South Korea won’t regulate NFTs, financial watchdog states
Korea South

South Korea won’t regulate NFTs, financial watchdog states

South Korea’s financial watchdog will not venture into the non-fungible tokens (NFTs) space. The Financial Services Commission (FSC) will refrain from regulating NFTs as they don’t qualify as virtual assets, the watchdog recently revealed. Regulators globally are keeping an eye on NFTs as their values and market skyrocket. According to CryptoSlam, $13.4 billion worth of NFTs have…

South Korea unregulated electronic currency forex transfers strike record high at $677M
Korea South

South Korea unregulated electronic currency forex transfers strike record high at $677M

Home » Business » South Korea unregulated digital currency forex transfers hit record high at $677M Unregulated and questionable foreign currency transfers involving digital currencies have shot up this year in South Korea. According to data from the country’s tax agency, the country has seen a 2100% increase year-over-year in such transfers, raising concerns over…

South Korea to levy the 20% digital currency tax in 2022 despite opposition
Korea South

South Korea to levy the 20% digital currency tax in 2022 despite opposition

Home » Business » South Korea to levy the 20% digital currency tax in 2022 despite opposition The government is going to levy taxes on digital currency gains starting next year as planned—that’s the message that the South Korean administration has issued. The taxation has become the subject of heated debate between the government and…

North Korea Is Targeting Crypto Users with Spear-Phishing Attacks, Says UN
Korea North

North Korea Is Targeting Crypto Users with Spear-Phishing Attacks, Says UN

Source: Adobe/BirgitKorberA UN report has alleged North Korea is conducting spear-phishing activities on the crypto industry, and is looking to attack crypto users in a range of nations, including across the border in South Korea.Per Newsis and SBS, the UN says that it has seen evidence that Pyongyang-linked hackers and state-sponsored crypto thieves are “primarily…

South Korea could allow some digital currency exchanges to trade beyond regulatory cut-off
Korea South

South Korea could allow some digital currency exchanges to trade beyond regulatory cut-off

Home » Business » South Korea could allow some digital currency exchanges to trade beyond regulatory cut-off South Korea is expected to allow more of its digital currency exchanges to continue to trade beyond the cut-off date for its new licensing scheme, despite the looming regulatory deadline. Legislation introduced in the country imposed a deadline…

South Korea: 4 Exchanges Safe and sound but USD 2.6B Closure Storm Brewing
Korea South

South Korea: 4 Exchanges Safe and sound but USD 2.6B Closure Storm Brewing

Source: Adobe/GavinThere is mixed news for the crypto exchange industry in South Korea, where it looks like the fate of the four biggest trading platforms is now secure – but customers of smaller exchanges could be caught up in a USD 2.6bn maelstrom.After a new crypto law came into force earlier this year, exchanges have…

South Korea creates new digital foreign currency oversight bureau
Korea South

South Korea creates new digital foreign currency oversight bureau

South Korea’s financial regulator is set to establish a new independent bureau to monitor the digital currencies industry. The new bureau will fall under the country’s anti-money laundering watchdog and will seek to enhance investor protection. The Financial Services Commission (FSC) confirmed in a statement that the new division will be known as the “crypto…

South Korea to turn off 11 local digital foreign currency exchanges: report
Korea South

South Korea to turn off 11 local digital foreign currency exchanges: report

Home » Business » South Korea to shut down 11 local digital currency exchanges: report The South Korean financial services regulator is planning to shut down 11 digital currency exchanges, according to a local report. The 11 have reportedly engaged in illegal activities and used fraudulent collective bank accounts. A report by the Korea Herald…

South Korea warns foreign exchanges to join up by Sept 24 or even risk being turn off
Korea South

South Korea warns foreign exchanges to join up by Sept 24 or even risk being turn off

Home » Business » South Korea warns foreign exchanges to register by Sept 24 or risk being shut down South Korea has issued a stern warning to overseas digital currency exchanges operating in the country to register within the next two months or risk being shut down. The country’s financial markets regulator further warned exchanges…

South Korea to take action against unregistered crypto exchanges
Korea South

South Korea to take action against unregistered crypto exchanges

Crypto exchanges operating in the country that do not register by September 24 face potential fines or even jail time.