NFTs Will Not Be Regulated in South Korea — FSC
Nonfungible tokens (NFTs) are not classified as virtual assets by the Financial Services Commission (FSC) of South Korea, and hence will not be regulated. \ Following an assessment of the Financial Action Task Force’s new standards, the FSC decided not to regulate NFTs (FATF). According to the FATF’s Oct. 28 advice report, NFTs or other […]
South Korean opposition party set to tackle the proposed crypto tax law
South Korea’s opposition People Power Party lawmakers have prepared a new challenge to the proposed crypto tax bill as they are seeking a one-year delay in the enactment of the law. According to The Korea Herald, opposition MPs are pushing for a one-year delay in the country’s implementation of crypto taxes. South Korea’s crypto tax […]
Illegal crypto transactions on the rise in South Korea as efforts to tighten rules are intensifying
The usage of cryptocurrency in illegal foreign exchange operations has increased dramatically in South Korea. The use of cryptocurrency in illegal foreign transaction began following the start of Covid-19, local reports imply that 2021 numbers will surpass those of the previous year. Between January and August of this year, virtual asset exchange was predicted to […]
Bybit crypto suspends operations in South Korea
A prominent cryptocurrency exchange in South Korea, Bybit is closing its doors as a result of the impending regulatory deadline in the country. Following the expiration of a license, Bybit , one of the world’s most prominent cryptocurrency derivatives exchanges, will temporarily suspend certain of its services to South Korean users. Earlier this week, the […]
Korean exchange Gopax faces closure if it does not meet regulatory deadline
South Korean Gopax crypto exchange, which is funded by Digital Currency Group, is in danger of being shut down because of the country’s fast-approaching deadline for platforms to apply for an official operating license. South Korean crypto exchange Gopax has told users if it can’t resolve its banking difficulties before a looming regulatory deadline it […]