75% Of Illegal Forex transactions in South Korea are Crypto-Related
According to a Bloomberg study, the adoption rate of cryptocurrencies in South Korea is on the rise and some of these cryptocurrency transactions might support illicit business. According to Bloomberg, the majority of illicit foreign exchange transaction s in South Korea this year have been tied to cryptocurrencies. Additionally, the data indicates that they have […]
South Korea Considers a Gift Tax on Crypto Airdrops
Due to a lack of legal framework and investor protection safeguards, South Korea has repeatedly delayed the implementation of its cryptocurrency Gift Tax. Despite the suspension of the cryptocurrency gains fee until 2025, the South Korean Ministry of Strategy and Finance said on Monday that hard forked tokens, staking incentives, and airdrops of virtual assets […]
Korea’s FIU blocks websites of unregistered crypto exchanges
The Korea Financial Intelligence Unit (FIU) is taking action against 16 foreign-based cryptocurrency exchanges for failing to register with relevant authorities in the country. The FIU has informed the appropriate investigating authority that 16 virtual asset service providers have been conducting business without the required registrations. Along with 13 other exchanges that the FIU is […]
South Korean police order exchanges to freeze funds related to LFG
South Korean Police have filed notifications to cryptocurrency exchanges in the country, asking for the freezing of funds associated with the Luna Foundation Guard (LFG). Korean officials issued a request to the country’s leading crypto exchanges on May 23rd, 2022, to prohibit monies from being withdrawn. The Seoul Metropolitan Police Agency specifically requested that the […]
South Korean exchanges Bithumb, Upbit issue warnings to users concerning Litecoin
The Litecoin (LTC) blockchain’s latest privacy-focused MimbleWimble upgrade has caused two of Korea’s top crypto exchanges Bithumb and Upbit to issue investment cautions regarding the fifth-largest cryptocurrency. Bithumb and Upbit, which together account for the majority of South Korean trading volume, issued statements on Monday warning investors about the hazards of the privacy-enhancing upgrade. According […]