurrency are considered taxable income and are
subject to both personal income tax and corporate income tax. The tax treatment of
cryptocurrency in South Korea depends on the individual's or company's status and the purpose
of the transaction. For individuals, cryptocurrency gains are taxed at a flat rate of 20% for short-
term gains (held for one year or less) and a graduated rate for long-term gains (held for more
than one year). For companies, cryptocurrency gains are subject to corporate income tax at the
standard corporate tax rate.
It is important to note that individuals and companies are responsible for reporting their
cryptocurrency-related income on their tax returns. Failure to accurately report and pay taxes on
cryptocurrency-related income can result in penalties and fines. Also, the regulation and
taxation of cryptocurrency in South Korea is subject to change, and it is advisable to stay
informed of the latest developments and seek professional advice on tax matters related to
After you've bought eCredits in South Korea
With the goal of being "the People's Currency," eCredits enables users to pay with ECS, send
and receive payments quickly, trade cryptocurrencies freely, and earn eActivity as bonus. With
its own custom wallet, ECS can be used for peer-to-peer transactions as well as in-person and
online retail establishments, bars, and restaurants.
Who can buy eCredits in South Korea
In South Korea, any individual or entity, including residents and non-residents, can buy
cryptocurrency as long as they have a valid bank account and comply with the applicable laws
and regulations. There are no restrictions on who can buy cryptocurrency in South Korea, and
anyone with the necessary resources and knowledge can participate in the market. The best
way to buy cryptocurrency in South Korea depends on your specific needs and preferences but
the most common way to buy cryptocurrency in South Korea is through a cryptocurrency
exchange. Our platform allows you to buy, sell, and trade cryptocurrency using Euros. In
addition, our exchange is a trustworthy and safe choice for buying cryptocurrency in South
Korea. It operates within the law and offers a range of convenient payment options, including
Apple Pay, Google Pay, credit card, debit card, bank transfer, and PayPal, without any
transaction fees to keep costs low.
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Payment methods to buy eCredits in South Korea
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Frequently asked questions
The future of eCredits is highly dependent on the overall performance of the crypto industry.
You need to make sure you are employing the appropriate strategy when it comes to investing
in ECS. For those with a high holding capacity and sound financial standing, this type of
investment seems like a good option. ECS also exposes users to a global technology and an
expanding ecosystem. Given that scarcity often leads to price increases, the value of eCredits is
also anticipated to rise further according to some experts. However, we recommend that before
purchasing ECS you should conduct the maximum research possible.
In South Korea, the reporting of cryptocurrency tax is governed by the Income Tax Act and the
Corporate Tax Act. According to these laws, individuals and entities must report any gains or
profits from the sale or exchange of cryptocurrency as taxable income. To report cryptocurrency
tax in South Korea, individuals and entities must maintain accurate records of all cryptocurrency
transactions, including the date, amount, and type of cryptocurrency, as well as the price at the
time of the transaction. Then, calculate the gains or losses from each cryptocurrency transaction
by subtracting the cost of the cryptocurrency from the sales price and report any gains or profits
from the sale or exchange of cryptocurrency as taxable income.
Yes, you can cash out your cryptocurrency assets in South Korea by selling them for fiat
currency and then withdrawing the funds to your bank account or other payment methods. This
can be done through our cryptocurrency exchange.
eCredits are available for less than one dollar. In this case, the minimum number of eCredits
you can probably buy is determined by the minimum purchase amount that your exchange
allows. The minimum payments start at $10 in our exchange.
South Korea is widely considered to be one of the largest and most active cryptocurrency
markets in the world, with a large number of individuals and entities owning and trading
cryptocurrencies such as Bitcoin and Ethereum. According to a survey conducted by the Bank
of Korea in 2019, around 5% of the population in South Korea owned cryptocurrency, while a
more recent survey conducted in 2021 found that the number had increased to around 7%. This
suggests that the ownership of cryptocurrency assets in South Korea is growing, as more
people become interested in and invest in the digital currency market.
Users of eCredits use an eWallet app, which simulates a non-custodial cryptocurrency
wallet. This means that only you have access to your assets and can store them.
Nobody else can access or restore your private key, and only you are permitted to send
or receive assets. On a decentralized blockchain, every transaction is safe and
inaccessible. This eWallet also allows users to connect with third party centralized or
decentralized applications or exchanges. Please note that in order to ensure your
assets’ security, User Account, Secret Phrase and the Private keys should be kept
personal and you may not share your credentials with anyone. You are solely
responsible for remembering, storing, and keeping your credentials in a secure location;
therefore, it is recommended to back up your information so that you can safely retrieve
them in case it was lost.