South Korea
South Korean Court Orders Defunct GDAC to Return $7.3M in WEMIX to Wemade CEO
A South Korean court ruled in favor of Wemade CEO Park Kwan-ho, ordering the now-defunct GDAC crypto exchange to return 7.8 million WEMIX tokens, worth $7.31 million. This ruling is...
Worldcoin Price Surges Despite $831K Fine in South Korea
The Personal Information Protection Commission (PIPC) of South Korea fined the Worldcoin Foundation and Tools for Humanity (TFH) for violating personal data protection laws. The Worldcoin Foundation received a KRW...
South Korea’s FSS Gets Tough on Crypto Crime
The South Korean Financial Supervisory Service (FSS) announced plans to implement strict regulations for the crypto industry. FSS Governor Lee Bok-hyun introduced a zero-tolerance policy to combat unfair crypto trading...
Crypto Now Safer in South Korea Thanks to This New Foundation
South Korea’s Financial Services Commission (FSC) has given the green light to a foundation designed to protect users’ crypto assets. The Digital Asset Protection Foundation will safeguard assets in the...
Bithumb’s Bank Switch Under Review by South Korean Regulator
The Financial Intelligence Unit (FIU) of South Korea’s Financial Services Commission (FSC) is currently assessing Bithumb’s proposal to change its real-name account partner bank. Even so, Bithumb has submitted draft...
South Korea’s FSS Initiates On-Site Inspections of Crypto Exchanges
South Korea’s Financial Supervisory Service (FSS) has announced the launch of on-site inspections of crypto asset exchanges, with Bithumb being the first platform under review. The inspections will commence after...
South Korea Probes Upbit, Exchanges Under New Crypto Laws
South Korea’s Financial Supervisory Service (FSS) announced on Tuesday that it is launching an investigation into major crypto exchanges in the country, including Upbit, one of the leading trading platforms....
South Korea Probes Telegram Over Deepfake Sex Crimes
South Korean authorities are investigating messaging platform Telegram for its potential involvement in deepfake online sex crimes. The probe, according to Reuters report, will focus on whether Telegram facilitated the...
Crypto Fraud Case Takes Violent Turn: CEO Attacked in Court
The CEO of South Korean crypto-earning platform Haru Invest, Mr. Lee, was attacked in court on August 28. The incident happened during the eighth trial of his ongoing fraud case...
South Korea Cracks Down on Corruption in Crypto Enforcement
The Seoul Southern District Prosecutors’ Office is looking into a police officer accused of taking bribes in connection with crypto cases. The investigation, handled by the office’s Virtual Asset Crime...
Bithumb Korea Wins Tax Dispute, Virtual Assets Not ‘Inventory’
South Korean crypto exchange Bithumb Korea has secured a key legal victory against the country’s tax authorities. A high court ruled that Bithumb’s virtual assets are not to be classified...
US-Asia Pact: Implications for the Cryptocurrency Landscape
The United States, alongside Asia’s superpowers, South Korea and Japan, have issued a joint statement reaffirming their commitment to combating regional security threats, according to a Reuters report. South Korea’s...
South Korea Mandates Insurance for Closed Crypto Exchanges
South Korea’s Financial Supervisory Service (FSS) now requires defunct cryptocurrency exchanges to obtain insurance to safeguard user assets. This measure comes as part of a wider initiative to bolster investor...
Montenegro Court Approves Do Kwon’s Extradition to South Korea
Bloomberg reports that the Montenegro Appellate Court has approved the extradition of Do Kwon, the co-founder of Terraform Labs, to South Korea to face charges related to the TerraUSD collapse....
South Korea Crypto Tax: New ‘Quasi-Tax’ Imposed on Exchanges
The Financial Services Commission (FSC) of South Korea has announced an updated regulatory framework following the implementation of the groundbreaking Virtual Asset User Protection Act. The official announcement on August...
South Korea Delays Crypto Tax to 2028, What Investors Need to Know
South Korea’s plans to tax cryptocurrency gains have faced another setback, with a potential delay pushing implementation as far back as 2028. The revised proposal awaits approval, with the government...
Infinite Block, Korea’s First Licensed Crypto Custodian, Embraces XRP
Infinite Block, the only South Korean crypto firm to secure a Virtual Asset Service Provider (VASP) license until now, has announced support for XRP Ledger (XRPL), the open-source, public blockchain...
South Korea Enacts New Protections for Virtual Asset Users
South Korea is ramping up efforts to combat fraud and cybercrime in the cryptocurrency market, unveiling a new joint response system aimed at curbing hacks and unfair trading practices. Lee...
South Korea Tightens Crypto Oversight with New User Protection Law
South Korea is reportedly adopting a new crypto regulatory framework to align with public demand for a national policy supporting financial innovation. Kim Joo-hyun, Chairman of the South Korean Financial...
Korean Financial Institute Raises Concerns Over Spot Crypto ETFs
South Korea’s financial watchdog has warned against the introduction of spot crypto Exchange-Traded Funds (ETFs), arguing they could harm the nation’s economy and financial stability. A section of the recently...
Regulatory Oversight Intensifies for Gala Token in South Korea
According to reports, the Digital Asset eXchange Alliance (DAXA), a consultative body of South Korea’s top cryptocurrency exchanges, has extended its close monitoring of the Gala (GALA) token. The extension...
South Korea to Purge Crypto Market: 600 Assets Face Delisting Threat
South Korea’s cryptocurrency market faces a sweeping regulatory crackdown. Starting in July, approximately 600 virtual assets will be evaluated against new standards, with those failing to comply facing potential delisting....
South Korea Gets Strict with NFTs: New Guidelines Released
South Korea’s financial regulators have issued new guidelines under the “Virtual Asset User Protection Act” to clarify which NFTs fall under virtual asset regulations. The Act, which takes effect on...
Bitcoin’s ‘Kimchi Premium’ Shrinks Amidst South Korea’s Fading Crypto Fervor
The Kimchi Premium, often regarded as a gauge of South Korea’s interest in cryptocurrencies, has been consistently decreasing, hitting 1.54% on a recent Friday afternoon in Asia. This metric reflects...
Temporary Crypto Crime Unit Turns Permanent in South Korea
South Korea is set to embrace the importance of digital asset regulations and vigilance with the decision to turn its temporary crypto crime unit into a permanent one, according to...
