The world’s largest crypto exchange continues to grapple with ongoing legal challenges, particularly in the United States.
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 United States and South Korea have been fighting for Kwon’s extradition since he was arrested in March 2023.
4615The co-founder of bankrupt Terraform Labs was first set to be extradited to the United States after lengthy court battles.
1931BTC price surpassed $72,000 in South Korea as the “Kimchi premium” widens, suggesting strong retail interest as the government mulls spot Bitcoin ETF approval.
8160Five United States senators have joined hands to fight President Joe Biden’s plans to issue a “digital dollar.”
13000The People Power Party, led by Yoon Chang-hyun, intended to announce a virtual asset pledge last week but has postponed it indefinitely.
3776Yuga Labs takes down some of its NFT collections from marketplaces that do not support creator royalties.
1913The Terraform Labs co-founder, who has been in Montenegro since his arrest in March 2023, will reportedly be extradited to the United States to face fraud charges.
9781The Gyeonggi tax department used the resident registration data of “delinquents,” tracing their mobile phone numbers to detect their accounts on crypto exchanges.
2630The FSA says its recommendations don’t envisage “any transactions from one individual to another.”
6431Asian nations are pushing hard for more consumer protection, more oversight and more technical abilities for regulators.
3892The ruling party argued it would take two years to establish a system that oversees crypto transactions, similar to the stock exchange.
4052The blockchains have their origins in Japanese and South Korean messaging systems, but they are looking to become Asia’s biggest Web3 ecosystem.
11297South Korea's young people are known as the "N-Po generation" — a phrase that suggests they were abandoned. But they've found new hope in cryptocurrency.
1788The FIU has been actively encouraging crypto exchanges to report any transactions that raise suspicions of money laundering and illegal “foreign exchange outflow.”
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