South Korean crypto market grows to $45.9B in 2021 despite strict regulations
The 24 licensed crypto exchanges registered a collective average daily transaction volume of near $9.4 billion. South Korea’s crypto market grew to 55 trillion Won ($45.9 billion) by the end of 2021, as per a new study from the country’s chief financial regulator, the Financial Service Commission.South Korea is considered among the strictest crypto markets in terms of regulatory policy implementations and made regular headlines throughout 2021 for its new travel rule and Know Your Company requirements. However, the Korean crypto market has bloomed to new heights despite the regulatory....
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LABEL Foundation (LBL) has been listed on South Korean digital asset exchange Coinone. The listing is a huge milestone for the project given that South Korea possesses some of the strictest crypto listing regulations worldwide. The process involves in-depth reporting and high-level scrutiny from local financial watchdogs, all of which LABEL Foundation has successfully passed to be listed on Coinone. Crypto exchanges like Coinone are among the few left after the market shutdown that saw most crypto exchanges in the region shutter their doors due to the inability to comply with strict....
The executive power and the ruling party in South Korea have urged the cryptocurrency industry for what officials describe as voluntary regulatory measures, a Korean media report revealed. The call was issued during a consultative meeting devoted to crypto assets. Government Asks South Korean Crypto Sector for Regulatory Proposals Representatives of the South Korean government and the ruling People Power Party met on Monday to discuss issues related to the crypto space. The consultations were held in the aftermath of last month’s collapse of the terrausd (UST) algorithmic stablecoin....
Between strict capital controls and regulations, Korea’s cryptocurrency industry is so closed off that Bitcoin commands a steep premium and DeFi is in its infancy. On a day in which Bitcoin crashed briefly to $30,000 in a rampant bear market, the leading cryptocurrency never got anywhere close to that on Korean exchanges. The so-called “kimchi premium” saw to that, keeping the price of Bitcoin as much as $5,000 above its level on leading U.S. exchanges.The major reason for this kimchi premium is that Korea’s exchanges are fairly isolated by a combination of the country’s strict capital....
Despite the South Korean Government’s deep interest in metaverse and web 3 technology, the country implements aggressive policies when it comes to regulations and taxation. As reported by local news outlet Yonhap News on Thursday, the South Korean Tax Authority has seized 260 billion won ($184.3 million) in crypto belonging to tax evaders. However, the […]