I'm pretty curious what would big brother react if your little arbitrage business goes bigger scale.
Wouldn't they track your transaction history in Korbit and accuse of breaking foreign exchange control law and impose a nasty amount of penalty lol
Good luck mate!
I have trouble following your reasoning here. I assume you are talking about the US government when you say "big brother." The IRS has outlined how US citizens should be treating bitcoin when it comes to filing their taxes. It isn't illegal to buy or sell bitcoin in Korea. It isn't illegal to buy and sell bitcoin in the US as far as I know. If a US citizen is realizing capital gains buying and selling bitcoin and they are reporting it properly when they file their taxes I don't see how this could possibly be illegal.
Plus keep in mind we are talking about a few dollars here.
I see this method of international money transfer as a smart way to avoid nasty banking fees.