South Korean Deputy Prime Minister Eases Anti-Crypto Rhetoric, Aims to Create More Domestic Market Opportunities

Chinese Internet Cafe Owners Deal With the Pandemic Crisis by Using Their Facilities to Mine Cryptocurrencies

South Korean Ministries ‘Do Not Want’ to Take Charge of Crypto-Related Regulation, Claims Official

South Korean Ministries ‘Do Not Want’ to Take Charge of Crypto-Related Regulation, Claims Official

The crypto regulation crisis is on fire in South Korea, as politicians have struggled to reach agreements with top government officials to ease rulings. A local media outlet reveals that South Korean ministries “do not want†to take charge of the country’s digital assets’ regulation, after several meetings held in the last few days. Prime […]

South Korean Banking Association Concerned Over Surge of the Altcoin Trading Frenzy

A banking association in South Korea recently added weight to regulatory discussions across the country, raising concerns about the high altcoin trading volume. The Korea Federation of Banks (KFB) requested its members to audit trading volumes through their crypto exchanges’ customers’ altcoin activity. Altcoins Trading Volume Outperformed Bitcoin Last Weekend in South Korea According to […]

Japanese Assembly Members Seek to Make Tokyo a ‘Cryptocurrency Trading Center’

Japan is steadily becoming an area of interest for the cryptocurrency industry, and a politician in the capital city is looking to strengthen the trend. A member of the Tokyo Metropolitan Assembly wants to transform the Japanese capital into a “trading center†for cryptos. Blockchain as a ‘Growth Strategy’ to Create Industry Hub Yuu Ito, […]

Kazakhstan Is Preparing the Launch of a CBDC Pilot With Private Financial Companies

Central bank digital currencies (CBDCs) are steadily becoming a serious discussion among governments globally, with Kazakhstan as the latest country unveiling its plans. The National Bank of Kazakhstan is making preparations to launch a CBDC pilot program soon. The National Bank Released a Public Consultation Paper According to the announcement published on their website, the […]

Vietnam Plans to Regulate Digital Currencies After Commissioning a Crypto Research Group

Vietnam is treading waters into the cryptocurrency industry, as the government recently commissioned a research group for the purpose. The Vietnamese Ministry of Finance is conducting an in-depth study of cryptocurrencies for regulation purposes. One Million Vietnamese Are Reportedly Crypto Users According to ASEAN Briefing, the ministry seeks to gather enough data to clearly see […]

South Korean Police Raid Crypto Exchange Allegedly Involved in a $214M Multi-Level Marketing Fraud

Authorities in South Korea have launched a major raid against a domestic crypto exchange allegedly involved in a millionaire multi-level marketing (MLM) fraud. The police accuse V Global platform of running an illicit operation that reportedly stole hundreds of millions of dollars from investors. Masterminds Could Have Defrauded Over 40,000 People According to Yonhap, police […]

South Korean Ruling Party Contemplates Postponing Crypto Tax in a Bid to Regain Younger Votes

South Korean political parties are now battling to catch younger votes amid the tough stance among higher government spheres toward digital currencies. As voters are disappointed by how parties are handling the issue, one of them has taken a step forward by talking about the forthcoming crypto tax. The Democratic Party’s Expectations on Cryptocurrencies According […]

Beijing Is Collecting Data From Local Datacenters Involved in Cryptocurrency Mining Activities

Authorities in Beijing have been conducting checks on cryptocurrency mining datacenters to assess and understand its energy consumption and thus the impact on the electric infrastructure. Although it was reported as a rumor by international media outlets, Chinese state media confirmed it. Authorities Sent an ‘Emergency Note’ to Three Biggest Telecom Operators As first reported […]

Beijing Is Collecting Data From Local Datacenters Involved in Cryptocurrency Mining Activities

