South Korea
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...
Korean Won Becomes the Most-Used Currency to Trade Crypto Assets
The Korean won has surpassed the United States dollar as the most-used currency for trading Bitcoin and other digital assets. According to a report from Bloomberg, this uptick is centered...
What Does the Election Mean for Crypto Investors in South Korea?
South Korea’s April 10 legislative elections could reshape its political and crypto landscape. President Yoon’s PPP and the DPK vie for control amid rising crypto policy influence in politics. Over...
South Korean Parties Woo Voters with Crypto Incentives Ahead of Elections
Leading political parties in South Korea are pledging crypto-related incentives to garner support from voters ahead of the country’s upcoming parliamentary elections. The opposition Democratic Party has promised to remove...
GTIC Partnership Advances South Korea’s Virtual Asset Oversight Initiative
South Korea’s National Tax Service is taking proactive steps to tackle tax evasion in the realm of virtual assets. Bitcoin hit a new ATH of $70,000 over the last week...
South Korea’s Bitcoin ‘Kimchi Premium’ Breaks 2-Year Record
Bitcoin is reaching new heights in South Korea, with its price premium achieving a 2-year record of 10% in the country, according to the co-founder and CEO of the crypto-analytics...
South Korea Proposes to Delay Crypto Taxation for Another 2 Years
According to a report revealed by a local media outlet, Herald Business Daily, South Korea’s ruling People Power Party has proposed postponing the taxation on crypto investment gains as a...
Court Acquits Former Bithumb Chairman in Multimillion-dollar Fraud Case
A Seoul High Court has declared Lee Jeong-hoon, the former chairman of cryptocurrency exchange giant Bithumb, not guilty of allegations brought by prosecutors, according to a report from a local...
South Korea Restricts Bitcoin ETF Brokerage in Local Markets: Report
South Korea warns against the domestic brokerage of the US-listed bitcoin ETFs. The country does not intend to lift the ban on exchange-traded funds or cryptocurrencies. The move came following...
Enforcement Decree for Crypto Protection Act Underway in South Korea
The South Korean government has taken a decisive step towards safeguarding virtual asset users and ensuring a secure trading environment in the crypto market. Under the Financial Services Commission, South...
South Korea Pension Fund Faces Backlash for $19.9M Investment in Coinbase
A prominent figure in the crypto community has called out South Korea’s National Pension Scheme, criticizing the agency for its investment adventure with the leading U.S.-based crypto exchange Coinbase. In...
South Korea Bans Short Selling Ahead of Upcoming Election
South Korea has banned short-selling until at least June 2024. Shares in South Korea rose Monday morning, with the country’s benchmark Kospi gaining 4%. The reason for the ban is...
BitGlobal’s Abrupt Disappearance Underscores Crypto Market Risks
In the ever-evolving and highly vulnerable crypto space, the community is often advised to use decentralized exchanges (DEX) and centralized exchanges (CEX), cautioning against the probable security risks. While the...
