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Extensive investor losses are expected as roughly two thirds of South Korean crypto exchanges struggle to meet toughened registration rules.
Seoul’s Central Customs has prosecuted, fined, or is currently investigating 33 individuals who were allegedly involved in 1.69 trillion won ($1.48 billion) worth of illegal overseas cryptocurrency transactions in South Korea, The Korea Times reported today.
Fifty crypto businesses based in South Korea have applied for a license under the new Information Security Management System (ISMS), a government-backed certification that certifies companies that meet stringent standards of data protection and privacy.
South Korea’s Financial Services Commission (FSC) announced restrictions for executive employees and exchange operators, preventing them from trading on their own platforms.
South Korean police arrested 14 people involved in a cryptocurrency fraud case totaling $3.5 billion earlier this month, bringing the country’s losses to $5 billion in the last five years, reported the South Korean daily newspaper Hankyoreh on the 26th.
Blinded by the promise of fast cars, luxury hotels, and stacks of dollar bills, young Koreans turned to crypto trading as a means of building wealth but ended up with the exact opposite, reports local daily The Korea Times.
The Korea Federation of Banks (KFB) has recently urged its members to estimate the total number of altcoins their crypto exchange clients are offering to measure risks associated with them, local outlet The Korea Herald reported yesterday.
The ruling party of South Korea has proposed a new bill that aims to limit crypto-related companies’ ability to trade digital assets and increase their liability in case of a hack, local news outlet Naver reported today.
South Korean crypto exchanges processed more Dogecoin trades yesterday than the average volume of stocks traded on the country’s traditional exchanges, data from multiple sources shows.
A new survey in South Korea has shown that 53.7% of respondents support the upcoming implementation of capital gain taxes on profits from crypto trading, local outlet Yonhap News Agency reported today.
An article today from the leading South Korean newspaper Chosun Ilbo detailed the phenomenon of obsessive Bitcoin tracking and mentioned the impact of price fixation on the lives of young Koreans, even to the point of interfering with their work commitments.
The chairman of South Korea’s Financial Services Commission (FSC), Eun Sung-soo, has ordered the regulator’s employees involved in digital assets-related policymaking to disclose their crypto holdings by May 7, local outlet The Korea Times reported today.
South Korean officials are in talks to delay a crypto taxation law scheduled for later this year, as per a report by local daily Hankyung today.
South Korea’s Seoul metropolitan government has seized 25 billion won ($22 million) worth of crypto from tax evaders—directly out of their exchange accounts, local news outlet Yonhap reported yesterday.
Eun Seong-soo, chairman of the Finance Committee in South Korea, said this morning that over 200 cryptocurrency exchanges at the risk of being closed down in September this year if they fail to follow the relevant regulations, as per a report on leading local outlet Chosun.
South Korea’s regulators have announced a new crackdown on crypto-related illegal activity amidst the ongoing digital assets trading boom, local news outlet Yonhap News Agency reported today.
A Korean crypto company had ambitious plans to launch a Bitcoin exchange-traded fund (ETF) in the crypto-frenzied market last week.
Bitcoin is trading at nearly $66,000 in South Korea.