Tag Archives: south korea

Bithumb Korea’s fiscal performance for the year 2023 took a significant hit as it remained unfazed by the improvement in the trading volume that the platform witnessed throughout the year. With a more than 57% decline in annual revenue, dropping from 3.201 billion Korean won in 2022 to 1.358 billion won in 2023, Bithumb’s disappointing figures can be attributed to several factors, including a controversial trading policy to woo retail traders. According to a report by the...

CoinspeakerSouth Korea to Introduce Stringent Guidelines for Crypto Exchange Listings in May The South Korean government is about to roll out new guidelines to impose stricter regulation for token listings on centralized crypto exchanges (CEXs) as soon as next month.   South Korea to Introduce Stringent Guidelines for Crypto Exchange Listings in May

The United States government is set to continue its fight for the extradition of Terraform Labs co-founder Do Kwon to the country after a Montenegrin court ordered the deportation of the crypto mogul to his home nation, South Korea. According to a Bloomberg report, prosecutors in the U.S. are hellbent on making Kwon face charges for his role in the $40 billion collapse of the TerraLuna ecosystem in May 2022. “The United States continues to seek Kwon’s extradition in...

The National Police Agency of South Korea is calling for help with extraditing Do Kwon shortly after a Montenegro court refused to send him to the United States. Per a report from local outlet Newsis, the agency sent a telegram to the Secretariat of the International Criminal Police Organization (Interpol) on Thursday. “We hope for interest and support at the Secretariat level so that the subject can be extradited to Korea,” reads a translation of the request. “The Ministry...

In 2023, Gyeonggi Province, the most populous province in South Korea, collected millions of dollars from tax evaders by tracking their crypto assets on several centralized exchanges. According to a report by local media Yonhap News Agency, the Gyeonggi Tax Justice Department accrued 6.2 billion won ($4.67 million) in undeclared taxes from evaders by using a special electronic management system that tracked the delinquents’ virtual assets. Gyeonggi Collects $4.6M in...

With spot Bitcoin ETFs being all the rage, South Korea’s opposing party has a new trick in hand to garner support from the masses ahead of the general election on April 10. According to reports from local news media on Tuesday, the Democratic Party of South Korea is advocating for allowing local citizens to invest in spot Bitcoin ETFs and for financial institutions to launch such investment vehicles. South Korea’s Opposition Champions Spot Bitcoin ETFs The party aims to...

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 is looking to push it to 2027. People Power Party Wants Extension on Tax Policy According to a report by Herald...

CoinspeakerCrypto Tax Delay Proposed in South Korea Ahead of Elections The ruling People Power Party of Korea believe that the establishment of regulations for cryptocurrencies is more important than implementing immediate taxation. Crypto Tax Delay Proposed in South Korea Ahead of Elections

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 reported crypto transactions suspected of links to activities like money laundering, market...

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 trading activity in South Korea has seen a notable increase, particularly in light of the broader market...