South Korea


Banks in South Korea Instructed to Treat Crypto Exchanges as High-Risk Clients

Banks will have to deny services to clients that do not comply with ID verification requirements or fail to report suspicious activity to the FSC's anti-money laundering unit.

News  ·  14 June 2021
Crypto Exchange

South Korea Looks to Ban Crypto Exchange Employees From Trading on Their Own Platforms

At present, there are no restrictions on exchange executives and other employees to trade cryptocurrency on their platforms.

Policy & regulation  ·  9 June 2021
South Korea

South Korean Parliament Discusses Crypto Bills for First Time

The South Korean parliament has begun discussing a number of bills specifically addressing crypto.

Policy & regulation  ·  7 June 2021

South Korea Plans to Tax Overseas Crypto Assets Starting in 2022: Report

Koreans will be required to pay tax when balances held with foreign virtual-asset businesses exceed 500 million won ($450,000).

News  ·  4 June 2021

Crypto Exchange Korbit Launches South Korea’s First NFT Marketplace

All transactions on the platform will be carried out in ethereum.

News  ·  1 June 2021

Bank of Korea Sees Threat to Financial System in Leveraged Crypto Trading

The central bank governor has pledged to monitor transactions of Korea's financial institutions associated with leveraged crypto trading.

News  ·  27 May 2021

South Korea’s Central Bank to Choose Supplier for Digital Currency Pilot

The Bank of Korea is looking for a technology supplier to explore a digital currency in a test environment.

News  ·  24 May 2021

South Korea’s Central Bank Seeks Authority to Monitor Crypto Transactions: Report

The Bank of Korea hopes to start as early as September, an official said.

News  ·  13 May 2021
South Korea

South Korea’s Dunamu Pledges Nearly $9M to Protect Crypto Investors: Report

The Upbit operator plans to set up a unit to help prevent fraud and assist victims of crypto crime, among other things.

News  ·  6 May 2021

Digital Currency Group Invests in South Korean Crypto Exchange

DCG has become the second-largest shareholder in blockchain company Streami, operator of crypto exchange Gopax.

News  ·  6 May 2021

South Korea’s Crypto Legal Framework Is Insufficient, Lawmaker Says

Kim Byung-wook said he believes the crypto industry is unique and different from traditional finance.

News  ·  30 April 2021

Taxing Crypto Trading Gains ‘Inevitable,’ Says South Korea Finance Minister: Report

Crypto traders’ gains will be subject to 20% tax on profits over 2.5 million won (~$2,250) from January 2022.

News  ·  27 April 2021
South Korea

Young Koreans Turning to Crypto as Alternative for Creating Wealth

Young employees in their 20s and 30s are reportedly leaving the workforce to pursue riches in crypto trading.

News  ·  27 April 2021

Former Bithumb Korea Chairman Handed Over to Prosecutors

The move may mean the investigation is beginning to intensify.

News  ·  26 April 2021
South Korea

South Korea’s Top Financial Regulator Suggests All Crypto Exchanges Could Be Shut Down

Eun Sung-soo, head of South Korea's chief financial services regulator, said no crypto exchange had applied for its VASP license.

Policy & regulation  ·  23 April 2021