According to the recent annoncement made by South Korea’s Financial Services Commission (FSC), the main financial agency of South Korea, the new anti-money-laundering and know-your-customer rules for crypto exchanges will come into force on July 10, 2018, and will be actual for one year.
The new guideline will make the current regulations on transaction and user monitoring even stricter so that to prevent frauds, money laundering activities and money transfers between local and foreign crypto exchanges.
In order to provide crypto exchange investors with even greater security, the FSC requested the Korea Financial Intelligence Unit (KFIU), the national financial supervisory organisation, to strengthen their control over cryptocurrency transactions and user activity.
The decision to advance the existing crypto regulation is based on FSC’s recent inspections at three local banks – Nonghyup Bank, KB Kookmin Bank and KEB Hana Bank.
The South Korean government’s initiative to take crypto sector under control is not more than a step forward to legitimizing the local cryptocurrency sector.
South Korea plans to gradually allow corporations to begin trading crypto, according to the latest announcement by the Financial Services Commission. On Feb. 13, the SFC released a press release in which it outlined a phased lift on a ban…
South Korea kicks off talks on the second phase of crypto regulations, focusing on stablecoins and user protection, with a draft expected by mid-2025. South Korea‘s financial regulator, the Financial Services Commission, has officially started working on the second phase…
South Korea considers easing restrictions on corporate crypto trading, with plans to gradually issue real-name accounts to institutional investors. South Korea is set to allow corporations to invest in cryptocurrencies as the Financial Services Commission is considering a gradual approach…
The U.S. and South Korea have reportedly partnered to develop tools aimed at countering North Korea-linked crypto thefts and tracking billions of dollars in stolen digital assets. The United States and South Korea are said to be working together to…
Crypto prices crashed hard in South Korea as the local currency plunged to a record low. Bitcoin (BTC) price dropped to 88,197,000 KRW, its lowest level since October 5, before rebounding to 132,000,000 KRW. The cryptocurrency was down by almost…
More than a dozen crypto exchanges in South Korea have closed or suspended operations in 2024, leaving nearly $13 million in assets unclaimed by almost 34,000 subscribers. As South Korea enforces the Virtual Asset User Protection Act, more than a…
South Korea urged caution on spot Bitcoin ETFs, prioritizing financial stability and regulatory review.
Kim Byung-hwan emphasizes investor protection over market development in cryptocurrency pThe post South Korea FSC chairman: 'Difficult for crypto to replace legal tender' appeared first on AMBCrypto.
South Korea's new regulations enhance user protection in the cryptocurrency industry.
VASPs must keep 80% of user crypto deposits in cold storage.
South Korea boasts one of the world's most The post South Korea implements new crypto regulations, details here appeared first on AMBCrypto.
OkayCoin's William Miller says growing interest in crypto staking within South Korea has prompted the company to provide dedicated support/services tailored to meet the unique needs of investors.
South Korea’s Ministry of Justice has launched a special task force to combat the increasing prevalence of crypto crimes, signaling a major crackdown on fraud and market manipulation. South Korea is intensifying efforts to clamp down on market manipulation and…
Terraform Labs co-founder Do Kwon will be sent to his home country, South Korea, to be tried for the multi-billion-dollar implosion of his Terra-Luna crypto enterprise in May 2022.
A court in Montenegro ruled Thursday that Terraform Labs co-founder Do Kwon will be extradited to his native South Korea to face criminal charges regarding the May 2022 multibillion-dollar blow-up of the Terra ecosystem.
South Korea’s People Power Party has decided to delay its intentions to relax cryptocurrency regulations indefinitely. This shift includes halting the initiative to lift the prohibition on domestic spot Bitcoin exchange-traded funds (ETFs), a move initially anticipated by market watchers.…
South Korea to discuss NFTs and spot Bitcoin ETFs with U.S. SEC, potentially reshaping South Korea's virtual asset regulations.
The post NFT and Bitcoin ETF Discussions Between South Korea and SEC appeared first on NFT News Today.