Authorities in Beijing have been conducting checks on cryptocurrency mining datacenters to assess and understand its energy consumption and thus the impact on the electric infrastructure. Although it was reported as a rumor by international media outlets, Chinese state media confirmed it. Authorities Sent an ‘Emergency Note’ to Three Biggest Telecom Operators As first reported […]

Former Employees From Major South Korean Firms Quit Their Jobs After Pocketing Millions in Crypto Profits

South Korea’s crypto-sphere has been witnessing a volatile environment in terms of regulatory moves, as bitcoin prices and other altcoins are also having wild moves. Such a scenario hasn’t stopped the country’s middle class to profit from the crypto market, even with very successful stories. One of the Interviewees Risked His Life Savings in Cryptos […]

Crypto Fraud Reports in South Korea Surged Over 41% in 2020, Says Financial Watchdog

Although bitcoin prices plummeted over the weekend, the overall bull-run remains alive, as well as the crypto-related fraud cases in South Korea. The latest figures by the domestic financial watchdog show that such incidents are still on the rise. Police to Dedicate a Special Unit to Investigate Crypto Frauds According to Asia Kyungjae, the Financial […]

South Korean City Threatens to Seize Cryptos From Tax Evaders

Crypto tax evasion is becoming a hot potato for the authorities in some Asian countries, such as Japan and South Korea. A South Korean city is now actively fighting against tax evaders who are suspiciously reporting meager earnings in their filings. 511 Individuals in the Authorities’ Eyes According to Gugkje News, the authorities of Gyeongju, […]

South Korean City Threatens to Seize Cryptos From Tax Evaders

Crypto tax evasion is becoming a hot potato for the authorities in some Asian countries, such as Japan and South Korea. A South Korean city is now actively fighting against tax evaders who are suspiciously reporting meager earnings in their filings. 511 Individuals in the Authorities’ Eyes According to Gugkje News, the authorities of Gyeongju, […]

Former South Korean Social Media Giant in Talks ‘With Major Gaming Companies’ to Implement Its Crypto

A former South Korean social media giant is still keeping alive its promise to relaunch its business with the help of the cryptocurrency industry. A local media outlet reported that Cyworld is in talks with “major gaming companies†that involve crypto-related ventures. Company Also Plans to Launch Its Mainnet to Compete With Kakao According to […]

Study Finds South Koreans Aged 20-39 Mainly Invest up to $100 in Cryptocurrencies

South Korea’s “crypto boom†is a term that the local media has widely adopted to refer to the current hype seen across the Asian nation. In fact, a recent study unveiled a rising trend in the number of South Koreans making small-scale crypto investments. New Crypto Investors Seem Unafraid of Strict Regulations According to the […]

Major South Korean Bank BNK Busan Plans to Offer Banking Services to Domestic Crypto Exchanges

The South Korean crypto frenzy among the banking industry remains on fire, as another major bank is treading waters to offer banking services for crypto exchanges. The BNK Busan Bank launched a program that consists of visiting competitors’ banks that already offer it. BNK Busan Is Visting Its Competitors to Conduct the Research According to […]

South Koreans Are Required to Pay Taxes for Crypto Holdings in Overseas Exchanges, Authorities Warn

South Korean tax authorities are unstoppable in keeping crypto holders in their eyes and making them accountable to pay taxes. The National Tax Service (NTS) has issued a warning to the crypto traders that they have to report their earnings even from tokens held in foreign exchanges. No Details on How the Agency Will Supervise […]

South Korean Tax Agency Identifies Over 2,400 Evaders Who Used Cryptocurrencies to Bypass Taxation

South Korean authorities seem to be focusing on strengthening measures to combat tax evasion across the nation. The country’s tax watchdog profiled thousands of evaders that relied on cryptocurrencies to hide assets worth billions of Korean won. Evaders Hid a Total of $32.24 Million in Assets Per the Korea Herald, the National Tax Service of […]

Japanese Court Convicts Bitcoin Tax Evader- Trader Gets a Year in Prison Plus Fine for $200K

