South Korea
South Korea Crypto Regulation: New Bill Targets Money Laundering
The South Korean government wants to amend its Foreign Exchange Transactions Act. The amendment would require virtual assets service providers (VASPs) involved in cross-border transactions to register under the new...
XRP Surpasses Bitcoin as South Korea’s Crypto Trading Favorite
XRP is a top performer in South Korea’s crypto market, with its trading volume surpassing Bitcoin’s. This surge coincided with a spike in XRP’s price to $50.17 on a leading...
Crypto Fund Recovery in South Korea Marks New User Protection Step
South Korea’s Digital Asset Protection Foundation is now accepting deposits from crypto service providers that have shut down. The foundation recently announced that it has received deposits from five operators:...
South Korean Court Upholds Hancom Crypto Scandal Verdict
A South Korean court denied the appeal of the Hancom Group chairman’s son, upholding his prison sentence for creating slush funds using crypto. Specifically, the court had sentenced Kim’s son...
XRP’s South Korea Slump: Political Unrest Sparks Price Crash
XRP’s price crash in South Korea highlights the crypto market’s sensitivity to political events. Last Tuesday, the president’s declaration of martial law triggered a flash crash across global markets, hitting...
Crypto Tax Delayed as South Korea Pushes Pro-Investment Reforms
South Korea’s National Assembly will likely approve significant tax law changes during its plenary session on December 10. The proposed amendments include abolishing the financial investment income tax and also...
South Korea’s Financial Overhaul Includes Ending Capital Gains Tax
South Korea’s Democratic Party of Korea (DPK) is moving to abolish the capital gains tax on financial investments, with a decision expected during the National Assembly’s final regular session on...
Why South Korea’s Crypto Market Belongs to Altcoins
Cryptoquant CEO Ki Young Ju says South Korea is a region where every season is altcoin season. In a recent post on X, the crypto analyst showed that altcoins make...
South Korea’s Jeju Aims for Cashless City With Blockchain
Jeju, South Korea’s special self-governing province, has announced plans to implement digital payments for cross-border transactions. The province included the digital payments initiative in its “Jeju AI and Digital Transformation...
$19B Leaves South Korean Banks—Heading Straight to Crypto and Stocks
South Korea’s crypto market is seeing a surge as investors shifted 27 trillion won ($19.2 billion) from demand deposits in banks to higher-risk assets, including cryptocurrencies and stocks. Market observers...
South Korea’s Crypto Tax Reform Stalls as Parties Debate Timelines
South Korea’s proposed tax regime for crypto-related ventures met a bottleneck when the country’s National Assembly’s Strategy and Finance Committee failed to convene its plenary session. The legislators could not...
South Korea Signs OECD Crypto Reporting Agreement, Eyes 2027 for Implementation
South Korea has signed the OECD agreement on crypto reporting among member nations. The country’s Ministry of Economy and Finance announced on November 27 that it had officially signed the...
Crypto Tax Debate Heats Up in South Korea: What’s at Stake?
The South Korean National Assembly postponed a plenary session originally scheduled for November 26 due to political conflicts over the proposed taxation of virtual assets. The Strategy and Finance Committee...
South Korea Debates Crypto Tax Bill Today: What to Know
South Korea’s National Assembly will discuss the crypto taxation bill today, November 25, at 14:00 KST, during a session of the tax subcommittee. Representatives from both ruling and opposition parties...
South Korea Confirms Crypto Tax in 2025 With Revised 20% Scheme
Jin Sung-joon, Chairman of the Korean Democratic Party’s policy committee, has confirmed that crypto taxation will begin in January 2025. Addressing concerns about technical and practical challenges during an interview...
South Korea Confirms 2025 Crypto Tax, Eyes Overseas Transactions
South Korea reaffirmed its plan to tax virtual currency gains starting January 1, 2025, after a series of delays that pushed back the policy from its original 2022 launch date....
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...
