News
South Korea's presidential candidate Lee Jae-myung backed a won-backed stablecoin to curb capital flight.
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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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While the three leading presidential candidates have indicated a pro-Bitcoin ETF stance, previous political promises have yet to materialize in South Korea.
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South Korea’s new Digital Asset Committee joins similar initiatives such as the Virtual Asset Committee launched in late 2024 by the Financial Services Commission.
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RedotPay’s crypto cards are now live in South Korea, challenging the country’s traditional payment networks with real-time stablecoin transactions.
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Korean presidential candidate Lee Jae-myung has vowed to make Korea more crypto-friendly and allow spot crypto ETFs if elected next month.
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KuCoin CEO BC Wong told Cointelegraph that some regulators might be using regulation to drive away global players and pave the way for domestic trading platforms.
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The investor warning from the South Korean regulator comes as Synthetix USD, a stablecoin collateralized with Synthetix tokens, failed to recover its dollar peg.
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A surprise, botched coup kept South Korean regulators busy at the end of 2024, but when the dust settled, financial watchdogs awoke.
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The move came just weeks after Google Play blocked access on March 26 to 17 unregistered exchanges in the country.
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7-Eleven is participating in the country’s CBDC test phase, which started on April 1 and will end on June 30.
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South Korean industry officials are reportedly speculating the number of crypto users could hit 20 million by the end of the year.
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Over 20% of South Korean public officials who disclosed their assets held cryptocurrencies, including Bitcoin, Ether, XRP and Dogecoin.
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Dunamu sued the country’s financial regulator, seeking to overturn the sanction and requesting an injunction to temporarily lift the ban.
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South Korean regulators expect the move to prevent money laundering and potential damages to local users.
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South Korean authorities are looking to block crypto exchanges that do not comply with the country’s strict reporting rules.
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