South Korea’s Appetite for Bitcoin About to Get Much Bigger
South Korea has announced that it is now putting measures in place for the spread of top digital currency, Bitcoin. The Asian country is home to a few Bitcoin exchanges including Korbit and CoinOne which are currently placed in the 22nd and 29th positions in the list of top exchanges according to a 24-hour volume rankings on CoinMarketCap. It is also home to CoinPlug which has been around since 2013 and introduced the two-way Bitcoin ATM in the country. Getting bigger for Bitcoin. As suggested by the Chairman of the Financial Services Commission (FSC), Yim Jong-yong, the government now....
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This Friday, the first South Korean crypto regulatory framework has gone into effect after the one-year preparation period. The new law requires firms in the country to comply with stricter requirements to protect investors and their assets. Related Reading: $235 Million Crypto Theft from WazirX Was ‘Perpetrated’ By North Korean Hackers, Report Reveals South Korea’s […]
Upbit is one of South Korea’s largest cryptocurrency exchanges alongside Bithumb, Coinone and Korbit — who are collectively referred to as “The Big Four.” Major South Korean cryptocurrency company Upbit has reportedly submitted a business report with the Korean Financial Intelligence Unit (FIU).Upbit reported its digital asset business to the FIU, which operates under South Korea’s top financial regulator, the Financial Services Commission (FSC). Upbit’s operator, Dunamu, announced the news on Friday, The Korea Economic Daily reported.Upbit is one of South Korea’s largest cryptocurrency....
South Korea’s crypto tax law continues to face significant opposition from cryptocurrency proponents in the county. Kim Boo-kyum, recently nominated as Prime Minister by South Korea’s President Moon Jae-in, has said he will look into the country’s crypto tax law.According to a report by KBS World, the Prime Minister nominee is keen to ensure that there are no victims of the crypto tax law coming into effect in January 2022.Kim’s comments come amid growing opposition to the incoming crypto tax regime. Tensions were further stoked after Eun Sung-soo, chairman of South Korea’s Financial....
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’s cryptocurrency regulatory space is set to become even more tightly regulated with the incoming laws on financial reporting for crypto businesses in the country.According to Korea JoongAng Daily, South Korea’s Financial Services Commission has amended its financial reporting rules to include the cryptocurrency sector.This amendment mandates all crypto businesses — exchanges, asset managers, wallet providers, and....
FSC plans to raise policy loan support to $USD879 million from $USD439 million. The only moral way to break the rigid finance laws is, to reform them. And as it appears, the South Korean government is leaving no stone unturned in doing the same. The hint comes from Yim Jong-yong, the Chairman of South Korea’s Financial Services Commission (FSC), who recently presented a promising “FinTech development roadmap”. The message read that the commission has removed irrational regulations, and is now focusing to revamp current systems to make room for FinTech technologies. Yim further disclosed....