South Korea To Probe Crypto Exchanges, Tighten Regulations After Bithumb $40B...

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 Their Brand Names as Bithumb Ends Trademark Agreements Two cryptocurrency exchanges, Bithumb Global and Bithumb Singapore, will not be able to use the Bithumb brand name and trademark starting from the last day of this....

South Korea’s tax authority is going after individuals hiding their assets in cryptocurrencies as a way of avoiding tax payments. The National Tax Service of South Korea is increasing its efforts to combat tax evasion and is now focusing on the use of cryptocurrencies for such illicit activities.According to The Korea Herald, the tax agency has identified more than 2,400 tax evaders who used cryptocurrencies to hide assets worth over 36.6 billion won ($32 million) from the government.The NTS said it targeted individuals with more than 10 million won ($8,800) in tax defaults while also....

The Financial Services Commission (FSC) in South Korea has set a deadline for foreign and local crypto exchanges to register as legal trading platforms. The financial watchdog has set a September 24 deadline for exchanges to comply. This requirement is part of an effort to tighten oversight of the country’s exuberant crypto sector. Consequently, nearly two-thirds […]

South Korea is to ban crypto exchanges from handling digital assets it considers “dark coins”. Regulator Financial Services Commission (FSC) is specifically targeting privacy coins such as dash, monero and zcash. ● The ban is with effect from March 2021. In an update to crypto regulations under the Special Payments Act, the FSC accuses privacy coins of facilitating money laundering activities. ● It says that transactions involving privacy-oriented coins like monero (XMR) or zcash (ZEC) are hard to trace for law enforcement agencies, including the Commission itself.....

After introducing staff-related trading restrictions a while ago, Bithumb will soon completely ban its employees from using its platform to trade crypto. Bithumb, a major South Korean cryptocurrency exchange, is moving forward with trading restrictions for its employees by banning its staff from trading on its platform.According to an official Friday announcement, Bithumb will completely ban its employees from buying or selling crypto using a Bithumb account starting this month.The restriction intends to strengthen internal regulations and improve transaction transparency on Bithumb....