Japan’s Top Financial Watchdog Sends a Warning Crypto Derivatives Exchange Bybit

South Korean Financial Supervisory Service Tasked With Crypto Market Oversight

South Korea’s ‘Kimchi Premium’ Returns, BTC Prices Up 8% Higher Than Global Average

Bank of Korea Seeking Technology to Develop Digital Currency

South Korea’s monetary policy regulator is taking steps to create its own digital coin. Bank of Korea is now looking for a technology provider to develop a test environment for the project. The news comes after major commercial banks expressed skepticism over their cooperation with domestic cryptocurrency exchanges. Central Bank of Korea to Launch Pilot […]

South Korea’s ‘Kimchi Premium’ Returns, BTC Prices Up 8% Higher Than Global Average

As cryptocurrency regulation heats up worldwide, South Korean officials have been increasing regulatory discussions concerning the swelling crypto economy. While digital currency markets like bitcoin have tumbled in value in recent times, global crypto market prices have increased across the board on Monday. In South Korea, crypto-assets like bitcoin are once again experiencing a ‘kimchi […]

South Korean Governor Becomes the First Politician to Disclose Publicly His Cryptocurrency Holdings in the Country

Regardless of the political turmoil that arose in South Korea due to the crypto-related regulations, a leading politician had come forward to reveal that he had made investments in virtual currencies publicly. Won Hee-ryong, the Governor of Jeju Island, unveiled that he invested in four different cryptocurrencies. Wong Plans to Keep Updating People via Youtube […]

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

The South Korean government seems to be easing its anti-crypto tone, as the Deputy Prime Minister came forward with a statement that opened the doors for future open dialogue on virtual currency topics. Hong Nam-ki unveiled that officials are assessing ways to get young people into “domestic asset markets†and thus bringing more opportunities in […]

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 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 […]

South Korea to Crack Down on Phishing Websites Attacking Crypto Users

South Korean authorities are intensifying their monitoring of phishing activity related to cryptocurrencies. The government has identified a record number of websites trying to obtain login details from crypto exchange users. Over 30 sites have been taken down in just three months this year. Seoul Strengthens Monitoring of Crypto Phishing Scams Rising market prices have […]

South Korean Police Officers Banned From Buying Cryptocurrency

A recent ban imposed by the South Korean National Police Agency will bar particular officers from purchasing additional cryptocurrencies. The announcement coincides with a report revealing a heightened domestic availability of digital coins, in comparison to the global marketplace. South Korea to Penalize National Police Agency Officers Who Fail to Disclose Crypto Holdings Officers with […]

South Korea to Impose a 20% Tax on Crypto Mining Activities

The cryptocurrency industry in South Korea keeps facing regulatory challenges, and it seems that dust is far from settling. Now, crypto miners will be required to pay taxes, following the same path as digital assets traders. Ruling to Take Place Starting 2022 According to a report published by Donga, miners should be accountable for paying […]

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 […]

Young Koreans Less Keen on Crypto Taxation Than Older Generations, Poll Finds

Opponents of the government’s plan to tax gains from cryptocurrency trading outnumber supporters among South Koreans in their 20s, a new survey shows. Representatives of other age groups are more open to the proposed taxation of investments in virtual assets. Nearly Half of Young Koreans Reject Tax on Crypto Profits According to the poll, a […]

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 […]

All 200 Cryptocurrency Exchanges Could Be Shut Down Under New Regulation in South Korea, Regulator Warns

The chairman of South Korea’s top financial regulator, the Financial Services Commission (FSC), Eun Sung-soo, has warned that all of the cryptocurrency exchanges in the country could be shut down. South Korea currently has about 200 cryptocurrency exchanges, he said. All Crypto Exchanges Could Be Shut Down in South Korea At the general meeting of […]

South Koreans File Online Petitions Seeking to Remove a Chief Regulator After Harsh Crypto Comments

