South Korea Imposes 5-Minute Audit Rule On Crypto Platforms
Bithumb has pushed its stock market listing past 2028, citing the need to overhaul its accounting systems and internal controls after a high-profile crypto payout error drew scrutiny from South Korean regulators. Related Reading: XRP Headed For A Price Shock, Japan’s Financial Heavyweight Says Regulator Steps In After Industry Audit The Financial Services Commission announced Monday that all crypto exchanges operating in the country must now reconcile their internal records with actual asset holdings on a five-minute cycle. The directive followed an emergency inspection triggered by....
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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 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....
South Korean National Assembly Strategy and Finance Committee approved an amendment to delay to 2023 the taxation that imposes an annual 20% capital gains tax for crypto trading with over 2.5 million Won (US$2,125) in earnings, just after the same taxation had been rushed to happen in 2022 as the lawmakers said postponing it would […]
The government of South Korea has announced it will start investing in metaverse projects directly. More than $177 million dollars will be invested to kickstart national jobs and companies in this field, according to statements made by Lim Hyesook, minister of science and information and communication technologies. South Korea is one of the first countries to put funds into this field.
South Korea Gets Into the Metaverse
While more VC firms and companies are actively investing in the future of the metaverse, some nations are also preparing to invest in this new area to secure....
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....