Tag Archives: south korea

The Bitcoin kimchi premium in South Korea has plummeted significantly amid a broader market decline, signifying weakened enthusiasm among digital asset investors in the country. According to data from CryptoQuant, the Bitcoin kimchi premium slumped to 1.5% on Friday during the afternoon trading session in Asia. Bitcoin Kimchi Premium Slumps For the uninitiated, the kimchi premium is an indicator of the difference between Bitcoin’s valuation on South Korean exchanges and...

CoinspeakerSouth Korea Issues Warning to Citizens: Declare Overseas Crypto Holdings or Face Prosecution The warning stated that June 30 had been earmarked for reporting overseas financial holdings. South Korea Issues Warning to Citizens: Declare Overseas Crypto Holdings or Face Prosecution

Upbit, a cryptocurrency platform based in South Korea, is responsible for over 80% of the country’s trading activity and has become among the world’s leading five exchanges in terms of trading volume. According to a Bloomberg report, Upbit’s customers were responsible for nearly a fifth of the total deposits from its major banking partners last year. Upbit’s Dominance Sparks Concerns Upbit’s dominance has drawn criticism and concerns, particularly as South Korea moves to...

The Korean crypto markets have recently experienced a surge in trade volume, reaching heights not seen in over two years. According to a report from Kaiko, the first quarter of 2024 marked an important milestone as the South Korean Won (KRW) surpassed the U.S. Dollar (USD) in terms of cumulative trade volume. Competition and Shifting Dynamics This surge in trading activity comes amid fierce competition among Korean exchanges and shifting market dynamics. Upbit, a major player...

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...