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South Korea nets $4.7M fighting crypto tax evasion

South Korea

In a significant move to clamp down on cryptocurrency tax evasion, South Korea‘s Gyeonggi province has successfully implemented a novel system, the Arbitrator Virtual Asset Tracking Electronic Management System. This innovative approach has led to collection of approximately 6.2 billion won (~$4.7 million) in tax arrears in the past year, marking a substantial achievement in […]

Will South Korea’s crypto dreams come true after these bold election promises?

South Korea

South Korea’s ruling and opposition parties have announced a series of campaign promises focused on cryptocurrency and blockchain technology ahead of the national elections scheduled for April 10. This development highlights the increasing role of digital assets in political agendas, aiming to capture the interest of the country’s younger electorate, which has shown a significant […]

South Korea’s ruling party mulls Bitcoin ETFs as election promise: Report

SOUTH KOREA

South Korea’s ruling People Power Party is contemplating significant changes in the country’s cryptocurrency landscape as part of its campaign pledges for the forthcoming general election in April.  Reports suggest that the party is considering lifting the ban on spot bitcoin exchange-traded funds (ETFs) and exploring avenues to allow institutional investment in cryptocurrencies, including initial […]

South Korea’s People Power Party seeks further delay in cryptocurrency taxation

South Korea

South Korea’s political landscape is witnessing a pivotal moment as the ruling People Power Party (PPP) pushes for an additional two-year postponement of taxation on cryptocurrency investment gains. This move comes amidst efforts to solidify regulatory frameworks for the burgeoning crypto industry ahead of the upcoming general election in April. Potential delay in cryptocurrency taxation […]

Bithumb rises to challenge Upbit’s dominance in South Korea’s crypto market

bithumb

Bithumb is increasingly challenging Upbit’s long-held market dominance. This development emerges amid a surge in crypto trading activity nationwide, particularly with Bitcoin’s rising popularity. Bithumb’s aggressive strategies and recent achievements have sparked a heated rivalry with Upbit, signaling a potential change in market leadership. Market dynamics and competitive strategies Recent data highlights a significant uptick […]

South Korea’s N-Po generation finds hope in cryptocurrency 

South Korea

South Korea’s young adults, known as the “N-Po generation,” are turning to cryptocurrency as a source of hope and opportunity amidst economic challenges. This generation, aged 20-39, has faced hardships from the 1997 currency crisis, resulting in a fragile economy and societal pressures.  The term “N-Po” reflects the abandonment felt by this generation due to […]

South Korea sees a 49% rise in crypto crime reports in 2023

South Korea

South Korea has witnessed a 48.8% increase in reports of suspicious cryptocurrency transactions in 2023 compared to the previous year. According to a recent report by the Financial Intelligence Unit (FIU), the country recorded 16,076 crypto transactions suspected of being linked to illegal activities such as money laundering, market manipulation, or the illegal drug trade. […]

South Korea Enhances Crypto Market Regulation with Rigorous FIU Strategy

South Korea Enhances Crypto Market Regulation with Rigorous FIU Strategy

South Korea is taking bold steps to enhance the oversight and regulation of its cryptocurrency market, a move that underscores the country’s commitment to protecting investors and maintaining the integrity of its financial systems.  The Financial Intelligence Unit (FIU), at the forefront of the initiative, has unveiled a comprehensive strategy aimed at curbing illicit activities […]

South Korea crypto traders cleared in $3.2B arbitrage case

South Korean

South Korea authorities have acquitted a group of cryptocurrency traders previously accused of exploiting the “Kimchi premium” by conducting arbitrage between local and overseas exchanges. The traders were alleged to have capitalized on the price discrepancies to amass profits estimated at $3.2 billion. This ruling has sparked discussions on the regulatory framework surrounding cryptocurrency trading […]