As the South Korean government keeps strengthening the harsh rhetoric against cryptocurrencies, citizens have become increasingly angry due to the recent words from regulatory authorities. Over the weekend, petitions started to appear on the web, seeking the removal of the head of the country’s Financial Services Commission (FSC). Over 141,000 Signatures Collected in One Petition […]

All 200 Cryptocurrency Exchanges Could Be Shut Down Under New Regulation in South Korea, Regulator Warns

The chairman of South Korea’s top financial regulator, the Financial Services Commission (FSC), Eun Sung-soo, has warned that all of the cryptocurrency exchanges in the country could be shut down. South Korea currently has about 200 cryptocurrency exchanges, he said. All Crypto Exchanges Could Be Shut Down in South Korea At the general meeting of […]

South Korea’s Bitcoin ‘Kimchi Premium’ Reappears, Korbit and Bithumb Exchange Volumes Spike

During the first week of April, South Korea’s ‘kimchi premium’ on domestic cryptocurrency exchanges had jumped over 18%, but then leveled off, equalizing with global exchange rates over the last two weeks. On Monday, as bitcoin prices spiked 8% higher surpassing the $54k zone, in South Korea, the premium on bitcoin climbed 4.56% higher than […]

Tax Authority Seizes Cryptocurrencies Worth $25 Million From Hundreds of Crypto Investors in South Korea

The tax department of the Seoul metropolitan government in South Korea has reportedly seized cryptocurrencies worth about $25 million from hundreds of crypto investors with delinquent taxes. The cryptocurrencies, including bitcoin, were seized from three exchanges. The tax authority is now going after hundreds more taxpayers who are delinquent on paying their taxes. Crypto Seizure […]

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 […]

South Korean Government Seeks to Regulate International Remittances Related to Crypto ‘Kimchi Premium’

The famous gap in cryptocurrency prices in South Korean crypto exchanges and overseas ones known as “kimchi premium†raises some concerns among the nation’s government. The latest reports suggest that the country is planning to regulate international remittances tied to kimchi premium-driven transactions. Remittances to Exploit Kimchi Premium Could Be Flagged as Money Laundering According […]

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 […]

South Korean Government Announces Crackdown on Illicit Crypto-Related Transactions in an ‘Overheated Market’

Adding to the South Korean cryptocurrency industry’s stricter regulations, the central government is focusing on the “crackdown†of illegal crypto transactions. A meeting over the week held with high-ranked politicians resulted in a campaign that will soon be deployed. Government Seeks International Help to Monitor International Crypto Exchanges According to Chosun, the South Korean Government […]

South Korea’s Kimchi Premium Returns: BTC and ETH Prices Jump 18% Higher Than the Global Average

While a great number of spot exchanges have seen consistent prices in a few select areas in the world, bitcoin is selling for a premium. That’s the case in South Korea right now as there’s a price gap, otherwise known as the ‘kimchi premium’ on domestic South Korean exchanges in comparison to foreign exchanges. Bitcoin, […]

Japanese Regulator Aims to Implement FATF Rules Toward Crypto Companies in 2022

Japan’s Financial Services Agency (FSA) has revealed that the regulating body will adopt the Financial Action Task Force (FATF) “travel rule†and standards toward the cryptocurrency industry throughout the nation. Meanwhile, FATF’s rule has been considered far-reaching and the organization Global Digital Finance and the company’s advisory member, Malcolm Wright, hopes industry innovators will help […]

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 […]

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 […]

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 […]

Report: Asia’s Cryptocurrency Landscape the Most Active, Most Populous Region ‘Has an Outsize Role’

Recently, Messari Crypto Researcher, Mira Christanto published a report that looks into Asia’s cryptocurrency landscape in-depth, as 60% of the world’s population resides in the region. Christanto’s study shows that six out of the top ten largest cryptocurrency unicorns are located in Asia. Moreover, 98% of ethereum-based futures and 94% of bitcoin futures volumes stem […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

South Korean Gaming Giant Planning to Buy Crypto Exchange Bithumb for $460 Million

