The suspension of Ten&Ten’s Travel Rule Solution service led to Upbit halting deposits and withdrawals exceeding the equivalent of $721.
South Korea News
South Korea, officially the Republic of Korea, is a country in East Asia. The country is home to almost 52 million people and uses the South Korean won as its currency. Its capital city, Seoul, is geographically located in the nation’s upper region. Thanks in part to its bustling capital and the nation’s landscape, South Korea’s economy benefits from various factors, including high technological advancement. South Korea borders North Korea, also known as the Democratic People’s Republic of Korea.
South Korea has stringent crypto regulations focused on preventing illegal activities and ensuring transparency. Cryptocurrencies like Bitcoin (BTC) are regulated under precise Anti-Money Laundering and securities regulations enforced by the Financial Securities Commission (FSC) of South Korea.
Reporting guidelines for crypto service providers, including centralized and decentralized exchanges, are fundamental in South Korea. The regulatory framework is influenced by the government’s evolving policy stance on crypto assets. When sold, cryptocurrencies held as investments are subject to a 20% capital gains tax for individuals and 22% for corporations. Additionally, cryptocurrencies used for payments may incur a 10% value-added tax in South Korea.
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The won's rising dominance is mainly due to the fee war between Korean crypto exchanges, according to research firm Kaiko.
3698South Korea’s political parties are pledging crypto-related incentives to attract voters ahead of parliamentary elections.
6177However, tokens listed on a licensed exchange for over two years may not need to meet these new criteria.
1677The financial loss comes days after reports of Bithumb facing potential internal issues that led to the delay of its planned IPO.
1957Despite tightening regulatory measures, the exchange has been growing its South Korean presence for years.
13177Upbit’s 24-hour trading volume reached a yearly high of nearly $15 billion on March 5 before dropping to as low as $2.6 billion on March 31.
2659Scammers falsely guaranteed 70% profits on an investment of 1 billion South Korean won within a month and stole 5.5 billion won in six different transactions.
3212Do Kwon faces fraud charges in the United States and South Korea as authorities compete to extradite the Terraform Labs co-founder.
1326Prosecutors in Montenegro suggested that the country’s Supreme Court could issue a verdict that would change an earlier decision on Do Kwon’s extradition to South Korea.
3579Both the United States and South Korea have filed competing requests for extraditing the Terraform Labs co-founder since his arrest in Montenegro in March 2023.
5751The world’s largest crypto exchange continues to grapple with ongoing legal challenges, particularly in the United States.
10338The United States and South Korea have been fighting for Kwon’s extradition since he was arrested in March 2023.
4970The co-founder of bankrupt Terraform Labs was first set to be extradited to the United States after lengthy court battles.
2009BTC price surpassed $72,000 in South Korea as the “Kimchi premium” widens, suggesting strong retail interest as the government mulls spot Bitcoin ETF approval.
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