Tag: South Korea

Over 185 South Koreans in their 20s hold digital assets valued at over $750,000 each, according to data from local exchanges Upbit and Bithumb.  Local media outlet Maeil Business Newspaper reported on October 3 that both crypto exchanges disclosed this information in a report titled 'Current Status of Virtual Asset ...

South Korea's Personal Information Protection Commission (PIPC) has imposed a fine of 1.1 billion Korean won ($830,000) on Worldcoin and its developer, Tools For Humanity, over alleged personal data collection and transfer violations. According to the regulators, the Worldcoin Foundation failed to properly inform individuals about their scanned iris data's ...

The Financial Services Commission (FSC) of South Korea has announced the establishment of a new nonprofit organization designed to safeguard virtual assets in case a cryptocurrency exchange goes out of business.  The organization, tentatively called the Digital Asset Protection Foundation, will be tasked with securing the return of virtual assets ...

South Korea’s top telecom and financial companies, SK Telecom and Hana Financial Group, have acquired significant ownership stakes in the Korean branch of the U.S. crypto company BitGo. According to local news outlet Yonhap News Agency, BitGo’s CEO Mike Belshe revealed this at the Korea Blockchain Week 2024 event in ...

South Korean tech giant Naver is set to debut its first crypto wallet, Naver Pay Wallet, through a collaboration with the sports-centric blockchain platform Chiliz Chain. The Chiliz team announced in an X post on August 30, 2024, that their blockchain would be the first platform Naver's new wallet supports. ...

South Korea is set to introduce a supervisory fee for cryptocurrency operators, calculated based on their operating revenue.  The Financial Services Commission (FSC) of South Korea has implemented the 'Virtual Asset User Protection Act' as of July 19. The act mandates that local crypto exchanges pay a regulatory fee of ...

South Korea's right-wing political party, People Power Party, has introduced a proposal to delay the taxation of cryptocurrency gains by three years. If approved, the tax on crypto gains, initially set to begin in 2025, would be postponed until 2028. The bill, proposed on July 12, 2024, and available on ...

South Korean financial regulators are intensifying their scrutiny of domestic cryptocurrency exchanges to combat questionable trading practices. The Financial Supervisory Commission (FSC), South Korea's top financial regulator, is developing a comprehensive system to monitor suspicious cryptocurrency trading activities, as reported by Bloomberg. The FSC has now mandated that local exchanges ...

South Korean cryptocurrency exchanges are set to reevaluate over 1,000 previously listed tokens in response to the upcoming implementation of the country’s new crypto rules, the Virtual Asset User Protection Act. On July 2, the Digital Asset Exchange Alliance (DAEX), representing five major Korean crypto exchanges, announced that approximately 20 ...

Cryptocurrency investors in South Korea can expect increased safeguards as the government approves new regulations designed to enhance user security in case of a crypto exchange bankruptcy.  The Financial Services Commission (FSC) announced in a press release on June 25 that the enforcement decree, set to take effect on July ...