News
Lawmakers criticize South Korea’s Financial Services Commission after Bithumb mistakenly credited 620,000 BTC and the probe faces delays.
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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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Local media reported that the stolen 320 Bitcoin was returned to a wallet controlled by authorities, with the unknown hacker seemingly having a sudden change of heart.
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South Korea reopens crypto to corporations with strict caps and asset limits. This is part of a broader strategy that includes stablecoin legislation and potential spot crypto ETFs.
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South Korea’s regulators are deploying AI systems to monitor crypto trading, flag manipulation and strengthen digital asset enforcement.
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Mirae Asset Consulting agreed to acquire a 92.06% controlling stake in South Korean crypto exchange Korbit for about $93 million in cash.
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The loss was uncovered during an audit launched after a separate 320 Bitcoin custody failure, raising fresh concerns over digital asset management by authorities.
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A mistaken Bitcoin payout revealed how exchange ledgers work and why South Korea is rethinking internal controls for crypto platforms.
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South Korean authorities launched an investigation into Bithumb after it mistakenly credited 620,000 BTC to users, adding to concerns about “paper Bitcoin” and internal controls.
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South Korea’s financial watchdog detailed planned investigations into high-risk trading tactics as it prepares the next phase of crypto regulation, Yonhap News Agency reported.
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Bithumb says it has reclaimed most of the excess BTC credited during a promotional error and used company funds to cover 1,788 Bitcoin that had already been sold.
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Recent volatility reviews, new surveillance systems and a landmark court ruling show how South Korea is enforcing stricter oversight of crypto markets.
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The Financial Supervisory Service said automated models now scan crypto trading activity across timeframes, reducing reliance on manual investigations.
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Regulators gain wider discretion to vet shareholders, finances and controls as South Korea tightens crypto market access.
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The Financial Services Commission chief says ownership limits are still under negotiation as lawmakers debate the Digital Asset Basic Act ahead of a mid-February deadline.
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Wemade added Chainlink to its Korean won stablecoin alliance to strengthen oracle and data infrastructure as South Korea debates stablecoin regulation.
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