Tag: South Korea

South Korea, which was among the top 10 countries in the Global Innovation Index by the World Intellectual Property Organization as of 2020, has always amazed the world with its innovative and advanced technological solutions and it continues to rule the crypto industry when it comes to digital assets. With massive NFT adoption, the small East Asian […]

The South Korean government last year introduced the so-called Travel Rule, after which several crypto exchanges in the nation were struggling to survive. However, the government-mandated deadline has now been reached and now the exchanges are in compliance with the regulations. Beginning today, any crypto transfers worth over $821 will be flagged by Korean exchanges. User-verified wallets and […]

South Korea is known for its active involvement in the crypto industry. The country’s Digital Asset Industry Committee, which contains a number of leading blockchain experts from South Korea, has requested the development of a government committee focused on helping and advancing virtual asset businesses in the nation. On Thursday, the professionals decided to come […]

The Ministry of ICT, Science, and Future Planning in South Korea has invested 223.7 billion KRW (around $187 million) for building a broad Metaverse ecosystem, with the aim to support digital content and corporate growth in the nation. The Ministry stated in a public announcement on February 27 that funds will be used to fulfill four primary […]

Kookmin Bank (KB), which is the largest among banks in Korea and 60th largest in the world by 2017, is planning to become the first bank in South Korea to offer regular investors crypto investment products. Kookmin Bank establishes a dedicated committee On February 21, Kookmin Bank announced the establishment of a Digital Asset Management Preparatory Committee […]

The presidential candidate of South Korea, Lee Jae-Myung of the Democratic Party (DP), is planning to raise funding for his campaign using NFTs in a unique way. According to sources, anyone who donates money to the campaign would receive NFTs from the party as the campaign gains traction ahead of the upcoming presidential elections. These […]

The South Korea has decided to remove the existing play-to-earn (P2E) games from Google Play and Apple’s App Store and blocked any new releases. In the crypto industry, P2E gaming has grown in popularity. In order to play the game and obtain in-game benefits, gamers must first acquire game pieces as NFTs. In South Korea, […]

South Korea-based investment firm Hashed is currently scrutinized by the National Tax Service (NTS), as per the local media. The 4th Bureau of Investigation from the Seoul regional tax office is handling the investigation. The regional department is famous for its investigations into slush fundraising activities and tax evasions. The local media on Tuesday reported […]

lawmakers in South Korea seem like postponing taxation on digital assets for another year, which might be a massive win for the local crypto investors. On November 29, the members of South Korea’s Tax Subcommittee in the National Assembly struck a bipartisan agreement by approving an amendment proposal that might postpone the crypto tax by […]

The Financial Services Commission (FSC) in South Korea has released a report laying out its new definition of cryptocurrencies and digital assets. It also proposed new methods for token issuers and penalties for non-compliance. Individuals or platforms that mint non-art NFTs for trading purposes, as well as decentralized finance projects, could face onerous regulations under […]

The government with its conflicting announcements over the crypto tax possible appeal or amendment, have resulted in a confusion flood in South Korea this year. The crypto tax is gearing up to be in effect from 2022. South Korea’s legislature, National Assembly, has witnessed an intense debate throughout 2021, over whether, or how, revise and […]

The citizens and major companies of South Korea, with their huge involvement in the crypto world, are now embracing and integrating Metaverse into their day-to-day lives in very unique and unexpected ways. The country’s two renowned retailers have introduced artificial intelligence (AI) and Metaverse to shoppers aiming for a better shopping experience.  On November 16, […]

South Korea’s Financial Services Commission (FSC) made a public statement that they do not consider non-fungible tokens (NFTs) as digital assets and has no plan of imposing regulations on these digitalized tokens.  The statement came after the reveal of new guidelines by the Financial Action Task Force (FATF) on 28th October. According to the report, “NFT, or […]

South Korea’s public pension fund, Korean Teachers’ Credit Union (KTCU), one of the most prominent institutional investors of South Korea, is reportedly seeking to try its hands on Bitcoin (BTC) through a crypto Exchange-traded Fund (ETF).  On Monday, the local financial news agency of the country, The Korea Economic Daily, reported that KTCU is planning […]

Lawmakers of South Korean opposition party, the People Power Party have lined up a fresh challenge to the proposed crypto tax law. If the reports by The Korea Herald are anything to go by, then the opposition lawmakers are presently clamoring for a one-year extension before crypto taxation begins in the country. According to a […]

Upbit, and 3 others are the only surviving South Korean crypto exchanges after the September 24 deadline issued by regulators. While there are 66 crypto exchanges based out in South Korea, only 29 of them had raced against time to meet the deadline. However, just 4 out of the 29 have met the requirements, and […]

Crypto traders in South Korea are suffering from severe regulations these days. From having just four exchange options to choose from, crypto traders are now warned that if they ignore the protocols released by the government related to crypto trading, they might face serious consequences. Such South Korean residents could face crypto coin liquidation or […]

BitMEX has finally joined Binance in modifying its services as exchanges race against time to remain in compliance with new rules and regulations. Recall, South Korea recently made moves to regulate crypto exchanges, and in line with the September 24 deadline, Bitmex has now removed the Korean language from its website. South Korea has since […]