south korea cryptocurrency – DIGIT INFO

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

DIGIT — Fri, 21 May 2021 22:30:55 +0000

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 […]

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

DIGIT — Fri, 21 May 2021 02:30:52 +0000

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 […]

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South Korean Ministries ‘Do Not Want’ to Take Charge of Crypto-Related Regulation, Claims Official

DIGIT — Tue, 18 May 2021 19:30:32 +0000

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 […]

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South Korean Banking Association Concerned Over Surge of the Altcoin Trading Frenzy

DIGIT — Wed, 12 May 2021 07:00:53 +0000

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 […]

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

DIGIT — Sat, 08 May 2021 05:15:39 +0000

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 […]

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South Korean Police Raid Crypto Exchange Allegedly Involved in a $214M Multi-Level Marketing Fraud

DIGIT — Thu, 06 May 2021 06:00:23 +0000

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 […]

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South Korean Ruling Party Contemplates Postponing Crypto Tax in a Bid to Regain Younger Votes

DIGIT — Tue, 04 May 2021 06:31:04 +0000

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 […]

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Former Employees From Major South Korean Firms Quit Their Jobs After Pocketing Millions in Crypto Profits

DIGIT — Sat, 24 Apr 2021 04:30:05 +0000

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 […]

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

DIGIT — Thu, 22 Apr 2021 00:30:23 +0000

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 […]

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Crypto Fraud Reports in South Korea Surged Over 41% in 2020, Says Financial Watchdog

DIGIT — Wed, 21 Apr 2021 04:30:29 +0000

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 […]

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