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South Korean Tax Accountant: Digital Assets Held in Non-Custodial Wallets Not Subject to Overseas Reporting Requirement
5.1.2024
South Koreans with digital assets held in non-custodial or decentralized crypto wallets like Metamask or Ledger are reportedly not subject to the country’s overseas financial account reporting requirement. According to a South Korean tax accountant, only virtual assets held on overseas centralized...
South Korean Tokenization Startup Chooses Klaytn Over Ethereum for Gold NFTs
5.1.2024
The Klaytn Foundation, an organization devoted to expanding the Klaytn ecosystem, announced that Creder, one of its governance council members, will launch a tokenized gold offering called Gold Pegged Coin (GPC) in January. Creder will also launch Goldstation, a decentralized finance platform...
South Korean Agencies Investigate $82M Orbit Bridge Hack After Reports of Lazarus Group’s Involvement
5.1.2024
Source: DALL·E Orbit Bridge, which serves as the main bridge for the Claytont ecosystem, was exploited for nearly $82 million hours before the new year’s eve. Multiple South Korean agencies are currently investigating the multi million hack. Allegations have emerged identifying North Korea’s...
South Korean Police Arrest Suspected OTC Crypto Thief
5.1.2024
Source: spaxiax/Adobe South Korean police have arrested a man they suspect of stealing cash as part of a bogus over-the-counter (OTC) crypto exchange. Per the broadcaster KBS, police officers in the town of Icheon, Gyeonggi Province, said they had arrested a man “in his 20s” on theft-related...
South Korea Regulator Seeks Ban on Crypto Purchases With Credit Cards
4.1.2024
The Financial Services Commission cited concerns "about illegal outflow of domestic funds overseas due to card payments on overseas virtual asset exchanges."
South Korea’s Crypto Surge — Navigating the ‘Kimchi Premium’ and Massive Trade Volumes
4.1.2024
Recent data reveals that South Korea’s crypto trading volume has surged in recent months, with two exchanges, Upbit and Bithumb, contributing over 10% to the global trading volume as of Jan. 4, 2024. Additionally, while the global price for bitcoin hovers around $43,356 per unit, in South...
Huobi Korea Announces Closure Citing Challenging Business Environment
4.1.2024
Source: Adobe South Korean cryptocurrency exchange Huobi Korea has announced the shut down of its services with effect from January 29, 2024. The decision comes in response to what the company described as a challenging “business environment.” Established in 2017, Huobi Korea...
South Korea Proposes Ban on Crypto Purchases with Credit Cards
4.1.2024
Source: Pixabay / viarami South Korea’s Financial Services Commission (FSC) has announced a proposal to amend its Enforcement Decree of the Credit-Specialized Financial Business Act, aiming to ban crypto purchases with credit cards. The proposed amendment plans to restrict the use of credit...
S Korean City of Incheon Seizes $375,000 Worth of Crypto from ‘Tax Dodgers’
4.1.2024
Source: JYPIX/Adobe South Korea’s Incheon says it has confiscated $375,000 worth of cryptoassets from “tax-evading” residents who tried to hide their earnings in token wallets. Per the media outlet Newsis, the city collected the combined sum from 298 people. The media outlet noted that the city...
South Korean Gaming Giant WeMade Must Pay $41M ‘Crypto Tax’ Bill
4.1.2024
Source: Zerbor/Adobe The South Korean gaming firm WeMade has been hit with a $41 million tax bill for its crypto-related activities. Yonhap reported that the National Tax Service (NTS) issued the bill following an investigation into the firm’s historic crypto business operations. The NTS said...
290,000 S Korean Public Sector Employees Forced to Declare Crypto Holdings
3.1.2024
Source: promesaartstudio/Adobe Around 290,000 South Korean public sector workers will be forced to declare their crypto holdings starting from February. Per Maeil Kyungjae, the Ministry of Personnel Management has declared that the rule will also apply to employees’ spouses and next of kin....
South Korean Exchange Searches for ‘Lost’ Owners of $206M Worth of Crypto
1.1.2024
Source: Paweł Michałowski/Adobe The South Korean crypto exchange Bithumb says it wants to find the “dormant” owners of $206 million worth of coins, including Bitcoin (BTC), Ethereum (ETH), and XRP. Per Chosun Ilbo, Bithumb said it was launching a “campaign” to help remind users with seizable crypto...
Anti-Corruption Commission Reveals South Korean Lawmakers Traded $98M in Crypto Over Past Three Years
29.12.2023
Source: Pixabay The Anti-Corruption and Civil Rights Commission has revealed that South Korean lawmakers engaged in crypto trading, totaling a staggering 125.6 billion won ($97.6 million) over the past three years. The commission’s 90-day inspection into the virtual asset transaction records...
South Korean Police Shut Down ‘Gangsters’ $32m Crypto Scam Ring’
29.12.2023
Source: Robert/Adobe South Korean police say they have swooped on a $32 million chat app-based crypto scam ring that they say was being run by a network of “gangsters.” Per Chosun Ilbo, Busan Metropolitan Police, the group comprised nine groups of “violent gangsters” who operated bogus “crypto...
Korean Traders Drive Bitcoin SV (BSV) Surge, Price Soars by 65% in 24 Hrs
28.12.2023
Bitcoin SV (BSV), a cryptocurrency fork of Bitcoin, has experienced a notable surge of 65% within the past 24 hours, with Upbit, South Korea’s largest exchange, emerging as the focal point for trading activity. A significant 65% of the trading volume is concentrated on Upbit, underscoring...
South Korean Biz Exec Bailed as ‘Bithumb Market Manipulation’ Probe Continues
28.12.2023
Source: Global Image Archive/Adobe A South Korean court has released a media mogul and business executive on bail as a probe into market manipulation and insider trading at the crypto exchange Bithumb continues. The executive, Won Young-sik, is the former CEO of Chorokbaem Group, the parent firm...
South Korea to Make Officials' Crypto Disclosures Public
27.12.2023
Public officials will also be provided an asset disclosure service starting next year to report crypto and other holdings
South Korea to Mandate High-Ranking Public Officials to Disclose Cryptocurrency Holdings by Next Year
27.12.2023
Source: CJ Nattanai/Adobe South Korea has announced that high-ranking public officials will be required to disclose their cryptocurrency holdings starting next year. In a Wednesday press release, the country’s personnel ministry said this proactive approach is intended to address potential...
South Korea’s Leading Crypto Venture Made 29 Investments in 2023, Allocating $28.44 Million in Total
27.12.2023
Source: Pixabay Hashed, South Korea’s largest crypto venture, has invested 36.8 billion won ($28.44 million) in blockchain projects this year. Despite the challenges faced during the prolonged crypto winter, Hashed successfully forged numerous new investments in blockchain infrastructure...
Storm Thwarts Suspected South Korean Crypto Price Fixer’s Flight to China
25.12.2023
Source: Robert Kneschke/Adobe South Korean coast guards – and rough sea weather – appear to have thwarted a high-profile suspected crypto price fixer’s daring effort to flee the country for China. Per Joongang Ilbo, coast guards in South Jeolla Province arrested the man, surnamed Park and nicknamed...