Tag Archives: south korea

Yoon Suk-Yeol – a member of the Conservative party – won the South Korean presidential election. The new political leader of the East Asian country has demonstrated a pro-crypto stance. Not long ago, he vowed to increase the minimum threshold for paying capital gains tax on profits from digital asset investments. South Korea to Become a Crypto Hub? The presidential election was one of the most contested in the history of South Korea. Yoon Suk-Yeol – a 61-year-old former...

An established player in Metaverse, The Sandbox, is betting big on the technology and is all set to expand business in the metaverse with Cube Entertainment. The partnership aims to promote K-culture content globally via operating virtual space and developing digital assets. The Sandbox-Cube Partnership According to the official blog post, the joint initiative will concentrate on the “detailed collaboration for business expansion” with respect to the metaverse and NFTs. It...

The ruling political party of South Korea – The Democratic Party of Korea (DPK) – will reportedly roll out non-fungible tokens for fundraising in a presidential election. The collectibles will depict Lee Jae-myung’s image (DPK’s candidate for president) and serve as a bond allowing holders to exchange the NFTs with other individuals. NFTs Fueling Presidential Campaign According to a January 3 report by The Korea Times, the initiative will start later this month. Assuming the...

Rep. Lee Kwang-jae – a member of the ruling Democratic Party in South Korea – is reportedly planning to receive campaign donations in digital assets. He also intends to issue non-fungible tokens (NFTs) as a receipt for such contributions starting from mid-January next year. Crypto to Fuel Political Campaigns According to a December 30 report by The Korea Held, the cryptocurrencies included in the initiative will be the two biggest by market capitalization – Bitcoin (BTC) and...

At the stage of the 2021 Global ETP Conference, Sohn Byung-doo stated that the digital asset industry is not very different from capital markets. The exec emphasized the need for investor protection and transaction stability support. The KRX Chief Wants To Study Crypto So far, Bitcoin and cryptocurrencies remain outside the domestic regulatory scope that covers the traditional financial sector. On that note, Byung-doo highlighted the growing number of crypto investors in...

The investment company – SK Square – has reportedly invested 90 billion won ($75.5 million) to acquire a 35% stake at the digital asset exchange Korbit. By doing so, it became the second-largest shareholder at the South Korean trading venue since Nexon’s holding company – NXC – owns 48%. SK Square Expands to The Crypto Universe According to a local coverage, SK Square – a South Korean investment organization focused on ICT (information and communication technology) – joined...

The People Power Party – the opposition party in South Korea – has reportedly proposed a one-year delay on the upcoming taxation rules on trading with digital assets. The lawmakers also intend to revise the tax rate percentage suggesting that investors who generate profits of more than $42,000 should pay 20%, while the initial legislation taxes gains above $2,900. Not Ready for It According to the current propositions, South Korea will start taxing profits from trading with...

South Korean cryptocurrency exchanges that cannot meet up with the Financial Intelligence Unit (FIU) registration exercise are mandated to inform their customers before midnight today that they will be shutting down operations a week before the September 24, 2021 deadline. The affected trading platforms have been instructed not only to inform their customers that they will be halting operations, but they will also need to provide detailed information about how their users can...

The ruling Democratic Party of South Korea intends to delay the upcoming taxation policy of digital assets. According to the officials, taxing bitcoin and altcoin investors still lacks proper infrastructure. Delaying The Crypto Taxation The Democratic Party of South Korea has objections in regards to the upcoming law that plans to start taxing gains made from cryptocurrency investments. According to a recent report, they have even passed a bill that could suspend the...

Financial Services Commission (FSC) Chairman nominee Koh Seung-beom opined that digital assets would not work successfully as financial instruments. He went further, stating they “could not function as a real currency.” Are Digital Assets Real Money? Koh Seung-beom – nominated by the Korean President to be the next Chairman of the FSC – expressed his skepticism regarding the successful role of cryptocurrencies in the economic system. He agreed with the International Monetary...