South Korea’s ruling People Power Party is reportedly advocating for a further two-year taxation postponement on cryptocurrency investment gains, which appears to be part of the party’s campaign for the general election coming in April. Notably, the program was scheduled earlier for 2023 and rescheduled to January 2025, and the current People Power Party request...Read More
South Korea has witnessed a surge in crypto trading, particularly following a market recovery. Correspondingly, authorities in the country received almost 49% more alerts of potentially suspicious transactions from crypto service providers in 2023 compared to the previous year. A paper from the Financial Intelligence Unit (FIU) revealed that South Korea logged 16,076 instances of...Read More
South Korea’s crypto landscape was dominated by Upbit for the longest time. However, there seems to be a shift underway as Bithumb gains momentum, gradually capturing Upbit’s market dominance. The latest development surfaces amid intensifying crypto trading activity in South Korea, particularly with the surge in Bitcoin trading. Bithumb’s Market Share Peaks at 72% Crypto...Read More
The South Korean government is taking extra steps to ensure the protection of crypto investors from unfair market activities and criminals by imposing higher fines and punishments for violations of certain provisions. According to a press release, crypto criminals face jail terms of more than a year or a fine equal to three to five...Read More
South Korean prosecutors revealed on Monday that they had apprehended and placed under custody three executives, including its two co-chief executive officers, from the crypto yield platform Haru Invest. The trio is facing accusations from Seoul prosecutors of embezzling about 1.1 trillion Korean won, which translates to roughly $826 million in crypto, from around 16,000...Read More
Speculation about the South Korean government rethinking its hostile stance on spot Bitcoin exchange-traded funds (ETFs) may be true, as the country’s financial regulator has officially indicated interest in the products. A report from local media outlet Hankyung has revealed that the Financial Supervisory Service (FSS) of South Korea intends to meet with the United States Securities...Read More
In the last month, there has been a notable increase in crypto trading in South Korea. Kaiko’s latest analysis reveals a substantial surge in Bithumb’s Bitcoin volume, even though zero-fee trading was introduced several months ago. The trading volume of the flagship crypto asset on the platform appears to be approaching a whopping $3 billion....Read More
Following its initial hostile outlook on the spot Bitcoin exchange-traded fund (ETF), the South Korean government may be giving a second thought to its stance on the financial product. This movement is driven by comments from Sung Tae-yoon, the recently appointed South Korean Presidential Chief of Staff, and an analysis from the Industrial Bank of...Read More
Hashed – South Korea’s leading crypto venture – has defied the challenges of the crypto winter, investing a massive $28.44 million (36.8 billion won) in blockchain projects this year. The long crypto winter has failed to deter Hashed which has not only weathered the storm but has expanded its footprint in blockchain infrastructure and gaming...Read More
South Korea has taken a significant step towards increasing transparency and integrity within its public sector. Starting next year, high-ranking public officials will be required to disclose their cryptocurrency holdings under a new legislation announced by the country’s Ministry of Personnel Management. New Bill to Advance Transparency in the Public Sector Under the new legislation,...Read More
CryptoQuant’s recent analysis points to an interesting trend in the crypto market, specifically the overheating of the Korean premium. The high values of the Korean premium are interpreted by the on-chain intelligence firm as a potential indicator of strong buying pressure from Korean retail investors. While a high Korean premium might be interpreted as a...Read More
South Korean law enforcement revealed that hackers from the Democratic People’s Republic of Korea (DPRK), also known as North Korea, impersonated government agencies and journalists in South Korea to steal crypto. The hackers were said to employ email phishing techniques to carry out the dubious act on unsuspecting victims. DPRK Hackers Reportedly Focused on Stealing...Read More
In a move to modernize its financial infrastructure, South Korea is set to embark on a pioneering project involving digital currency. Commencing in the fourth quarter of 2024, the nation will start a pilot program involving the participation of 100,000 citizens, signifying a significant stride towards the nationwide implementation of digital currencies. South Korea to...Read More
Traders in Asia, especially South Korea, have played a major role in driving the unexpected surge in digital asset market volume. Data from CCData reveals a significant rise in market share for South Korean-based exchanges. In November, their market share surged to 12.9%, a significant increase from the 5.2% recorded in January. This rise aligns...Read More
Bithumb is gearing up for its initial public offering (IPO). This comes weeks after the South Korean crypto exchange picked Samsung Securities as its underwriter, which is tasked with creating the prospectus, a legal document that furnishes comprehensive details about the initial public offering (IPO). Bithumb Eyes for IPO in 2025 According to a report...Read More
