South Korea

South Korea Plans Stricter Guidelines for Crypto Exchange Listings: Report

South Korea Plans Stricter Guidelines for Crypto Exchange Listings: Report

To tighten the reins on the crypto market, South Korean authorities are keen on imposing stringent token listing guidelines on centralized crypto exchanges as early as “next month,” a local media reported on Friday. The Financial Supervisory Service (FSS) has been working on the new guidelines since the second half of last year. During this […]

Apr. 5, 2024
South Korea Considers Postponing Crypto Taxation for Another 2 Years
Crypto

South Korea Considers Postponing Crypto Taxation for Another 2 Years

South Korea’s ruling party, the People Power Party, is considering postponing the implementation of crypto investment income tax for another two years during the upcoming election campaign in April, according to a local media report. Aligning with the right-wing party’s “taxation after selection fee” principle for virtual assets. Under the principle, the party preserves the […]

Feb. 19, 2024
South Korea Ramps Up Crypto Exchange Scrutiny: Report
Crypto

South Korea Ramps Up Crypto Exchange Scrutiny: Report

The Financial Intelligence Unit of South Korea has announced plans to boost scrutiny over crypto exchanges, enhancing supervision in the thronging market and signalling an affirmative stance toward customer protection in the sphere of digital assets. In December 2023, the Financial Services Commission introduced the Virtual Asset User Protection Act, after which the Financial Intelligence Unit […]

Feb. 14, 2024
South Korea Arrests Three Haru Invest Executives for $826M Fraud
Crypto

South Korea Arrests Three Haru Invest Executives for $826M Fraud

South Korean authorities have arrested three executives of troubled crypto yield platform Haru Invest for allegedly stealing 1.1 trillion won ($826 million) worth of crypto from around 16,000 customers, local news agency Yonhap reported on Feb. 6. The company’s CEO is reportedly among the three arrested by the Seoul Southern District Prosecutors’ Office’s Joint Investigation […]

Feb. 6, 2024
Crypto Karaoke Platform Somesing Hacked for $11.5 Million
Crypto

Crypto Karaoke Platform Somesing Hacked for $11.5 Million

Somesing, a blockchain-based social karaoke platform in South Korea, fell victim to a cyberattack on Jan. 27. The platform disclosed a loss of 730 million units of its native token, equivalent to $11.58 million. The compromised amount included 504 million undistributed SSX tokens, which were planned for circulation by the end of 2025, and 226 […]

Jan. 29, 2024
South Korea’s FSC Proposes Ban On Credit Card Payments For Crypto
Crypto

South Korea’s FSC Proposes Ban On Credit Card Payments For Crypto

South Korea’s Financial Services Commission (FSC), the country’s top financial regulator, has proposed an amendment to the Credit Finance Act, which aims to effectively prohibit local citizens from purchasing cryptocurrencies with credit cards. In a Jan. 3 legislative notice, the FSC cited concerns about money laundering and illegal outflows that could come with South Korean […]

Jan. 4, 2024
South Korea To Reveal Top Public Officials’ Crypto Holdings Next Year
Crypto

South Korea To Reveal Top Public Officials’ Crypto Holdings Next Year

South Korea’s personnel ministry announced on Dec. 27 that high-ranking public officials will be required to disclose their crypto holdings. This new measure, which starts next year, is part of an effort to enhance transparency and accountability within the public sector. According to an announcement, the property details — including cryptocurrencies — of about 5,800 […]

Dec. 28, 2023
South Korean Regulators Target OTC Crypto Market
Crypto

South Korean Regulators Target OTC Crypto Market

South Korean financial regulators are closely monitoring over-the-counter (OTC) crypto trading due to growing concerns about its potential use in illegal activities.  Park Min-woo from the Financial Services Commission (FSC) and Deputy Chief Prosecutor Ki No-Seong and other vital regulatory officials convened a session titled “Criminal Legal Issues Related to Virtual Assets,” per the report […]

Sep. 18, 2023