Analysis
Bitcoin adoption grew considerably in June, with 26 firms adding it to their balance sheets; meanwhile, Bitcoin’s hashrate fell 15%.
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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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The Bank of Korea reportedly suspended its central bank digital currency trials as participating banks are tempted by the government’s promise to allow stablecoins.
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More than 25% of South Koreans aged 20 to 50 now hold crypto, and 70% plan to increase their investments as digital assets become a key part of retirement planning.
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Corporations race to build Bitcoin treasuries as stablecoins gain momentum and landmark regulations take shape worldwide.
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Eight major banks in South Korea are working on a stablecoin backed by the won, aiming to protect the currency from the growing US dollar dominance.
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Bank of Korea governor Ryoo Sangdai reportedly said that banks should be the first to issue stablecoins, and they should do so slowly.
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Parataxis will launch a Bitcoin-native treasury platform in South Korea via Bridge Bio, aiming to expand institutional access to BTC despite regulatory barriers.
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A local expert says a growing share of South Korea’s youth is turning to cryptocurrency not out of belief in its technology, but as a last resort amid economic woes.
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The head of South Korea’s central bank reportedly said he isn't against the issuance of a won-pegged stablecoin, but was wary of possible foreign exchange issues.
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South Korea’s newly elected president Lee Jae-myung reportedly promised to reduce crypto trading transaction costs as part of his presidential campaign.
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South Korea’s ruling party under new president Lee Jae-myung is pushing legislation to allow local stablecoin issuance and boost crypto market growth.
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Kakao-backed blockchain Kaia joins South Korea’s stablecoin race as the tech giant’s payments app surges 30% on the stock market.
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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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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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