According to data from South Korea's Financial Services Commission (FSC), the nation's digital asset market experienced remarkable growth in the first half of 2023. The market's value now stands at $21.1 billion, which is a considerable 46% increase compared to the previous 6 months, as reported by the FSC. Notably, ...
Cheongju, the capital city of South Korea's North Chungcheong province, has revealed its plans to seize cryptocurrency assets from individuals evading local taxes. According to a local report from Yonhap on August 22, 2023, Cheongju's municipal authorities have engaged seven South Korean crypto exchanges, including Upbit and Bithumb, to scrutinize ...
South Korea has taken a significant step to combat the alarming surge in criminal activities within the nation's cryptocurrency market and address the lack of legal protections for investors. On July 26, 2023, the country's Supreme Prosecutor Office (SPO) established the Joint Investigation Centre for Crypto Crimes, an interagency team ...
On June 30, 2023, South Korea's National Assembly achieved a significant milestone in cryptocurrency regulation as it passed the Virtual Asset User Protection Bill into law. The bill is a comprehensive piece of legislation that consolidates 19 crypto-related bills, with the primary goal of establishing regulations against unfair trading practices ...
Binance is currently facing challenges in its business endeavours in South Korea due to legal issues with financial regulators in the United States. The U.S. SEC recently filed a lawsuit against Binance; it accused the crypto exchange of commingling user funds and violating multiple securities regulations. The regulator brought 13 ...
South Korea has been grappling with a rise in criminal activities involving digital assets, prompting the nation to expedite the implementation of a comprehensive Virtual Asset User Protection bill. This bill comprises 19 bills specifically targeting cryptocurrencies, reflecting the country's commitment to adopting blockchain technology and enacting relevant legislation. According ...