South Korea to enforce major crypto regulatory overhaul in July

South Korea

South Korea is set to enforce stringent regulations on digital asset trading by implementing the Virtual Asset User Protection Act and the Virtual Asset Industry Supervision Regulations, scheduled for July 19. The Financial Service Commission (FSC) announced the enactment date after a legislative notice on January 22, aiming to enhance the integrity of the cryptocurrency […]

Insights into South Korea’s two-part crypto regulatory framework

South Korea

South Korea is set to implement stricter regulations on cryptocurrency activities, with high-level offenders facing the possibility of life imprisonment. The new law, slated to take effect is part of the country’s ongoing efforts to crack down on illicit activities within the crypto market. South Korea harsh penalties for crypto criminals The Financial Services Commission […]

South Korea sentences Bitsonic execs in $7.5M crypto fraud case

South Korea

In a significant development within the South Korean cryptocurrency sector, the Seoul District Court has handed down sentences to two executives of the Bitsonic cryptocurrency exchange for their roles in a fraud scheme that resulted in a $7.5 million loss for investors. Bitsonic’s CEO, Jinwook Shin, received a seven-year prison term, while the vice president […]

South Korea proposes vetting process for crypto executives to strengthen oversight

south korea

The Financial Services Commission (FSC) has announced proposed amendments requiring crypto company executives to secure regulatory approval before their appointments. This development marks a pivotal shift in the oversight of the crypto sector, with the FSC seeking to address and rectify the vulnerabilities present in the existing legislation. Enhanced regulatory measures for executive appointments The […]

Han Chang-joon was deported to South Korea following falsified travel documents charges

South Korea

Former CFO of Terraform Labs, Han Chang-joon, has been extradited to South Korea by Montenegrin authorities after facing charges related to falsified travel documents alongside Terra co-founder Do Kwon.  The extradition follows their arrest in March 2023 and subsequent sentencing to four months in prison by a Montenegro court. Both individuals have remained in custody, […]

South Korea Proposes Stricter Oversight on Crypto Executives

South Korea

In a move to bolster regulatory control in the cryptocurrency sector, South Korea’s Financial Services Commission (FSC) has unveiled a set of proposed amendments. If enacted, these changes could significantly enhance the authority of the local regulator over the crypto industry. Mandatory approval for new crypto executives The key proposal entails mandatory regulatory approval for […]

South Korea reviews crypto tax policy amid financial reforms

South Korea

South Korea is evaluating the possibility of amending its tax regulations concerning cryptocurrency gains, aligning them with broader changes in the country’s financial investment taxation policies. This development comes as the nation prepares to implement a new tax regime for financial investments to foster wealth accumulation and prudent financial planning among its citizens. Implications of […]

Kim Jong Un kills South Korea unification hopes

Kim Jong Un kills South Korea unification hopes

Defying decades of political orthodoxy, North Korea’s leader Kim Jong Un has jettisoned the country’s commitment to reunifying with South Korea. This shift marks a chilling escalation in military rhetoric and a stark departure from a long-held vision of a united Korean peninsula. The End of a Dream It’s a hard pill to swallow, but […]

South Korea’s battle against virtual asset mixers – What you need to know

South Korea

South Korea, one of the leading technological hubs, has taken a keen interest in Virtual mixers. Virtual assets, including cryptocurrencies, have gained prominence in the global financial landscape. While these digital assets offer numerous advantages, such as decentralized transactions and financial inclusivity, they also pose challenges related to illicit activities, including money laundering and terrorist […]

Major South Korean securities firms suspend brokerage services for foreign Bitcoin spot ETFs

South Korea

In response to a cautionary announcement from South Korea’s Financial Services Commission (FSC), several prominent securities firms in the country have suspended their brokerage services for foreign Bitcoin spot ETFs, including those from Canada and Germany.  This move comes as a preemptive measure amid concerns that these transactions may violate existing government regulations regarding virtual […]

