Tag: South Korea

South Korea's cryptocurrency exchange market is shrinking, with new government data revealing a sharp decline in the number of registered virtual asset service providers. According to local news outlet Dailian, a February 7 report from the country's Financial Intelligence Unit (FIU) showed that registered crypto trading firms have fallen to ...

The city of Gwacheon has announced plans to introduce an electronic system for seizing virtual assets, according to South Korean media outlet Energy Kyungjae. This initiative is part of a broader effort to enhance tax enforcement, with officials planning to deploy the technology across Gyeonggi Province to track down cryptocurrency ...

South Korea’s largest cryptocurrency exchange, Upbit, has officially added trading support for the Virtuals Protocol (VIRTUAL) token. The exchange confirmed in a recent announcement that VIRTUAL would go live for trading on its platform at 8:00 PM KST on January 31. The token will be available in pairs with the ...

South Korea is reportedly set to launch a specialized unit dedicated to combating cryptocurrency-related crimes.    According to local reports, the country’s Ministry of Justice published a proposal to establish the Joint Investigation Unit (JIU) for Virtual Asset Crimes as a full-fledged department within the prosecution service.   The unit ...

Authorities in Jeju Island, South Korea, have arrested six Chinese nationals for allegedly stealing 1 billion won (around $689,000) during a stablecoin exchange. The incident took place on January 20 at a local hotel, as reported by Maeil Business Newspaper and the Jeju Western Police. The Jeju Western Police reported ...

Upbit, South Korea's leading virtual asset exchange, is facing a suspension of its business operations due to alleged non-compliance with anti-money laundering (AML) regulations and breaches of the KYC system. According to a local news report, The Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC) issued a preliminary ...

South Korea’s Financial Services Commission (FSC) has reportedly initiated the second phase of discussions on the country’s crypto regulations, the Virtual Asset User Protection Act. During a recent meeting in Seoul, FSC Vice Chairman Kim So-young emphasized the importance of keeping up with global regulatory trends. He highlighted examples such ...

Upbit, a significant cryptocurrency exchange in South Korea, has cautioned investors holding the Internet of Services Token (IOST) as the blockchain project undergoes a critical transition. This warning, released on January 13, comes in response to guidelines issued by the Digital Asset eXchange Alliance (DAXA), which expressed concerns about potential ...

A recent survey by News1 indicates that South Korean cryptocurrency investors have again shown a strong preference for Bitcoin, which remains the most preferred digital asset, with Ripple (XRP) now in second place, surpassing Ethereum (ETH). The survey was conducted on the blockchain-based voting platform, The POL, from December 24 ...

The Financial Services Commission (FSC) of South Korea has announced an initiative to gradually permit corporate investment in virtual assets, aiming to boost Web3 adoption. As part of its 2025 business plan, the FSC will discuss with the Virtual Asset Committee about approving real-name accounts for corporations, starting with non-profit ...