Korean Government To Levy Taxes On Bitcoin Capital Gains Starting 2022

According to South Korea's amended income tax law, cryptocurrency investors will pay 20 percent tax on profits from digital currencies.

South Korean PC Gaming Rooms Rely on Crypto Mining to Profit During the Coronavirus Pandemic

The coronavirus pandemic has significantly hit several entertainment routines of the people worldwide, and South Korea is not an exception.

S Korean Province Vows ‘Intense’ Clampdown on Crypto-themed MLM Fraud

The government of Gyeonggi Province, the most populous province in South Korea and a hub of IT companies, has announced it will make an “intense” crackdown on crypto-flavored multi-level marketing schemes (MLMs) and bogus initial coin offerings (ICOs). Per Asia Kyungjae, the province’s police forces are now gunning for a wide range of villains, many of which are

South Korean Investors Making more than $2,260 from Crypto to be Slapped with a 20% Tax in 2022

The South Korean Ministry of Economy and Finance has announced that investors making at least 2.5 million won, or approximately US$2,260 from crypto trading, will be subjected to a 20% tax from 2022.

South Korea fastracks 20% tax on Bitcoin and crypto profits to 2022

After much back and forth, South Korea appears to have finally set a hard date for the dawn of cryptocurrency taxation. South Korea will implement a 20% tax on Bitcoin (BTC) and cryptocurrency profits starting Jan.

Bank Account Data May Indicate a Rise in South Korean Crypto Activity

A new report has linked a spike in the creation of new bank accounts in South Korea to a rise in crypto trading – an indication that a large influx of new traders in the East Asian nation has taken up crypto in 2021. In 2018, Seoul created a set of guidelines that requires crypto exchanges to keep their own funds and those of their clients separate in banking procedures.

Token-Driven Karaoke Platform Gets a Boost in South Korea as Pandemic Hits Over 2,100 Singing Rooms

Coronavirus-driven lockdowns and social distancing limits affect people’s way of entertaining themselves, such as going to karaoke.

South Korean Blockchain-powered Local Stablecoins Set for Another Boost

Local stablecoins are making waves in South Korea again, with platforms that allow customers to spend tokens forecasting positive growth in 2021 – and leading candidates in the nation’s two biggest mayoral elections pledging to expand the scope of local government-issued coins. Much of South Korea will head to the polls in April this year, with mayors to be elected

Kakao to Record Private Securities on Its Own Blockchain as NFTs

The move will aid South Korea's OTC securities market.

Blockchain-powered Karaoke Booms in South Korea as Coronavirus Drags on

Coronavirus pandemic-mitigating lockdowns and government-imposed limits on social contact are helping to spur the spectacular growth of blockchain-powered entertainment apps in South Korea – with token-driven karaoke, movie platforms and more. According to Fn News, the blockchain-based app Somesing has surpassed 400,000 users – more than doubling its user

Bank of Korea: CBDCs Are Fiat Currency Not Virtual Assets

Some legal changes would be needed before a potential central bank digital currency launch in South Korea, research indicates.

Bank of Korea publishes book on central bank digital currency's legal issues

South Korea's central bank has issue a book on legal matters that would need to be addressed to ensure the smooth operations and usefulness of a future central bank digital currency. Last fall, the Bank of Korea announced it would be testing the distribution of a central bank digital currency in 2021.

Following GameStop, South Korea Financial Regulator Extends Ban on Short Sales

Caving to pressure from retail traders, South Korea's ban on short-selling has been extended through May 2021.

South Korea’s tourist hotspot launches DLT-based app tracing COVID-19

Jeju Island and blockchain company Iconloop are proceeding with a full rollout of their COVID-19 contact tracing app following successful pilots.  Jeju Island, a major tourist destination in South Korea, is introducing a government-backed, system for tracking COVID-19 contacts based on blockchain technology. On Jan.

Korea’s Shinhan Bank makes strategic investment in crypto custody consortium

South Korea’s Shinhan Bank has invested in a crypto custody service backed by local crypto exchange Korbit. Shinhan Bank, the oldest banking institution in South Korea, continues its efforts to introduce digital asset custody services with a new investment. According to a Jan.

Another $84M deposit begs the question: Why are Bitcoin whales in Korea selling?

Bitcoin whales are depositing large amounts of Bitcoin into South Korean exchanges as BTC continues to rally. Bitcoin (BTC) whales in South Korea have been selling heavily across major exchanges throughout the past week.