Japanese authorities aren’t hesitating in hunting down anyone considered a crypto tax evader. A court in Ishikawa has sentenced one of them, a 56-year-old man that will spend one year in prison, plus pay a $200,000 fine. Sentenced Man Didn’t Disclose His BTC Trading Activity of the Period 2017-2018 According to Chunichi, a judge at […]

South Korean Officials Notice a Sudden Rise in Crypto Mining Rigs Imports- Over 41 Shipments Intercepted in 3 Months

Crypto adoption is a hot topic in South Korea, and recent figures have been proving it. However, crypto mining activity is also starting to gather interest across the country, per the latest reports from local media outlets. A Single Rig Should Worth $150 ‘or Less’ to Be Considered for Personal Use According to Kyungin Ilbo, […]

South Korean Crypto Transactions Command an Average of $7 Billion per Day on Domestic Exchanges

An investigation unveiled a growing fever among crypto traders in South Korea, who actively transact cryptocurrencies every day. Local media outlets are returning to adopt the term “crypto fever†as the recent billion-dollar figures confirm such a trend. Figures Are Now Higher Than 2018 According to the report made by Dong-A, a major South Korean […]

Ripple’s Asia Pacific Business Flourishing Despite SEC Lawsuit, Says CEO

Ripple chief executive officer Brad Garlinghouse said Friday that the company’s business in the Asia-Pacific region has not suffered from the ongoing regulatory issues in the U.S. Ripple’s Business in Asia and Japan Sees Growth Ripple is facing a $1.3 billion lawsuit from the U.S. Securities and Exchange Commission (SEC). In December, the SEC charged […]

South Korean Moms Are Taking the Lead in Buying Bitcoin Despite the Coronavirus Pandemic

As bitcoin prices keep exchanging hands above the $48k handle as of press time, South Korea notices a particular growing trend in a specific profile of crypto investors. A recent study revealed that a new era of “crypto moms†is emerging across the board in the country. Millennials Are Lagging Far Behind, Says Study Per […]

Thai Financial Regulator Claims Controversial Crypto Rule Proposal Was Just to Gauge Public Opinion

The Thai financial watchdog has reportedly retreated from its initial controversial crypto rule proposal. Citing the country’s Securities and Exchange Commission (SEC), a local media outlet stated that public criticism was significant regarding the matter. People ‘Misunderstood’ Minimum Annual Income Rule, Claims the SEC According to the Bangkok Post, the Thai SEC is retracting from […]

South Korean PC Gaming Rooms Rely on Crypto Mining to Profit During the Coronavirus Pandemic

The coronavirus pandemic has significantly hit several entertainment routines of the people worldwide, and South Korea is not an exception. PC gaming rooms had to shut down in the country, but their owners found a way to make profits during the lockdown by participating in crypto mining. A PC Bang Owner Made Over $3,000 Worth […]

New Crypto Rules in Thailand Could Require Traders to Show Income Before Opening Trading Accounts

Thailand seeks to introduce a new set of rules for retail crypto investors, specifically targeting those who want to open accounts. The Thai financial watchdog could require domestic crypto exchanges to ask traders for proof of income. Thai SEC Could Also Ask Crypto Investors to Prove Their Knowledge of the Market According to a Bloomberg […]

Thailand Authorities Are Targeting Japanese Crypto Holders to Boost Tourism

Thailand seems to be interested in catching Japanese crypto holders’ attention via tourism. The country wants to establish a crypto-friendly touristic hotspot and the first targeted country is the nation of the rising sun. Program Aims to Add New Segments With ‘High Spending’ Per Bangkok Post, the Tourism Authority of Thailand (TAT) seeks to put […]

South Korean Financial Regulator Confirms Privacy Coin Delistings- Adds New Guidelines to Report Unusual Transactions

South Korean financial watchdogs are about to start overseeing crypto-related activities in the nation, and additional barriers for exchanges keep appearing. Moreover, one of the South Korean regulatory bodies codified the measures announced last year on privacy coin listings. No Major Domestic Exchanges Can List a Privacy-Centric Crypto-Asset According to Electronic Times, the Financial Services […]

