Analysis
President Lee Jae-myung rose from being a child laborer in post-war South Korea to becoming a crypto-friendly leader of one of the world’s largest digital asset markets.
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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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K Wave Media announced a $500 million securities deal to fund a Bitcoin-treasury strategy, aiming to become the “Metaplanet of Korea.”
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Lee Jae-myung has plans to enable the state pension fund to invest in crypto, approve Bitcoin ETFs, and launch a Korean won-backed stablecoin.
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World Vision cashed out nearly $1,500 worth of Ether received in a campaign in March that asked Upbit users to donate to help kids who can’t afford school supplies.
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South Korea’s leading presidential candidates have both promised to legalize spot crypto ETFs, ease current regulations and launch a won-backed stablecoin.
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South Korean police arrested a Russian national in Busan after a failed $730,000 crypto robbery in Seoul.
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Blockchain.com is opening a Nigerian office as part of its expansion into African markets showing regulatory progress.
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Presidential hopefuls in South Korea are turning to crypto to win younger voters, with older generations now joining the conversation.
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South Korea's financial regulator has finalized new crypto guidelines as the country moves to open its digital asset market to institutions.
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South Korea's presidential candidate Lee Jae-myung backed a won-backed stablecoin to curb capital flight.
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While the three leading presidential candidates have indicated a pro-Bitcoin ETF stance, previous political promises have yet to materialize in South Korea.
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South Korea’s new Digital Asset Committee joins similar initiatives such as the Virtual Asset Committee launched in late 2024 by the Financial Services Commission.
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RedotPay’s crypto cards are now live in South Korea, challenging the country’s traditional payment networks with real-time stablecoin transactions.
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Korean presidential candidate Lee Jae-myung has vowed to make Korea more crypto-friendly and allow spot crypto ETFs if elected next month.
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KuCoin CEO BC Wong told Cointelegraph that some regulators might be using regulation to drive away global players and pave the way for domestic trading platforms.
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