South Korean employees of the prominent crypto exchange, Upbit, are earning more than their equivalents at major banks. This is due to the booming cryptocurrency market. Recent data from the Financial Supervisory Service (FSS) reveals that the average salaries at Upbit’s operator, Dunamu surged to 133.73 million South Korean won
South Korea’s National Pension Service (NPS), the world’s third-largest pension fund, has made a significant investment in the cryptocurrency sector. By acquiring 245,000 shares of MicroStrategy (MSTR) during the second quarter of this year. This investment is valued at approximately $33.75 million, highlighting NPS’s growing interest in cryptocurrency. MicroStrategy, a
Terraform Labs’ co-founder, Do Kwon, is about to be extradited to South Korea. A chain reaction of court disputes and opposing extradition demands from the US and South Korea led to this latest turn of events. Now that the Montenegro Appellate Court has given its verdict, Kwon may go back
The cryptocurrency sector in South Korea encountered a revised version of the FSC’s Virtual Asset User Protection Act. This revised version included a charge of supervisory fees for leading crypto exchanges such as Upbit, Bithumb, Coinone and GOPAX. The exchanges are required to pay a regulatory fee of 300 million
The first cryptocurrency regulatory framework in South Korea is currently up and operational. Prioritized in the wake of the catastrophic 2022 crypto market crashes at Terra-Luna and FTX, the new regulations aim to provide investor protections. After receiving formal approval on July 18, 2023, the Virtual Asset User Protection Act
The South Korean ruling party, conservative People Power Party (PPP) is considering postponing the taxation of cryptocurrency investment gains with a 20 percent tax to January 2028. Cryptocurrency income taxation scheduled earlier in October 2021. As the tax law passed by the National Assembly during the former president, Moon Jae-in’s
The world’s largest crypto exchange, Binance, is reportedly finalizing negotiations with Megazone, a South Korean cloud service provider, to sell its ownership stake in Gopax. According to the South Korean local news report, this move is part of Binance’s strategy to enhance its governance structure in response to regulatory requirements
A system to continuously monitor cryptocurrency exchanges for suspicious transactions has been created by South Korea’s Financial Supervisory Service (FSS). The FSS announced its collaboration with South Korean digital asset exchanges. In order to put up a mechanism for continuous monitoring of suspicious transactions on July 4. The Virtual Asset
Two police officers in South Korea are facing trial over an alleged bribery case involving a high-profile crypto fraud case. It involves an alleged crypto fraudster surnamed Tak. Tak was accused of orchestrating an art-themed altcoin scam and for running a fake Ethereum and NFT-related project convincing people to invest
South Korea’s charities and contribution campaigns may take a hit as digital currencies are not included in the country’s recently revised donation laws. According to Kyunghyang Shinmun, a local media site, the Ministry of Public Administration said on May 5 that they had submitted modifications to South Korea’s “Donations Act”
