News
South Korea’s Minister of SMEs and Startups, Han Seong-sook, said the regulatory change could stimulate growth in crypto and blockchain technologies.
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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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South Korean fintech unicorn Toss plans to launch a finance superapp in Australia this year and issue a Korean won stablecoin once regulations allow.
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South Korean crypto exchange Upbit confirmed it has launched Giwa, an Ethereum layer 2 on testnet, focused on one-second block times and optimizing user experience.
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South Korea’s Financial Services Commission introduced new rules for crypto lending, banning leveraged loans, capping interest at 20% and restricting use to the top coins.
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Lee Eok-won, South Korea’s Financial Services Commission chief nominee, dismissed cryptocurrency as highly volatile and lacking intrinsic value.
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Binance and Tether are eyeing Korea’s stablecoin rules that may boost coins pegged to the South Korean won or strengthen USD dominance.
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Thai police have arrested a South Korean man accused of helping a call center gang launder over $50 million in crypto into gold.
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Family offices across Asia are boosting digital asset exposure, driving new crypto funds, exchange activity, and shifting adoption beyond retail-led growth.
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Tether and Circle are set to meet with the CEOs of South Korea’s four largest banks this week to discuss potential partnerships.
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South Korea’s financial regulator ordered crypto exchanges to halt new crypto lending services as thousands of users suffered forced liquidations.
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The FSC will introduce a bill that’s expected to provide guidelines on issuance, collateral management and internal control systems for stablecoins.
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The South Korean government passed laws in 2021 allowing regulators to seize crypto from accused tax delinquents.
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Military Bank, a Vietnamese state-controlled lender, has partnered with the parent company of South Korea’s Upbit exchange, Dunamu, to develop a cryptocurrency exchange.
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Bithumb’s new rules slash maximum loan limits by 80% and halve leverage, following regulator scrutiny over high-risk crypto lending products.
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South Korean traders poured $259 million into Ether-hoarding firm BitMine in July, making it the country’s most-purchased overseas stock.
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