A landmark development unifying blockchain tech and sports saw the Chiliz (CHZ) network signing a multi-year collaboration with South Korea’s K-League – a professional football league in the country.
The former Terraform Labs CEO could face 40 years in jail in South Korea, the country where he committed most of his crimes, according to local authorities.
XRP is now the most traded coin in South Korea in 2023, according to reports from the South Korean analytical provider firm, Kaiko. The coin’s performance can be attributed to the expected positive outcome in the ongoing SEC vs. Ripple…
South Korea’s financial regulator has issued a set of guidelines outlining which types of digital assets will be considered and regulated as securities in the country.
By amending its ElectroThe post South Korea issues guidance on security tokens, details inside appeared first on AMBCrypto.
Coinspeaker
South Korea Issues Guidelines on Security Tokens Ahead of New Regulation
The government of South Korea is very open to crypto as an asset class.
South Korea Issues Guidelines on Security Tokens Ahead of New Regulation
South Korean authorities contemplate the outcome of new bill around listing of cryptocurrencies
However, South Korean regulators were divided on the idea
As per a local news report from The post South Korea contemplates control over crypto listings after... appeared first on AMBCrypto.
South Korea is making a statement as it is making its stance on the cryptocurrency world crystal clear. As of 6 September, the country's top financial regulator revealed plans to launch a distinct digThe post South Korea is getting serious on crypto securities- Here's how appeared first on AMBCrypto.
Crypto. com is one of the world’s fastest growing digital asset trading platform. It has recently spoken about its acquisitions in South Korea which would help in Crypto. com’s South Korea expansion plan.
According to Local media accounts, South Korea’s Financial Supervisory Service (FSS) has moved to standardize risk assessment for virtual assets, the FSS reported these details during the “Enactment of the Digital Asset Framework Act and Emergency Inspection of Coin Market Investor Protection Measures” conference.
South Korea's National Assembly and the government are reportedly considering stricter crypto legislation following an emergency probe into the Terra market collapse.
The post Terra Market Collapse and Tax Liabilities Could Force South Korea to Rethink Regulations appeared first on BeInCrypto.
On Thursday, March 10, Yoon Suk-yeol, the leader of South Korea’s largest opposition party clinched victory, becoming the president-elect after scooping roughly 49% of the votes using among other campaign strategies, a platform that appealed to crypto enthusiasts.
LABEL Foundation recently gained authorization from one of South Korea's main exchanges and a listing position with KRW (South Korean currency), the advancement has immediately followed after Clesson The post LABEL Foundation debuts on top digital asset exchange in South Korea appeared first on AMBCrypto.
2021 was a year of change in South Korea as the administration announced several legislations in the crypto-space. And now, at the start of 2022, a new announcement from the National Statistical OfficThe post South Korea: Bitcoin investigations to ascertain household holdings appeared first on AMBCrypto.
2021 was a year of political turmoil for crypto businesses in South Korea. After several regulatory shakeups, the country is finally ready to tax digital assets from 2023.
With that, South Korea isThe post Crypto politics heats up with upcoming presidential elections 2022 in South Korea appeared first on AMBCrypto.
With the dust clearing after a great deal of regulatory rumbling and chaos, crypto-investors in South Korea now have a better idea of where they may need to go in order to continue trading.
HoweverThe post South Korea: Are recent crypto-regulations paving the way for Upbit's dominance appeared first on AMBCrypto.
As the laws are getting stricter in South Korea, tax filings in the country will also include crypto earnings from 1 January 2022, as per local reports. Earlier, South Korean authorities were mulling The post No deferral on taxation law, South Korea to tax crypto gains 2022 onwards appeared first on AMBCrypto.
South Korea is a curious case study. While for many it has been a country fairly conducive to the crypto-community, recent regulatory steps seemed to suggest otherwise.
Consider this - A while backThe post South Korea postpones proposed crypto-taxation policy to next year appeared first on AMBCrypto.
