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, ...
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 ...
