South Korea
Crypto Tax Evaders Face Crackdown in South Korea
South Korea is cracking down on those using cryptocurrencies to evade taxes as the country prepares to implement a new 20% tax on crypto gains. This move by the National...
South Korean City Seizes and Sells Crypto for Unpaid Taxes
Paju City, in South Korea’s Gyeonggi Province, has announced its first-ever plan to sell cryptocurrencies held by local tax defaulters. This marks a significant step for local governments nationwide, highlighting...
South Korea Debates Raising Crypto Tax Exemption to $35,900
In South Korea, a significant development is brewing as the opposition Democratic Party of Korea (DPK) proposes raising the crypto tax exemption to 50 million won (approximately $35,900). The move...
South Korea’s Crypto Tax Decision Postponed, Uncertainty Looms
South Korea’s parliament has decided to postpone its decision on crypto asset taxation with key issues like tax scope and exemptions. In the meeting held on Nov 19, the committee...
South Korea’s Crypto Exchanges Gain Power to Freeze Transactions
Under a new amendment to South Korea’s Virtual Asset User Protection Act, crypto exchanges can now immediately suspend transactions for legitimate reasons. South Korean regulators introduced this new provision to...
Upbit Faces Regulatory Hurdles in South Korea Over KYC
South Korea’s Financial Intelligence Unit (FIU) has uncovered numerous violations of customer verification procedures during its review of Upbit’s license renewal application. Reports indicate that the FIU found between 500,000...
Binance’s Dominance in South Korea Sparks Anti-Monopoly Concerns
South Korean authorities are investigating local cryptocurrency exchanges for potential anti-monopoly breaches, fueled by Binance’s overarching dominance in the market. Binance’s trading volume is 22 times that of all South...
South Korea Ramps Up Crypto Oversight After US Election-Driven Volatility
On November 8, 2024, South Korea’s Financial Supervisory Service (FSS) Governor, Lee Bok-hyun, announced plans to tighten oversight of the crypto market following the U.S. election results. The regulator is...
South Korea Pilots CBDC as Crypto Reshapes Job Market
South Korea is launching a CBDC pilot project with plans to use central bank digital currencies for education and welfare vouchers. This initiative is a collaboration between the Ministry of...
Stablecoins Take Over South Korea’s Trade Sector Driven by Tether on Tron
Stablecoin adoption in South Korea is benefiting the financial market, with Tether (USDT) transactions leading the way. Government reports indicate that roughly 10% of domestic trade transactions now involve stablecoins....
South Korea’s Virtual Asset Committee to Tackle Corporate Crypto Investment
South Korea, through its Financial Services Commission (FSC), announced that the newly formed Virtual Asset Committee will hold its first meeting on November 6. As an advisory group, the committee...
Bitcoin’s Surge Leaves South Korea Behind: Kimchi Premium Fades
Despite Bitcoin’s surge past $70,000, interest among South Korean retail investors remained tepid. The kimchi premium, which measures the difference between Bitcoin’s price in South Korea and global exchanges, is...
Bithumb Exchange Faces Korean Won Withdrawal Delays, Users Unfazed
Bithumb, a South Korean cryptocurrency exchange, is experiencing a hitch. The exchange announced that delays from its partner companies caused the inability to process Korean Won withdrawals. While such announcements...
South Korea to Tighten Oversight of Cross-Border Crypto Transactions Starting Next Year
South Korea will soon regulate cross-border crypto transactions, with new rules taking effect in Q2 2025. These stricter regulations, which require pre-reporting of cross-border crypto transactions, aim to prevent tax...
South Korea Mulls Free Market Approach for Crypto Interest Rates
Lee Bok-hyun, Governor of South Korea’s Financial Supervisory Service (FSS), suggested the country may adopt a free market approach to crypto. During a parliamentary audit, the governor addressed concerns about...
NFP Token Plunge: Coinone Disputes Hack Claim, Launches Probe
Coinone, a South Korean crypto exchange, has brought in local and Canadian law firms to investigate the NFPrompt (NFP) token dispute. In March, Coinone’s NFP price plummeted 70%, while prices...
South Korea to Investigate AVAIL Altcoin Over Price Manipulation Concerns
The South Korean National Assembly is reportedly planning a detailed investigation into the altcoin AVAIL over price manipulation concerns. Democratic Party of Korea lawmaker Min Byeong-deok plans to call the...
South Korea May Soon Allow Bitcoin Spot ETFs
The Financial Services Commission (FSC) in South Korea will take important steps to shape the country’s cryptocurrency landscape. According to Cryptoquant Founder Ki Young Ju, this includes discussions about allowing...
Upbit’s Market Power in South Korea Attracts Regulatory Flak
South Korea’s Financial Services Commission (FSC) announced plans to investigate Upbit’s market dominance. This investigation follows concerns about Upbit’s ownership in the virtual asset sector and its association with K-Bank,...
South Korea Investigates KOK Token Crash, $3 Billion Lost
Lawmakers in South Korea are calling for a deeper investigation into the KOK crypto token scam and have urged the government to take action against those responsible for the token’s...
Hancom Chairman Faces Crypto Fraud Probe in South Korea
Software company Hancom Group Chairman Kim Sang-cheol is under investigation for allegedly amassing illicit funds worth tens of billions of Korean won using Arowana (ARW) tokens. South Korean prosecutors are...
Crypto Billionaires in South Korea: Young Investors Hold $739 Million
A study by the crypto exchanges Upbit and Bithumb shows the growing influence of cryptocurrencies among young South Koreans. More than 180 South Koreans in their 20s have crypto assets...
Bithumb Eyes Nasdaq Listing After Dropping KOSDAQ IPO
Bithumb, one of South Korea’s leading cryptocurrency exchanges, is considering a US Nasdaq listing, according to local news. At a shareholders’ meeting held on the 30th, the exchange said it...
CryptoQuant Founder: Web3 Needs Smart Regulation to Drive Global Collaboration
Ki Young Ju, the founder of CryptoQuant, believes Web3 has the potential to transform global collaboration on a scale surpassing even Google. He argued that with the right regulations in...
South Korea to Tackle Crypto Insider Trading with Legal Amendment
Democratic Party lawmaker Kim Young-hwan introduced an amendment to South Korea’s Improper Solicitation and Graft Act to combat crypto insider trading and bribery. The amendment would expand the definition of...
