South Korea faces strict crypto regulation and fears of centralization
The growing cost of compliance in South Korea could push smaller crypto businesses out of the country. Go to Source Powered by WPeMatico
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Experts say new South Korean crypto rules will create a monopolized market
Blockchain industry members claim that smaller-scale startups have struggled to forge partnerships with local banks in South Korea and are therefore unable to register under regulators’ new requirements. Go to Source Powered by WPeMatico
OKEx Korea crypto exchange to shut down as new reporting laws take effect
OKEx Korea announced that it’s shutting down as South Korean authorities prepare to enforce a new regulatory framework for the crypto industry on Thursday. Go to Source Powered by WPeMatico
South Korean internet giant Naver reportedly joins Bithumb stake race
Naver is reportedly looking to strengthen its position in the crypto industry with a potential equity stake in South Korea’s largest crypto exchange. Go to Source Powered by WPeMatico
South Koreans Are Required to Pay Taxes for Crypto Holdings in Overseas Exchanges, Authorities Warn
South Korean tax authorities are unstoppable in keeping crypto holders in their eyes and making them accountable to pay taxes. The National Tax Service (NTS) has issued a warning to the crypto traders that they have to report their earnings even from tokens held in foreign exchanges. No Details on How the Agency Will Supervise … Read more
Bullish Bitcoin trading in Korea provides tailwinds for Kakao share price
Analysts in South Korea are predicting a significant share price increase for Kakao amid the current Bitcoin bull market. Go to Source Powered by WPeMatico
South Korean Tax Agency Identifies Over 2,400 Evaders Who Used Cryptocurrencies to Bypass Taxation
South Korean authorities seem to be focusing on strengthening measures to combat tax evasion across the nation. The country’s tax watchdog profiled thousands of evaders that relied on cryptocurrencies to hide assets worth billions of Korean won. Evaders Hid a Total of $32.24 Million in Assets Per the Korea Herald, the National Tax Service of … Read more
Report all crypto transactions or face 5-year jail term in South Korea
Strict reporting rules for crypto businesses in South Korea are set to come into effect with existing firms given six months to comply or face stiff penalties. Go to Source Powered by WPeMatico
South Korea deepens probe on tax evasion via cryptocurrencies
South Korea’s tax authority is going after individuals hiding their assets in cryptocurrencies as a way of avoiding tax payments. Go to Source Powered by WPeMatico
Reported volume of top South Korean crypto exchanges surpasses that of the country’s stock market
The increase in volume came as the price of Bitcoin rose to a new all-time high of more than $61,000 Saturday. Go to Source Powered by WPeMatico
