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South Korean Banking Association Concerned Over Surge of the Altcoin Trading Frenzy
12.5.2021
A banking association in South Korea recently added weight to regulatory discussions across the country, raising concerns about the high altcoin trading volume. The Korea Federation of Banks (KFB) requested its members to audit trading volumes through their crypto exchanges’ customers’...
South Korean Parliamentary Advisory Body: Make a Central Crypto Regulator
12.5.2021
A South Korean National Assembly-affiliated body has formulated a set of recommendations for further regulating the nation’s crypto industry, including the creation of a new government-run department for crypto-related matters.
According to Herald Kyungjae and Chosun, the National Assembly Research...
‘Elderly’ South Korean Crypto Fans Brave 30-min Waits at Customer Centers
11.5.2021
South Korean Crypto Fever 2.0 shows no sign of abating – with customers weathering waiting time of 30 minutes or more as queues of wannabe investors wait to get face-to-face service from the crypto exchange Bithumb’s reopened offline center in Seoul’s affluent Gangnam District.
As previously...
South Korea to Crack Down on Phishing Websites Attacking Crypto Users
10.5.2021
South Korean authorities are intensifying their monitoring of phishing activity related to cryptocurrencies. The government has identified a record number of websites trying to obtain login details from crypto exchange users. Over 30 sites have been taken down in just three months this year. Seoul...
South Korean Police Officers Banned From Buying Cryptocurrency
8.5.2021
A recent ban imposed by the South Korean National Police Agency will bar particular officers from purchasing additional cryptocurrencies. The announcement coincides with a report revealing a heightened domestic availability of digital coins, in comparison to the global marketplace. South Korea...
South Korea to Impose a 20% Tax on Crypto Mining Activities
8.5.2021
The cryptocurrency industry in South Korea keeps facing regulatory challenges, and it seems that dust is far from settling. Now, crypto miners will be required to pay taxes, following the same path as digital assets traders. Ruling to Take Place Starting 2022 According to a report published...
South Korean Gov’t Has ‘Invested USD 44.5m in Crypto Firms Since 2017’
6.5.2021
Opposition lawmakers have launched a stinging attack on the South Korean government, accusing it of hypocrisy after it emerged that publicly owned companies and government departments have invested a combined USD 44.5m in crypto-related projects in the past four years.
The data was compiled by...
Digital Currency Group backs South Korean crypto exchange operator
6.5.2021
Streami, the company behind the popular GOPAX exchange, has received direct funding from Digital Currency Group
South Korean Bitcoin miners can deduct electricity costs from crypto tax filings
6.5.2021
Crypto miners will be able to deduct electricity costs as business expenses when filing cryptocurrency taxes starting in 2022
South Korean regulators tell banks to open the books on cryptocurrency exchanges
6.5.2021
Authorities are looking to tighten their grip on the cryptocurrency industry
South Korean Police Raid Crypto Exchange Allegedly Involved in a $214M Multi-Level Marketing Fraud
6.5.2021
Authorities in South Korea have launched a major raid against a domestic crypto exchange allegedly involved in a millionaire multi-level marketing (MLM) fraud. The police accuse V Global platform of running an illicit operation that reportedly stole hundreds of millions of dollars from investors....
South Korean Crypto Tax U-Turn Looking Unlikely, Despite Outcry
5.5.2021
Despite the recent outcry about crypto tax among younger South Koreans, a new small survey has found that most of the respondents are in favor of imposing taxes on crypto traders’ profits.
Per Segye Ilbo and Chosun, the survey quizzed 500 people aged 18 and over nationwide and was commissioned...
South Korean Ruling Party Contemplates Postponing Crypto Tax in a Bid to Regain Younger Votes
4.5.2021
South Korean political parties are now battling to catch younger votes amid the tough stance among higher government spheres toward digital currencies. As voters are disappointed by how parties are handling the issue, one of them has taken a step forward by talking about the forthcoming crypto tax....
South Korean Banking Regulations a Threat to ‘Big 4’ Crypto Exchanges
4.5.2021
South Korea’s newly imposed anti-money laundering (AML) and banking regulations are causing tensions that have reportedly left even the big four domestic crypto exchanges to fear for their futures.
The new regulations, which force crypto exchanges to ensure all of their customers use real name-...
Young South Korean Crypto Enthusiasts Ditch Youtube For TikTok
30.4.2021
Young South Korean crypto enthusiasts are reportedly increasingly shunning YouTube – once their favorite resource for crypto investment advice and token-related talk – in favor of TikTok-based crypto content-makers.
Per Chosun, Generation Z investors are increasingly looking to broaden their...
Police: Suicide Linked to USD 180,000 Crypto Losses
29.4.2021
Source: iStock/D-Keine
A South Korean man aged in his twenties has committed suicide – and police claim that a crypto investment gone wrong likely drove him to take his own life.
Police in Gangneung, Gangwon Province, said the man was found dead in the area on the afternoon of April 24. No suicide...
South Koreans File Online Petitions Seeking to Remove a Chief Regulator After Harsh Crypto Comments
28.4.2021
As the South Korean government keeps strengthening the harsh rhetoric against cryptocurrencies, citizens have become increasingly angry due to the recent words from regulatory authorities. Over the weekend, petitions started to appear on the web, seeking the removal of the head of...
South Korean Regulators Tell their Staff: ‘Stay Away from Crypto’
28.4.2021
A number of South Korean civil servants could be barred from making crypto investments, with a ban on token-related activities for those who work for financial regulatory bodies.
In a report from the TV network SBS, a journalist stated that employees of the top financial regulators, the Financial...
LUNA on the Rise as South Korean City Mulls Terra Stablecoin Proposal
27.4.2021
Terra’s LUNA token is enjoying a rapid burst of growth, with prices up almost 9% on the past 24 hours – following news that the South Korean firm may be working on local stablecoin-related plans with the nation’s second city, Busan.
At 09:05 UTC, LUNA, ranked 21st by market capitalization, trades...
All 200 Cryptocurrency Exchanges Could Be Shut Down Under New Regulation in South Korea, Regulator Warns
27.4.2021
The chairman of South Korea’s top financial regulator, the Financial Services Commission (FSC), Eun Sung-soo, has warned that all of the cryptocurrency exchanges in the country could be shut down. South Korea currently has about 200 cryptocurrency exchanges, he said. All Crypto Exchanges...