Chinese Tea Retailer Joins the Crypto Mining Industry After Hiring Two Roles to Lead Its ‘Bitcoin Business Plan’

A Chinese tea retailer is looking to make its inception into the bitcoin mining business. Publicly-listed Urban Tea announced the expansion of its operations by appointing two executives to pursue its crypto plans. Urban Tea Praises Cryptocurrencies’ Widespread Popularity Per the announcement, Urban Tea Inc. hired Fengdan Zhou as the company’s new chief operating officer […]

Token-Driven Karaoke Platform Gets a Boost in South Korea as Pandemic Hits Over 2,100 Singing Rooms

Coronavirus-driven lockdowns and social distancing limits affect people’s way of entertaining themselves, such as going to karaoke. In South Korea, that activity is too popular, and despite the COVID-19 outbreak, the crypto industry is trying to capitalize on it. Somesing: A Blockchain-Based Karaoke App Per Fn News, Somesing, a blockchain-based karaoke app, already hit the […]

South Korean Court Orders Bithumb to Compensate Users for an Accidental BTC Withdrawal Case in 2018

A South Korean court ordered one of the biggest domestic crypto exchanges to compensate victims of an “accidental withdrawal†incident in 2018. Bithumb has been ordered to pay customers who withdrew their bitcoin funds to an unknown wallet. Funds Ended Up in a Wallet With an Unknown Owner According to Fn News, six Bithumb customers […]

Major Malaysian Bank Kenanga Acquires 19% Stake in a Crypto Exchange

One of Malaysia’s top investment banks has bought a 19% stake in a local crypto exchange via its private equity arm. The Kenanga Investment Bank announced its inception into the crypto business by investing in Tokenize Xchange. Tokenize Xchange Is One of the Three Malaysian Licensed Crypto Exchanges Per the official announcement, the bank made […]

South Korean Crypto Exchange Becomes the First Overseas Platform Legally Recognized in China

A South Korean cryptocurrency exchange announced it established its first legally recognized branch in China. Although the nation banned all local crypto trading services, DBX said the firm already obtained a license to go ahead with the operations. Final Certificate of Incorporation Granted on February 5 According to Money Today, DBX received the operating license […]

Former South Korean Social Media Giant to Relaunch Its Business by Creating a New Ethereum-Based Token

A social media giant that significantly impacted South Korea’s internet influence in the early 2000s is set to take a second breath. The company plans to regain its popularity by launching a new cryptocurrency. New Ownership Reportedly Got Over $7 Million From Investors to Rebrand Cyworld According to Hanguk Kyungjae, Cyworld is paving the ground […]

Japanese Pop Star Talks About Her Facet as Crypto Investor — J-Pop Band Releases NFT Trading Cards

Asian showbiz stars have been actively speaking about cryptocurrencies on major broadcasting networks. The Japanese pop sphere is not lagging behind, as one of its stars was featured in an interview talking about cryptos. Former Nogizaka46 Band Member Already Sold Her Crypto Holdings Nakada Kana, a former founding member of the Oricon chart-topping girl group […]

Robbers Take $450K From a Tether Trader During an In-Person Transaction in Hong Kong — Second Incident in 2021

Hong Kong police are investigating the second incident in the year involving an offline cryptocurrency transaction. A female trader is reportedly the latest victim of robbers who stole her HKD 3.5 million ($451,000) worth in tether (USDT) tokens. One of the Robbers Gained Female’s Trust by Performing Three Successful Transactions According to the South China […]

Bithumb CEO Predicts Only Four to Seven South Korean Crypto Exchanges Will Survive New Rules

The CEO of the South Korean cryptocurrency exchange Bithumb has made some predictions regarding the upcoming new rules governing the national industry. In fact, the executive believes there will only be between four and seven exchanges surviving the new regulation. Smaller Companies Unlikely to Meet New Banking, Anti-Money Laundering Protocols on Time During an interview […]

