South Korea

Cryptocurrency

Seoul Seizes Tax Dodgers’ Crypto From Exchanges: Report

The department has seized around 25 billion won ($22 million) in digital assets from 676 of the alleged tax evaders.

News  ·  23 April 2021
Bitcoin

Bitcoin ‘Kimchi Premium’ Fades Amid South Korean Exchange Crackdown, Price Sell-Off

The premium measures the spread between bitcoin's price on Korean exchanges and other venues.

Markets  ·  23 April 2021
South Korea

South Korea Kicks Off New Crackdown on Illicit Crypto Activities

The government's "special enforcement period" stems from a new crypto-related law that took effect this year.

News  ·  20 April 2021
Bitcoin

Bitcoin Drops 6% in Korea, Shrinking the ‘Kimchi Premium’

Bitcoin lost ground after Upbit suspended KRW deposits and withdrawals.

Markets  ·  7 April 2021
Bitcoin

Bitcoin Analysts Say ‘Kimchi Premium’ Isn’t Distress Signal It Once Was

Bitcoin is drawing the highest "kimchi premium" in three years, indicating retail frenzy in South Korea.

Markets  ·  6 April 2021
South Korea

S. Korea’s Crypto Rules Might Only Help the ‘Big 4’ Exchanges

South Korea may not be planning to ban cryptocurrencies, but its regulatory regime may only favor the biggest incumbents.

Policy & regulation  ·  1 April 2021
Gaming

South Korea’s Largest Social Gaming App to Mint Low-Carbon NFTs for Millions of Users

NFTs have been a controversial topic of late due to their large carbon footprint caused by a proof-of-work consensus mechanism.

News  ·  23 March 2021
FATF

Crypto Exchange OKEx Korea to Close as New AML Rules Come Into Force

An exchange spokesperson said the new anti-money laundering regime would make it too tough to continue operating.

Business  ·  23 March 2021
FATF

Korean Government Approves Crypto AML Rule Set to Come Online Thursday

Crypto companies have until September to register with financial regulators.

News  ·  22 March 2021
Exchanges

South Korea to Fine Crypto Exchanges That Fail to Tackle Illicit Activity

Penalties will apply if trading venues fail to follow three regulations, the Financial Services Commission said.

Policy & regulation  ·  10 March 2021
CBDC

Bank of Korea Chief on CBDC: Better Right Than Fast

Bank of Korea Governor Lee Ju-yeol isn’t bullish on bitcoin, but he sees potential in a central bank digital currency (CBDC), if it’s done right.  Speaking at a press conference on Thursday, Lee said that when it comes to a CBDC, it’s better to do it right than do it fast, citing the cautious approach […]

News  ·  25 February 2021
Investments

Kakao to Record Private Securities on Its Own Blockchain as NFTs

The move will aid South Korea's OTC securities market.

News  ·  17 February 2021
CBDCs

Bank of Korea: CBDCs Are Fiat Currency Not Virtual Assets

Some legal changes would be needed before a potential central bank digital currency launch in South Korea, research indicates.

Policy & regulation  ·  8 February 2021
Investment

Following GameStop, South Korea Financial Regulator Extends Ban on Short Sales

Caving to pressure from retail traders, South Korea's ban on short-selling has been extended through May 2021.

News  ·  4 February 2021
Exchanges

South Korean Tax Agency Carries Out Irregular Audit on Crypto Exchange Operator

The team of investigators requested past data and transaction details from Korea Digital Exchange.

Policy & regulation  ·  26 January 2021