News
South Korea’s central bank is the latest entity seeking powers to monitor crypto trading activity in the country.
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South Korea News
Located in East Asia, South Korea is a country known officially as the Republic of Korea. The country is home to approximately 51 million people and uses the South Korean won as its currency. The capital of South Korea, Seoul, is geographically seated 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 technological advancements. South Korea borders North Korea, also known as the Democratic People's Republic of Korea.
The South Korean crypto scene includes strict regulations on certain fronts, although the country is known to host significant crypto trading activity. On South Korean platforms, Bitcoin (BTC) sometimes trades at prices above the rest of the market, leading to the creation of the term “Kimchi premium” — a name for the difference between South Korean Bitcoin prices and the rest of the market.
- Analysis
With crypto demand skyrocketing in South Korea, the government is looking to regulate digital assets, and the local market is feeling the pressure.
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South Korea’s banking body wants crypto exchanges to be wary of the risks of being overexposed to altcoins.
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Streami, the company behind the popular GOPAX exchange, has received direct funding from Digital Currency Group.
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Crypto miners will be able to deduct electricity costs as business expenses when filing cryptocurrency taxes starting in 2022.
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Authorities are looking to tighten their grip on the cryptocurrency industry.
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More than half of the survey respondents favored the controversial crypto tax law in South Korea.
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Regulators in South Korea are reportedly set to give the green light for the country’s first crypto-related investment fund.
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Both Coinone and Bithumb have reopened their customer centers in the capital city in response to a surge in domestic interest in cryptocurrencies.
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South Korea’s finance minister said that cryptocurrencies like Bitcoin will be taxed as “intangible assets.”
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Korea is strengthening its crypto regulations, imposing reporting requirements on all employees of its Financial Services Commission.
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South Korea’s crypto tax law continues to face significant opposition from cryptocurrency proponents in the county.
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A private version of Klaytn is being developed in order to take part in South Korea's CBDC pilot to be launched later this year.
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6201 - Market Analysis
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