CEO Sentenced to 18-Month Jail Term for Accepting Bitcoin Bribes to List a Cryptocurrency

A South Korean court has sentenced the former CEO of the defunct crypto exchange Coinnest to 18 months in prison. The court also fined him over $61,000, who also was charged for fraud in 2020. Prosecutors Accused Coinnest Executives of Receiving 110 BTC in Bribes According to Fn News, the Supreme Court of Korea determined […]

Crypto Industry’s Favorite Messaging App Telegram Surpasses 500 Million Active Users

Telegram, a popular messaging app within the cryptocurrency space, surpassed 500 million monthly active users during the first week of January, according to Telegram chief executive officer Pavel Durov. In the last 72 hours, said Durov, the app has seen a massive surge in new users, with an additional 25 million people signing up to […]

Major South Korean Bank Shinhan Is Set to Offer Crypto Custody-Related Services

A major commercial bank in South Korea is entering the crypto business by allocating an equity investment in the Korea Digital Asset Trust (KDAC). Shinhan Bank is looking to offer digital asset custody services. Bank Expects to Offer Tech Capabilities to Face Defi-Related Hacking Risks According to inews24, the bank announced the investment in the […]

South Korean Government to Start Taxing Crypto Trading Profits in 2022

The South Korean government has issued an amendment to introduce tax on cryptocurrency trading profits. The plan is now a reality after several attempts to delay it by lawmakers. New Rules Impose 20% Tax on Crypto Profits Per Asia Today, the legislative notice details that the amendment will be enacted in February, and profits from […]

Bitcoin Trader Robbed During an In-Person Transaction, Kicked Out of Car in Hong Kong

An unnamed 37-year-old man was a victim of a theft from a gang of robbers who fled with 15 bitcoin (BTC), worth HKD 3 million ($387,000) in cash. They agreed to meet in person for a crypto exchange transaction. Six Non-Chinese Suspects Allegedly Involved in the Theft Per the South China Morning Post, the bitcoin […]

South Korean Politicians Won’t Be Required to Disclose Their Crypto Holdings After Proposals Failed to Pass the National Assembly

South Korean politicians won’t be required to disclose their crypto holdings or crypto-related earnings as no fewer than three cryptocurrency-related bills failed to pass the National Assembly. Proposal Submitted in November 2020 According to the Electronic Times, the bills aimed to require lawmakers and senior public servants to report all their cryptocurrency holdings and their […]

Kyrgyzstan Central Bank Is Set to Introduce Bills to Monitor Crypto Exchanges Activities and Forcing Them to Apply for Permits

The National Bank of the Kyrgyz Republic (NBKR) revealed its new-year plans for the national crypto industry. They are about to introduce two drafts to regulate the country’s exchanges that aim to combat terrorism, money laundering, and protecting consumers. Kyrgyzstan Central Bank Set to Introduce Two Crypto Bills to Combat Terrorism Financing and Fraud According […]

Bitcoin May Have Hit Wall of Profit Takers Around $19,500: Analyst

Bitcoin’s ascent above $19,500 was cut short early on Tuesday, possibly due to profit taking by large Asia-based investors, according to one analyst. The top cryptocurrency fell from $19,555 to $19,035, with most of the drop unfolding during the two hours to 06:00 UTC, according to CoinDesk 20 data. “I think Asian whales sold around […]

Korean Exchange Operator to Oversee Crypto-Linked Stocks in the Midst of Suspicions on Unfair Trading

South Korean securities exchange operator is now expanding its overseeing capacity by monitoring all crypto-related stock activities after volatile movements seen in the last few weeks on listed companies tied to the industry. KRX’s Market Oversights Committee to Supervise Crypto-Linked Stocks in South Korea According to Yonhap, Korea Exchange (KRX), through its KRX’s Market Oversights […]