South Korea is Debating New Bitcoin Exchange Rules
Financial regulators in South Korea have launched a new digital currency task force, with an eye to introduce new regulations for exchanges by early next year. The Financial Services Commission convened the first meeting of its new task force this week, and the agency is planning additional hearings over the next few months. Other government bodies represented on the task force include the the Ministry of Strategy and Finance and the Financial Supervisory Service. The Bank of Korea, the country’s central bank, is also involved in the initiative. Up for discussion, the FSC said, is which....
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Indonesia and South Korea are thinking about joining forces in an attempt to boost the FinTech industry to help the burgeoning sector in both countries, reports The Jakarta Post. Last month South Korea announced that it is going to introduce bitcoin regulations in 2017 as digital currencies continue to grow in the country. According to the report, bitcoin adoption has increased significantly in South Korea, amounting to 1.5 trillion won in transactions. It was recently reported that the South Korean government was pushing ahead with the system expansion of digital currency to promote the....
South Korea moved to tighten rules for cryptocurrency platforms after a major breach at Upbit that sent shockwaves through the local market and government halls. Related Reading: Trump’s New Security Strategy Leaves Crypto And Blockchain Out Government Pushes Bank-Level Rules According to government and industry reports, the Upbit breach on November 27, 2025 involved the […]
A further tightening of cryptocurrency regulation in South Korea is underway, with new rules for banks and crypto exchange operators. New rules announced by South Korea's Financial Services Commission, or FSC, are expected to affect around 60 unauthorized cryptocurrency exchanges in the country and a new policy for banks will require that they classify any crypto exchange clients as “high risk.”According to the Korea Times, the new guidelines were announced on Sunday and are intended to ensure that crypto exchanges strengthen their monitoring of transactions and uphold strong user ID....
Amid the ongoing controversy surrounding virtual asset taxation in the country, South Korea’s Financial Authority recently proclaimed non-fungible tokens (NFT) as taxable. On Tuesday, The Financial Services Commission (FSC) of South Korea, announced that it would start taxing NFTs. According to The Korea Herald, from January next year, this tax law amendment would impose a […]
Metaverse and web 3 developments are attracting South Korea’s attention as the sectors continue to develop. As of now, the government invested around $200 million in the sectors. On the other side, state authorities have struggled to design effective regulatory frameworks like other jurisdictions around the globe introducing new cryptocurrency rules. In a meeting of […]