South Korea is not impressed by US approval of spot Bitcoin ETFs

South Korea is not impressed by US approval of spot Bitcoin ETFs

Despite the United States embracing the innovative stride of approving a spot Bitcoin ETF, South Korea remains unswayed. The East Asian powerhouse holds firm to its stance, unwavering in the face of what is considered a very important moment in cryptocurrency’s mainstream acceptance. Their unwavering position reflects a deep-rooted caution, demonstrating that not all global […]

South Korea proposes amendment to restrict credit card use for crypto purchases

South Korea

The Financial Services Commission (FSC) of South Korea, the nation’s top financial regulator, has proposed to amend the Credit Finance Act, prohibiting its citizens from utilizing credit cards to purchase cryptocurrencies.  This move comes as a response to concerns regarding the illegal flow of domestic funds, money laundering, and the promotion of speculative behavior through […]

South Korea sets crypto tax precedent with wallet exemption

South Korea

South Korea‘s National Tax Service (NTS) has announced that individuals with virtual assets in non-custodial, decentralized wallets, including cold wallets, are exempt from overseas financial account reporting. This announcement, made on October 30, 2024, clarifies the position of the NTS following its June 2023 decision to include virtual assets in overseas financial account reporting for […]

Orbit Chain Collaborates with South Korean Authorities for Enhanced Crypto Investigations

Orbit Chain Collaborates with South Korean Authorities for Enhanced Crypto Investigations

Orbit Chain has embarked on a collaboration with the South Korean National Police Agency and the Korea Internet and Security Agency (KISA). The partnership is focused on developing a sophisticated investigation support and cause analysis system, tailored specifically for the complexities of the cryptocurrency and blockchain sector. The initiative represents a significant stride in enhancing […]

South Korea enforces crypto asset disclosure for public officials in 2024

South Korea

In a significant move to enhance transparency and accountability, South Korea‘s Ministry of Personnel Management has announced that high-ranking public officials must disclose their cryptocurrency holdings starting next year.  This development follows the passing of two bills in May, making crypto assets part of the annual disclosure requirement for elected and high-ranking government officials. Crypto […]

South Korean Game Publisher Wemade Launches $100 Million Blockchain Investment Fund

South Korean Game Publisher Wemade Launches $100 Million Blockchain Investment Fund

South Korean game publisher Wemade, in partnership with Singapore-based investment firm Whampoa Digital, has announced the launch of a $100 million Web3 fund. The initiative marks a significant step for Wemade, a company adapting to the restrictive anti-blockchain gaming regulations in its home country by targeting international markets. The newly established Wemade Web3 Fund is […]

South Korea’s Financial Supervisory Service Governor to discuss crypto regulations with SEC

South Korea's Financial Supervisory Service Governor to discuss crypto regulations with SEC

Financial Supervisory Service Governor Lee Bok-Hyeon of South Korea is set to meet with U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler in Washington D.C. next month, according to a Wednesday report by local media news outlet ChosunBiz. However, the meeting will center around crucial discussions on cryptocurrency regulations, addressing growing concerns in the […]

South Korean engineer combats bedbug crisis with blockchain technology—here’s how

South Korean engineer combats bedbug crisis with blockchain technology—here's how

In response to a sudden surge in bedbug infestations across South Korea, 29-year-old blockchain engineer Kang Jae-gu has taken a groundbreaking approach, leveraging blockchain technology to map and combat the spread of these bloodsucking pests. The unconventional initiative showcases the intersection of technology and public health, aligning with the global trend of blockchain’s increasing influence […]

South Korea’s central bank urges swift action on CBDC amid growing stablecoin popularity

South Korea's central bank CBDC

South Korea’s central bank governor, Rhee Chang-yong, emphasized the urgency of addressing Central Bank Digital Currencies (CBDCs) during the 2023 MOEF-BOK-FSC-IMF International Conference on Digital Money. Stablecoins’ surge raises systemic concerns Governor Chang-yong expressed apprehensions about the burgeoning popularity of stablecoins in the country, warning that their widespread adoption as a digital payment method could […]

