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U.S.-based crypto trading platform Bitfront is going to discontinue services in South Korea before stricter rules for the industry are enforced in September, Korean media reported. The exchange, a subsidiary of Japanese tech giant Line, is currently available to Korean traders. Line’s Bitfront Exchange to Discontinue Services for Korean Cryptocurrency Traders With tighter regulations on … Read more
Overseas crypto exchanges marketing to Koreans will be blocked if they fail to comply with new South Korean regulations. The country’s anti-money laundering body has sent a notice to a number of foreign trading platforms warning them a registration is mandatory in order to provide services to Korean residents. Korean Financial Intelligence Unit Notifies Foreign … Read more
Leading Korean crypto exchange Bithumb is terminating its trademark agreements with two coin trading platforms operating abroad under its brand name. The move comes as digital asset exchanges in South Korea prepare to comply with the country’s stricter regulations for the industry that will be enforced in September. Bithumb Global and Bithumb Singapore to Change … Read more
South Korea is deliberating on four crypto-related bills for the regulation of cryptocurrencies. “We are currently doing groundwork by searching for and analyzing data on 578 coins that have various forms,” the chairman of the country’s top financial regulator reportedly said. South Korea Prepares to Regulate Crypto Industry The South Korean National Assembly’s National Policy … Read more
South Korean banks are taking steps to bring cybersecurity to a new level as they try to keep up with fintechs and address new threats arising from their interaction with the crypto space. A number of institutions are adopting unprecedented measures including the integration of blockchain technologies, Korean media reported. South Korean Banks Boost Cybersecurity … Read more
South Korean authorities have identified thousands of tax evaders as part of an intensifying crackdown on tax dodging among crypto investors. Following a prolonged investigation, the government has reportedly seized cryptocurrency worth millions of dollars. Tax Agents Target Wealthy Tax Evaders in Greater Seoul Area More than 53 billion Korean won ($47 million) in crypto … Read more
Crypto trading platforms in South Korea are delisting certain digital currencies as they move to comply with stricter rules for the industry. The trading of some high-risk coins has been either halted or completely suspended on several Korean exchanges this week. South Korean Exchanges Wipe Trading Lists of Risky Digital Assets Trying to meet Seoul’s … Read more
The Financial Supervisory Service of South Korea will lead government efforts to oversee the country’s expanding cryptocurrency market. The agency has been tasked with the job after prolonged discussions over which Korean regulator should be responsible for the industry. Financial Supervisory Service Takes Responsibility for Crypto Sector in Korea It took the government months to … Read more
As the South Korean government keeps strengthening the harsh rhetoric against cryptocurrencies, citizens have become increasingly angry due to the recent words from regulatory authorities. Over the weekend, petitions started to appear on the web, seeking the removal of the head of the country’s Financial Services Commission (FSC). Over 141,000 Signatures Collected in One Petition … Read more
South Korea’s crypto-sphere has been witnessing a volatile environment in terms of regulatory moves, as bitcoin prices and other altcoins are also having wild moves. Such a scenario hasn’t stopped the country’s middle class to profit from the crypto market, even with very successful stories. One of the Interviewees Risked His Life Savings in Cryptos … Read more
