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During the first week of April, South Korea’s ‘kimchi premium’ on domestic cryptocurrency exchanges had jumped over 18%, but then leveled off, equalizing with global exchange rates over the last two weeks. On Monday, as bitcoin prices spiked 8% higher surpassing the $54k zone, in South Korea, the premium on bitcoin climbed 4.56% higher than … Read more
South Korea’s crypto tax law continues to face significant opposition from cryptocurrency proponents in the county. Go to Source Powered by WPeMatico
A private version of Klaytn is in being developed in order to take part in South Korea’s CBDC pilot, to be launched later this year. Go to Source Powered by WPeMatico
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
Amid the COVID-19 pandemic, the role of digitalization has become central to achieving sustainability and lessening climate change. Go to Source Powered by WPeMatico
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
The City of Seoul becomes the first city in South Korea to confiscate cryptocurrencies owned by tax delinquents. Go to Source Powered by WPeMatico
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
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 Korea’s top financial regulator established dedicated crypto investigation teams across the country last week. Go to Source Powered by WPeMatico