Tag: South Korea

South Korea’s Financial Services Commission (FSC) is taking a cautious stance on digital assets amid growing calls to establish a national Bitcoin reserve.  Speaking to Newsprime on November 24, FSC Chairman Kim Byung-hwan described the idea of a Bitcoin reserve as “a distant story at the moment.” Kim acknowledged the ...

South Korean authorities have identified North Korean hacker groups Lazarus and Andariel as responsible for the $50 million Upbit cryptocurrency hack in 2019. The stolen Ethereum, initially worth 58 billion won, has surged to around 1.47 trillion won due to rising crypto prices. On November 21, the National Investigation Headquarters ...

South Korea's ruling Democratic Party of Korea (DPK) is planning to implement the long-delayed cryptocurrency tax regulations in early 2025, following a decision not to approve further delays, according to a local news outlet, the Seoul Shinmun.  The regulation,  which would introduce a 20% tax (22% including local tax) on ...

Authorities in Paju, a city in South Korea's Gyeonggi Province, are ramping up efforts to collect unpaid taxes by targeting residents who use cryptocurrency to evade payment. Local officials have issued warnings to 17 individuals with outstanding tax debts amounting to 124 million Korean won (approximately $88,600).   According to ...

South Korea's Financial Intelligence Unit (FIU) has reportedly launched an intensive review of Upbit's operations over alleged non-compliance with Know Your Customer (KYC) requirements. The regulator allegedly uncovered 500,000 to 600,000 cases where the country's largest cryptocurrency exchange might fallen short in its customer verification procedures, according to local media ...

Bithumb, South Korea's second-largest cryptocurrency exchange, has announced it will terminate trading support for Radiant Capital’s RDNT token due to unresolved security issues. The exchange stated that the move follows a directive from the Digital Asset Exchange Association (DAXA), an influential consortium of South Korea's top five exchanges, including Upbit, ...

South Korea is taking steps to tighten its monitoring of cross-border cryptocurrency transactions in order to prevent tax evasion and address foreign exchange crimes. Finance Minister Choi Sang-Mok revealed this at a G20 meeting in Washington. According to a report from local news outlet Edaily, Choi stated that the country ...

In 2024 so far, over a dozen cryptocurrency exchanges in South Korea either shut down or paused their operations, leaving nearly 34,000 users with unclaimed assets totalling 17.8 billion won (approximately $13 million), according to a new report from The Korean Times. These unclaimed assets allegedly amount to over 1.41 ...

IPG Legal, a South Korean law firm specializing in the country's legal system, has stated that married couples in South Korea can now include cryptocurrency holdings in dividing assets during divorce proceedings. The firm clarified how cryptocurrencies are treated as part of marital assets in divorce cases. Addressing common client ...

Dubai, Switzerland, and South Korea have been identified as the top global hubs for cryptocurrency businesses in 2024, according to a recent report by Social Capital Markets(SCM). SCM stated that it judged the countries based on five key parameters: clarity of laws, capital gains tax rate, corporate income tax rate, ...