Nexon, the South Korean multi-billion-dollar gaming conglomerate, is reportedly planning to buy a 65% stake in troubled crypto exchange Bithumb in a deal worth about 500 billion won ($460 million). â— According to local media reports, Nexon is to buy all the shares owned by Bithumb chairman Lee Jung Hoon, including several others totaling up […]

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 […]

First Mover: Bitcoin Hits Record as `Blue Wave’ and `Kimchi Premium’ Look Bullish

Bitcoin (BTC) rose for a second day, surging to a new all-time high price of $35,751, based on CoinDesk’s Bitcoin Price Index. The jump came as votes were tallied from Tuesday’s special U.S. Senate runoff elections in the state of Georgia, where Democrats appeared on the cusp of gaining two seats that would deliver President-elect […]

Bitcoin Retail FOMO Brings a Heap of ‘Kimchi Premium’ to S. Korea

The “kimchi premium†has returned. Price premiums for bitcoin on South Korean exchanges have hit two-year highs, indicating retail investment interest in cryptocurrencies is surging in that country. However, analysts and traders warn that certain market players could take advantage of arbitrage opportunities, resulting in short-term price volatility. The “kimchi premium,â€Â  named for a popular […]

Production of $2.7 Million-per-Episode: South Korean Crypto-Related TV Drama Series Is Set to Start in 2021

A major South Korean TV series with crypto and blockchain-related topics is set to launch its production stage at the beginning of 2021, directed by Gemstone Film, in collaboration with firms in China and the United States. South Korean Crypto-Related TV Drama Series ‘Pumping Time’ Is Set to Start in 2021 According to Financial News, […]

South Korea’s Hashed Raises $120M Venture Fund for Crypto Deals

Hashed, the South Korea-based blockchain firm, has raised a nine-figure investment fund. According to the firm, its new entity, Hashed Ventures, Inc., has raised $120 million for a fund that will be focused on the new era of distributed networks. “We believe we will be living in a society where people will be working for […]

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 […]

South Korean Authorities Formally File Fraud Charges Against Coinbit’s Executives

In South Korea, authorities have formally pressed fraud charges against the chairman of a major crypto exchange in the country, Coinbit, plus two unnamed executives of the firm. They are suspected of price manipulation. Coinbit’s Executives Formally Charged by South Korean Authorities According to Newspim, the 5th Investigation Team of the Seoul Metropolitan Police Agency […]

Crypto Exchange Upbit Brings in Withdrawal Delay in Bid to Tackle Fraudsters

South Korea-based exchange Upbit has announced a limited cryptocurrency withdrawal delay in an effort to protect user accounts from malicious attacks. Scheduled to take effect on Nov. 28, the new restriction will only allow users to withdraw digital assets equal in value to the total of Korean won (KRW) deposited 24 hours after a withdrawal […]

South Korean Crypto Firms Must Disclose Users’ Identities Under Planned Law Change

South Korea’s Financial Services Commission (FSC) is seeking legal amendments that would make it mandatory for virtual asset service providers (VASPs) within the country to report the names of their customers. According to a press release from the financial watchdog on Wednesday, a proposed update to the Act on Reporting and Using Specified Financial Transaction […]

South Korea To Ban Crypto Exchanges From Handling Privacy Coins

South Korea is to ban crypto exchanges from handling digital assets it considers “dark coinsâ€. Regulator Financial Services Commission (FSC) is specifically targeting privacy coins such as dash, monero and zcash. â— The ban is with effect from March 2021. In an update to crypto regulations under the Special Payments Act, the FSC accuses privacy […]

South Korea To Ban Crypto Exchanges From Handling Privacy Coins

South Korea is to ban crypto exchanges from handling digital assets it considers “dark coins”. Regulator Financial Services Commission (FSC) is specifically targeting privacy coins such as dash, monero and zcash. ● The ban is with effect from March 2021. In an update to crypto regulations under the Special Payments Act, the FSC accuses privacy […]