South Korea’s largest wireless carrier – SK Telecom – has announced signing a tripartite agreement with Aptos Labs and Atomrigs Labs. The latter serves as its technology partner. According to the official announcement on the LinkedIn post, the strategic partnership is expected to enhance SK Telecom’s affiliations with customer-preferred mainnets and decentralized applications(dApps). The focus...Read More
South Korea has emerged as a global hotspot for cryptocurrency investment in recent years, according to a recent survey, with six million crypto investors representing over 10% of the country’s total population. This phenomenon has reshaped the financial landscape and highlighted the dominance of centralized exchanges in the Korean crypto market. A Closer Look at...Read More
Sui Network – a layer 1 blockchain – has gained significant traction since its mainnet launch in May. However, South Korean regulators believe the developers lied about several aspects of the token. According to the latest report by a local news agency, the director of the Financial Supervisory Service (FSC) said that an investigation will...Read More
In spite of previous high-profile disappointments tied to the crypto industry, such as 3AC and the ill-fated investment into FTX, the Singaporean government has been approving quite a few crypto platforms during the past weeks. The latest to get the preliminary nod is the South Korean giant – UPbit. Spree Of Approvals Ripple, Coinbase, and...Read More
Upbit, a South Korean cryptocurrency exchange, faced over 159,000 hacking attempts during the first half of 2023, as reported by its operating company, Dunamu. This figure represents a significant surge, with a 117% rise compared to the same period in 2022 and an astounding 1,800% increase compared to the first half of 2020. Upbit is...Read More
Eastern Asia ranks as the fifth most active crypto market, contributing 8.8% of global digital asset activity between July 2022 and June 2023. Its decline over the last few years has been notable – largely propelled by the big blow to the Chinese trading activity and mining sector. Chainlysis’ latest analysis signals a potential tailwind...Read More
South Korea’s tax agency announced today that taxpayers have declared overseas cryptocurrency assets worth 130.8 trillion won ($98.5 billion) this year following the introduction of mandatory reporting requirements. This shows a rise from the previous year’s figures, indicating the increasing importance of cryptocurrencies in the country’s financial landscape. Report Reveals $98.5 Billion in Overseas Crypto...Read More
Delio, a South Korea-based Bitcoin lender, is reportedly planning to launch an administrative lawsuit against local financial regulators, citing poor and incorrect interpretation of the law. This new lawsuit comes after an investigation and fine imposed on the Bitcoin lending firm by the South Korean watchdog. Delio to Sue South Korean Watchdogs Earlier this month,...Read More
One of South Korea’s major financial institutions – Hana Bank – unveiled plans to introduce digital asset custody services starting. This announcement was made during Korea Blockchain Week in Seoul by the bank, which boasts total assets worth $448 billion. For the initiative, Hana Bank has teamed up with Palo Alto-based digital asset custody provider...Read More
The Korea Federation of Banks (KFB) reportedly intends to require domestic cryptocurrency exchanges to hold at least 3 billion won (around $2.26 million) as a reserve. The local authorities have been quite strict with such entities lately, urging them to set up proper guidelines in terms of listing and delisting of digital assets to ensure...Read More
Even as XRP encountered considerable upheaval due to escalating regulatory challenges, South Korean investors have remained unfazed. In fact, the asset has emerged as the most preferred one in their portfolios, especially those in their 20s. This is evident by new findings, which show XRP comprising 20.7% of their investments, surpassing the combined 17.5% allocation...Read More
South Korean digital asset savings and lending firm Delio has plunged into a deeper crisis more than a month after suspending user withdrawals. The authorities seized Delio’s assets on July 18th, which reportedly disrupted its operations. According to the latest update, the actions by the South Korean regulator have made it “difficult for the company...Read More
According to local Korean media, the first trial in the court case brought by the authorities against Shin Hyun-Seong – known internationally as Daniel Shin – is now in full swing, with the first hearing due today – July 10. Several Accusations at Stake Following a discovery hearing held in March, Shin was accused of...Read More
Swiss prosecutors have reportedly frozen $26 million in cryptocurrencies and US dollars tied to Terraform Labs’ co-founder – Do Kwon, and some of his associates. The former crypto mogul purportedly stored those assets at Sygnum Bank. According to the US SEC, he used a Swiss banking institution to cash out 10,000 BTC after the LUNA/UST...Read More
The authorities of Montenegro reportedly consider extending Do Kwon’s custody in the country for another six months before taking an official decision on his possible extradition. The homeland of Terraform Labs’ co-founder – South Korea – and the world’s biggest economy – the United States of America – have both requested his deportation. The Montenegrin...Read More
