Crypto Exodus: Why $60 Billion Just Fled From South Korea

The government in South Korea has seized cryptocurrency worth around $184 million in two years due to tax arrears, according to local media. The authorities in Seoul started confiscating virtual assets from people accused of tax evasion in 2021. Almost 260 Billion Won in Crypto Seized for Tax Evasion in South Korea The amount of crypto assets seized from South Koreans accused of dodging taxation has reached almost 260 billion Korean won (close to $184 million at current exchange rates), the online editions Yonhap News and Maekyung unveiled on Thursday. The reports....

Over the last few years, the astronomical growth in cryptocurrency prices facilitated the surge of crypto and blockchain technology adoption in a few key markets. South Korea is one of them. The nation has always been a leading force and major participant in the emerging digital asset economy. Even though South Korea operates in an isolated manner because of its strict capital control laws, its crypto market still grew to new heights, reaching a valuation of $46 billion at the end of 2021. According to a report, South Korea is home to roughly 5.58 million crypto users, accounting for more....

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 […]

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 […]

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....