Tag Archives: south korea

Two leading South Korean cryptocurrency exchanges, UpBit and Bithumb, have issued a warning for Litecoin after the activation of MimbleWimble Extension Blocks (MWEB). Growing Concerns UpBit revealed terminating “transaction support for digital assets with technology that makes transmission records indistinguishable from the past” while pointing to Korea’s Act on the Reporting and Use of Specific Financial Transaction Information. Under this act, crypto exchanges in the...

South Korea’s National Tax Service has reportedly ordered Terraform Labs, its co-founder Do Kwon, and other executives to pay a 100 billion won ($78 million) fine for tax evasion penalties. The Genesis According to local reports, the tax agency first launched an investigation into Terraform Labs and its subsidiaries in June last year on suspicion of corporate and income tax evasion. The investigation found that two of the company’s subsidiaries were registered abroad in the...

The catastrophic failure of Terra’s algorithmic stablecoin, TerraUSD (UST), last week exacerbated the chaos in the crypto industry and accelerated plans to regulate the stablecoins market. Following the market meltdown, global financial regulators started proposing different legislations to regulate stablecoins better and prevent similar incidents from occurring in the future. UK to Legalize and Regulate Stablecoins Over the weekend, the United Kingdom Treasury revealed plans...

The new government of South Korea will reportedly finalize the regulatory framework on the local digital asset ecosystem next year and enforce it in 2024. The legislation will aim to incorporate cryptocurrencies like bitcoin into the country’s institutional system. In addition, the authorities have greenlighted the Bank of Korea’s efforts to launch a CBDC in 2023. South Korea Embracing Crypto Just two months after Yoon Seok-youl secured a victory in South Korea’s presidential...

South Korea arrested two citizens on the charge of stealing military secrets for a North Korean spy, who paid them with cryptocurrency. One of the two is a crypto exchange executive who has received $600,000 since working for the agent last year. South Korea is yet to catch the North Korean spy, who – the authorities believe – is operating overseas. Infiltrating South Korea’s Military Department According to South Korean police and prosecution officials, the head of the...

South Korean investors reportedly own over $5 billion worth of Bitcoin (BTC). Ripple (XRP) is the second most popular digital asset as locals hold nearly $4.8 billion in it. BTC and XRP Lead the Way South Korea’s leading crypto exchanges – Upbit, Bithumb, Coinone, and Korbit – conducted a study to determine which digital assets are the most attractive to local investors. The largest cryptocurrency by market capitalization – Bitcoin (BTC) – places first as South Koreans have...

The Korea Fair Trade Commission (KFTC) is reportedly ready to impose tougher regulations on Dunama – the parent company of the country’s largest crypto exchange, Upbit – by classifying it as a “large enterprise.” The authority deems firms with more than 5 trillion won ($4.03 billion) assets subject to stricter regulatory scrutiny, requiring them to “disclose information on major intracompany dealings, board decisions, and shareholders.” Dunamu held 10.15 trillion won (US$8.19...

Hyundai Motor Company will become the first automaker to hop on the community non-fungible token (NFT) market. The organization will launch 30 limited digital collectibles in collaboration with the NFT brand “Meta Kongz.” Another Well-Known Name Joining the NFT Craze The South Korean car giant – Hyundai Motor Company – released a film depicting the “Metamobility Universe.” The latter reflects on the entity’s NFT endeavors, first unveiled earlier this year. In the film, the...

South Korea’s National Tax Agency’s chairman Kim Dae-Ji held a meeting this week with tax executives from Bulgaria and Britain to discuss the “rise of tax-dodging schemes”  through the use of digital assets.  As per a report from a local news outlet, the National Tax Agency plans to further cooperate with Bulgaria and Britain to track down individuals who use “new financial products” such as cryptocurrencies to dodge taxes, primarily through offshore schemes. Dae-Ji held the...

South Korea-headquartered LG Electronics has added blockchain and cryptocurrency to its business portfolio. LG’s Blockchain and Crypto Game Plans At the Annual General Meeting on March 24, LG Electronics’ shareholders approved “blockchain-based software” development and “sale and brokerage of cryptocurrency” as two new business areas. Although LG has included the sale and brokerage of cryptocurrency in its business charter, it doesn’t seem to be opening a digital exchange...