Bithumb, Coinone, and Korbit, three of South Korea's most-prominent crypto-exchanges, have finally met the country's regulatory conditions and reached deals with banks before the 24 September deadlineThe post South Korea's 'big four' crypto-exchanges secure real-name account deal appeared first on AMBCrypto.
The Special Provisions Act is set to come into effect from 25 September in South Korea and this has left many exchanges panicking. Popular crypto-banking platform Sandbank is one of them, with the firThe post South Korea: Crypto-bank decries lack of 'clear authoritative interpretation' appeared first on AMBCrypto.
Crypto-regulations recently introduced in South Korea have created a slew of problems for companies in the space. Following numerous major steps taken by Bithumb to comply with the regulatory requiremThe post South Korea: Bithumb's latest severance of ties casts shadow on recent regulations appeared first on AMBCrypto.
Although the government tried to regulate the space, new rules have added to the woes of the crypto businesses in South Korea. As per the latest updates, South Korean banks were avoiding extending theThe post South Korea: Here's the dilemma exchanges are facing appeared first on AMBCrypto.
Crypto regulation is gaining traction by the day, and the latest is in the Asian nation South Korea. ‘Bicycling’ Creates ‘Conflict Of Interest’ The top regulatory body of the South Korean financial market, the Financial Services Commission, is bringing to an end the practice of ‘bicycling' by crypto exchange operators, per reports from a local […]
The post South Korea’s FSC Looks to Rein In Cryptocurrency With Cross Trading Ban first appeared on BitcoinExchangeGuide.
The government of South Korea is planning to impose a 20% tax on gains from cryptocurrency transactions. The plan is to impose this law starting next year, with the same reiterated by the government oThe post South Korea: FSC tasked with crypto-compliance as 20% crypto-tax plans move ahead appeared first on AMBCrypto.
Strict reporting rules for crypto businesses in South Korea are set to come into effect, with existing firms given six months to comply or face stiff penalties.
South Korea is credited as one of the main driver of the 2017 crypto boom, with volumes there exploding at the time. South Korean exchanges used to dominate, first ethereum...
Coronavirus-driven lockdowns and social distancing limits affect people’s way of entertaining themselves, such as going to karaoke. In South Korea, that activity is too popular, and despite the COVID-19 outbreak, the crypto industry is trying to capitalize on it.
The Solana network is currently grappling with an unprecedented level of congestion, resulting in a surge in transaction failures. This surge in failed transactions coincides with a significant increase in network activity, largely driven by the recent frenzy surrounding platform memecoins.
Bitcoin, the pioneering cryptocurrency, has achieved yet another significant milestone on its journey to becoming a global digital asset. With over 900 million transactions processed, this achievement couldn’t have come at a more intriguing time, as the next halving event approaches.
An unlucky Bitcoin (BTC) user recently paid over $500,000 in transaction fees to move just 0.074 BTC to Binance — a historical network fee on the BTC blockchain. Prominent whale tracking resource Whale Alert first called attention to the development…
The past few weeks have seen Ether stall in terms of price action, with the cryptocurrency trading between $210-240. Not the same can be said about Ethereum’s underlying blockchain activity. Due to a perfect storm of events, the number of users of the network has skyrocketed.
On Wednesday, April 1, a transaction for 100,000 BTC appeared on the bitcoin network. The estimated payment amount exceeded $ 600 million dollars, but the size of the commission paid did not even reach $ 1, and this is not a joke.
There are a number of costs associated with using bitcoin and while it is still far cheaper than using traditional banks, they still need to be accounted for. Storage of the digital asset also has a cost and it has been rising.
Bitcoin Fees On The Rise With the uptick in the Bitcoin (BTC) price, transaction fees have been on the rise again. While users could send transactions with a $0.03 fee at the bottom of the...
The post Bitcoin Fees On The Rise, BitMEX & Coinbase Should Batch Txs: Bitrefill CEO appeared first on Ethereum World News.
