South Korea's banking association alarmed by altcoin trading mania
South Korea’s banking body wants crypto exchanges to be wary of the risks of being overexposed to altcoins. The Korea Federation of Banks has raised alarm over the increase in altcoin trading volumes across crypto exchanges in the country.According to a report by The Korea Herald on Monday, the banking association has asked member banks to conduct an audit on the altcoins being offered by their crypto exchange clients.The KFB is reportedly concerned about the potential risks of banks providing account services to exchanges overexposed to altcoins. An official of the banking association....
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A banking association in South Korea recently added weight to regulatory discussions across the country, raising concerns about the high altcoin trading volume. The Korea Federation of Banks (KFB) requested its members to audit trading volumes through their crypto exchanges’ customers’ altcoin activity. Altcoins Trading Volume Outperformed Bitcoin Last Weekend in South Korea According to The Korea Herald, the KFB is concerned about potential risks that South Korean banks could be exposed in front of high altcoin trading volumes, as they offer their services to domestic virtual....
The postponement follows a successful lobbying campaign by local crypto advocates. The South Korean government has officially postponed a new tax regime on cryptocurrency gains until 2022.According to Yonhap on Dec. 1, the planning and finance committee of South Korea’s national assembly passed amendments to the country’s tax laws wherein a new cryptocurrency tax regime will come into effect in January 2022.On Nov. 25, the legislature suggested delaying the adoption of a cryptocurrency income tax rule to Jan. 1, 2022 instead of October 2021.The decision will provide local crypto businesses....
A group of 21 financial investment companies and five blockchain technology firms have signed a memorandum-of-understanding (MoU) to develop distributed ledger solutions as a blockchain consortium. Announced yesterday, the blockchain consortium is led by the Korea Financial Investment Association and sees a number of financial institutions and Fintech firms collaborate to form a blockchain think tank for the Korean capital market. According to Business Korea, the IT Committee of the association will be sharing its blockchain case studies and results of its technical research with the....
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. The trading platform is of the belief that the collapse in the market can be reversed this year itself. It has now secured its […]
Chosun, the largest and most popular online news publisher in South Korea has reported that law enforcement is about to begin investigations on altcoin pump-and-dump and bitcoin Ponzi schemes. The Bank of Korea will support local law enforcement and agencies with the investigation and will provide the necessary infrastructure and technology to search for scam bitcoin projects and programs. The joint investigation will also focus on the trading of altcoins that have no value, or are suspected of being a pump-and-dump scheme. "According to our sources, there are 676 altcoins, including....