Tag Archives: south korea

The authorities of South Korea confiscated the cryptocurrency holdings of 12,000 people. The locals received charges of tax evasion, and 53 billion won or $47 million worth of BTC, ETH, and other digital assets were seized from them. The Largest Crypto Seizure for Back Taxes in Korean History Following a months-long investigation, the officials in the most populated South Korean province – Gyeonggi – targeted 12,000 wealthy residents under suspicion of tax avoidance. The...

South Korea continues to enforce stricter rules on the cryptocurrency space with the latest legislation to classify exchanges as high-risk entities. The move comes as the Asian country aims to enhance the monitoring of financial transactions and user ID verifications. The Korea Times reported that the Financial Services Commission (FSC), South Korea’s financial watchdog, has implemented a new classification on cryptocurrency exchanges. According to the new legislation,...

The Solana Foundation has partnered with the large South Korean blockchain accelerator ROK Capital to launch a $20 million fund. It aims to develop the Solana blockchain ecosystem by enhancing various projects, including those related to DeFi, NFTs, and Web3. Solana and ROK Capital Launch a $20M Fund Founded in 2017, Solana is a web-scale blockchain providing “fast, secure, scalable, and decentralized applications and marketplaces.” By employing the intra-shard parallelism,...

BitMEX announced a $100,000 grant for the Korean-based Bitcoin scaling researcher – Calvin Kim. Furthermore, the crypto derivatives exchange informed about an additional $50,000 donation from its partner – the Human Rights Foundation. BitMEX’s $150K Renewal In a recent statement, the popular Bitcoin derivatives trading venue BitMEX announced it had renewed Calvin Kim’s developer grant until June 2022, supporting him with an additional $100,000. In August 2020, the exchange...

South Korea announced plans to establish a pilot program examining the possibility of developing and launching a digital version of the won. The country’s central bank will focus on how the CBDC will work with mobile payment transactions, internet banking, saving accounts, transferring funds, and more. South Korea CBDC Pushes Forward According to a recent Reuters report, the Bank of Korea (BOK) will develop a pilot platform to boost its central bank digital currency (CBDC)...

The significant rise of the altcoins in price and popularity has raised concerns among South Korean officials. The nation’s bank association has advised its members to investigate the rapidly growing number of alternative coins available for trading on crypto exchanges. South Korea Warning for Altcoins Although bitcoin is well in green since the start of the year, 2021 is so far going towards the altcoins. Multiple coins have skyrocketed in value in recent months, leading to...

The South Korean cryptocurrency exchange platform V Global was accused of luring 40,000 people into illicit multi-level deceit. The entire scheme amounts to more than 1.7 million won, which equals $1.5 billion. The Investigation As reported by the Korean officials, the police raided many places in the country related to a virtual cryptocurrency exchange, and its notorious CEO – known as LEE – alleged to fundraising without regulatory permission. The authorities blocked the...

With the impending taxation of cryptocurrency gains in South Korea, a recent poll showed that most citizens are in favor of such a rule. When it came down to age, though, the younger generations were significantly less opened to the idea of getting taxed for their crypto trading. South Koreans Support Crypto Taxation The East Asian country has dabbled with implementing cryptocurrency regulations and taxation on profits for years. However, the unexpected breakout of the...

The latest adverse price developments in the cryptocurrency markets have normalized the Korean bitcoin premium known as the Kimchi premium. With the enhanced volatility, though, experts warn traders to be highly vigilant as the market is still over-leveraged. Kimchi Premium Cools Down The Kimchi premium represents the difference in bitcoin’s price on global exchanges and such operating in South Korea. CryptoPotato reported in early April that the metric, named after a...

On the flip side of growing bitcoin adoption, the digital asset is being used to elude taxes in Korea. The intensified effort of the country’s tax agency towards curbing the menace is yielding results, according to a recent report.Nothing is Hidden Under The ChainLast month, the Korean government finalized its decision to levy taxes on bitcoin capital gains. The ruling was in line with the growing acceptance of the digital asset and its similarity with other taxable financial instruments. The...