IMF chief urges for crypto regulation at Seoul summit

IMF

In a landmark address at a digital currency conference in Seoul, Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), highlighted the critical need for comprehensive cryptocurrency regulations. Addressing a global audience, Georgieva stressed the importance of a regulatory framework to counter the potential risks posed by the increasing prevalence of cryptocurrencies while […]

South Korea implements virtual asset user protection regulations

South Korea

In a significant move to ensure the safety and security of users in the virtual asset and cryptocurrency market, the South Korean government has taken decisive steps to implement the Enforcement Decree of the Act on protecting virtual asset users.  The Financial Services Commission is spearheading this initiative alongside accompanying supervisory regulations. This move comes […]

South Korea puts out regulations for virtual assets

South Korea

In a key move towards bolstering the virtual asset landscape, South Korea’s Financial Services Commission (FSC) has announced specific regulations regarding the enactment of the Virtual Asset User Protection Act. In the meantime, planned to come into effect on July 19, 2024, these regulations aim to ensure a secure environment for users and support integrity […]

China, S. Korea, Japan to collab on blockchain and AI regulations

China, South Korea, Japan

The digital age is witnessing a new era of collaboration in Asia. China, alongside its regional counterparts Japan and South Korea, is embarking on a groundbreaking journey to strengthen cooperation in the realms of big data, blockchain, and artificial intelligence. This initiative, spearheaded by Chinese Foreign Minister Wang Yi, aims not only to enhance technological […]

South Korean crypto traders power the altcoin bull run – CryptoQuant report

Crypto

Major crypto coins have experienced a huge surge in their prices, including Bitcoin (BTC), which has surged over 20% in the past month, nearly doubling its price this year. Other altcoins have been affected by the same movements in major currency prices. Taking the lead is memecoins like Dogecoin and other altcoins like LOOM from […]

South Korean NPS’s $20M bet on Coinbase pays off with 40% profit in Q3

Coinbase

South Korea’s National Pension Service (NPS) has made a significant move by investing nearly $20 million in Coinbase (COIN) shares during the third quarter of this year. This decision, detailed in the NPS’ latest stock holding report submitted to the U.S. Securities and Exchange Commission (SEC), marks a historic shift in the pension fund’s investment […]

South Korean investors’ crypto preference is ‘unique’ – DeSpread Research

South

South Korea has made a name in the crypto world as one of the most innovative and active crypto market players who are located in the region. Bitcoin and Ethereum have been the top cryptocurrencies in the digital market, but this hasn’t convinced most South Korean investors as they opt to trade with other altcoins, […]

Upbit rules South Korea’s crypto market with 80% share

Upbit is maintaining its stronghold in South Korea’s cryptocurrency exchange market. With an 80% market share, it stands as the unchallenged leader. Despite a temporary slip to 70% in August, the exchange bounced back robustly the subsequent month. Its closest competitors, including Bithumb, Coinone, and Korbit, trail significantly in terms of market influence. Bithumb, holding […]

South Korea’s Defense Industry Transformation Takes Center Stage at ADEX 2023

South Korea

President Yoon Suk Yeol delivered a robust message at the Seoul International Aerospace & Defense Exhibition (ADEX) 2023, reaffirming South Korea’s commitment to enhancing the competitiveness of its defense industry. The event, held at Seoul Air Base in Seongnam, marks the largest-ever edition of ADEX, bringing together 550 companies from 35 countries and over 30,000 […]

South Korea takes on global banks over short selling

south korea

South Korea has made its intentions clear; it’s clamping down on shady financial practices. At the forefront of this assertive stance are two global investment banks that South Korea’s financial watchdog accuses of “routine and intentional” naked short selling. Notably, this alleged misconduct is not just a one-off case of errant trading; it spans two […]

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