Major South Korean Bank Shinhan Is Set to Offer Crypto Custody-Related Services

A major commercial bank in South Korea is entering the crypto business by allocating an equity investment in the Korea Digital Asset Trust (KDAC).

2021 Hashed Blockchain & Crypto Market Predictions

Simon Seojoon Kim is the CEO and Managing Partner at South Korea-based blockchain accelerator Hashed. ____ I.

South Korea to introduce a 20% tax on crypto trading profits in 2023

After several delays, the South Korean government is going ahead with a plan to tax cryptocurrency holders. The South Korean government issued an amendment on Wednesday to introduce a tax on profits from cryptocurrency trading. Following a legislative notice lasting until Jan.

Report: Major gaming conglomerate Nixon prepares to acquire Bithumb

South Korean media has reported that Nexon, a multi-billion dollar conglomerate led by CEO Kim Seong-Ju, plans to acquire the country's largest cryptocurrency exchange. After a troubled few months, crypto exchange Bithumb looks like it's set on turning over a new leaf through an acquisition by one of South Korea's top gaming firms.  South Korean media reported on Jan.

‘Kimchi Premium Return’ Reports 'Exaggerated'

Multiple media reports of a return to the “kimchi premium” – a phenomenon whereby bitcoin (BTC) and major altcoin prices on South Korean exchanges rises to markedly higher levels than on international trading platforms – may be “exaggerated,” according to a South Korean expert. Mira Kim, a blockchain consultant based in South Korea, told Cryptonews.com,

Production to Begin on USD 540m Crypto-themed TV Drama 'Pumping Time'

Source: Adobe/Pixel-Shot A South Korean TV drama production company is set to launch a major series that will focus on crypto and blockchain-related matters - with a bumper budget of over USD 2.7m per episode. Per Financial News, major A-list celebrity actors from South Korea, China, and the United States are already in talks to star in the series, tentatively named “Pumping Time,” which

Binance to Exit South Korea, MoneyGram on Ripple, New SEC Chair + More News

Source: Adobe/Negro Elkha (edited by Cryptonews.com) Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. Exchanges news Binance is to shut down its South Korean operations with almost immediate effect, citing “low usage and volume with limited trading pairs of [its South Korean won-pegged

Binance Korea to shut down exchange due to low trading volume

Less than a year after its launch, Binance Korea is closing its doors amid shrinking liquidity. Binance KR has decided to shutter its operations in South Korea according to an announcement released on Thursday. As part of the press statement, Binance KR attributed the move to declining liquidity and low trading volume of its BKRW trading pairs.

Crypto, Blockchain Firms in South Korea, Switzerland Get Investment Boosts

International crypto players are amassing capital ahead of a fresh assault on the markets in the new year – with major players in South Korea and Switzerland announcing investment injections worth millions of USD. In South Korea, blockchain accelerator Hashed has announced that its Hashed Ventures arm has raised around USD 108.5m worth of private capital for a fund

Bitcoin Booms, But No Return to the Kimchi Premium in South Korea

Bitcoin (BTC) prices have been skyrocketing globally of late, but in one part of the world, crypto fever is not yet making its mark – or at least not to the extent that it did three years ago. That place is South Korea, where 2017’s crypto bubble arguably peaked, amid reports of teenagers spending their pocket money on altcoins and septuagenarians buying BTC with their

South Korean Authorities Formally File Fraud Charges Against Coinbit’s Executives

In South Korea, authorities have formally pressed fraud charges against the chairman of a major crypto exchange in the country, Coinbit, plus two unnamed executives of the firm.

South Korea to delay new tax regime on cryptocurrencies until 2022

The postponement follows a successful lobbying campaign by local crypto advocates. The South Korean government has officially postponed a new tax regime on cryptocurrency gains until 2022. According to Yonhap on Dec.

South Korea Will Delay 20% Crypto Trading Tax to 2022

South Korean lawmakers officially approved the postponement of the new income tax on cryptocurrency trading until January 2022.

South Korea To Postpone Previously Planned Crypto Income Tax

The crypto income tax in South Korea is getting delayed.

Crypto Exchange Upbit Brings in Withdrawal Delay in Bid to Tackle Fraudsters

The South Korea-based exchange has announced a 24-hour cryptocurrency withdrawal delay in an effort to protect user accounts from malicious attacks.

South Korea Plans to Postpone Cryptocurrency Tax Rule to January 2022

South Korea is planning to delay the implementation of its crypto income tax rules to January 2022, extending it from its previous time frame of October 2021.