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”
In response to the recent uptick in incidents of fraud and crimes using cryptocurrency, South Korea is contemplating establishing its Joint Virtual Asset Crime Investigation Unit, an official agency. Early in May, talks on this change are expected to begin between key Ministries of South korea. The unit is now
Do Kwon, a co-founder of Terraform Labs, is being held in Montenegro by the Supreme Court, and has refused to extradite him to South Korea. The ruling was issued on March 22, after an aspirant’s argument that this process is outside the jurisdiction of lower courts. A motion challenging the
The appeal that Do Kwon, co-founder of Terraform Labs, filed to prevent his extradition to South Korea was denied by a Montenegrin court. The Appellate Court of Montenegro said on March 20 that it had supported the high court’s decision to extradite Kwon to South Korea, where he holds his
