Newsletter
Gary Gensler gets grilled on Capitol Hill as crypto looms large on national political agendas from Cuba to South Korea.
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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.
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Amid the looming regulatory deadline in South Korea, a major crypto exchange is closing up shop in the country.
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South Korean crypto exchange Gopax has told users if it can’t resolve its banking difficulties before a looming regulatory deadline, it will need to shut down.
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The ruling party is planning to attempt a postponement of the crypto tax laws, but the Finance Minister is not for turning.
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“In a situation where the relevant taxation infrastructure is not sufficiently established, the deferral of taxation on virtual assets is not an option, but an inevitable situation,” said Noh Woong-rae.
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Failure to meet South Korean regulators’ new requirements is expected to wipe out tens of crypto exchange operators.
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Blockchain VC investment firm Hashed is seeking $173 million for a second fund.
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Bithumb’s stricter KYC requirements come in line with South Korea’s tightened Anti-Money Laundering regulations regarding foreign users of crypto exchanges.
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South Korean telecommunication giant KT Corp announced its intent to launch a blockchain digital document initiative to tackle carbon emissions.
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The increased trading volume comes following the Financial Services Commission's requirement that crypto trading platforms register as digital asset service providers before Sept. 24.
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Seung-beom Koh said that fintech experts across the globe “find it difficult to see virtual currencies as a financial asset.”
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Upbit is one of South Korea’s largest cryptocurrency exchanges alongside Bithumb, Coinone and Korbit — who are collectively referred to as “The Big Four.”
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Kakao wants to keep up with the enterprise blockchain competition in Asia as it eyes expansion to Singapore.
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The crypto exchange giant said the decision was part of efforts aimed at proactive compliance with regulatory demands.
2386 - Expert Take
Any overseas activity outside Korea that has domestic effects or consequences shall be subject to the amended crypto regulation.
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