South Korea

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Tax Authority Seizes Cryptocurrencies Worth $25 Million From Hundreds of Crypto Investors in South Korea

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The tax department of the Seoul metropolitan government in South Korea has reportedly seized cryptocurrencies worth about $25 million from hundreds of crypto investors with delinquent taxes. The cryptocurrencies, including bitcoin, were seized from three exchanges. The tax authority is now going after hundreds more taxpayers who are delinquent on paying their taxes. Crypto Seizure … Read more

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

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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 … Read more

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

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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 … Read more

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

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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 … Read more

South Korean City Threatens to Seize Cryptos From Tax Evaders

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Crypto tax evasion is becoming a hot potato for the authorities in some Asian countries, such as Japan and South Korea. A South Korean city is now actively fighting against tax evaders who are suspiciously reporting meager earnings in their filings. 511 Individuals in the Authorities’ Eyes According to Gugkje News, the authorities of Gyeongju, … Read more

Former South Korean Social Media Giant in Talks ‘With Major Gaming Companies’ to Implement Its Crypto

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A former South Korean social media giant is still keeping alive its promise to relaunch its business with the help of the cryptocurrency industry. A local media outlet reported that Cyworld is in talks with “major gaming companies” that involve crypto-related ventures. Company Also Plans to Launch Its Mainnet to Compete With Kakao According to … Read more