Bitcoin ETF Ban: South Korean Authorities Crack Down On Spot And Futures

Bitcoin ETF Ban: South Korean Authorities Crack Down On Spot And Futures

The Financial Supervisory Service of South Korea (FSS) has once again reaffirmed its prohibition on Bitcoin spot as well as futures Exchange Traded Funds (ETFs) which has drawn criticism from industry participants and legal practitioners. Related Reading: Trump Enters The Crypto Arena With Bakkt Acquisition – Details This is part of overhauling regulations that have […]


Related News

South Korean City Threatens to Seize Cryptos From Tax Evaders

Crypto tax evasion is becoming a hot potato for the authorities in some Asian countries, such as Japan and South Korea. A South Korean city is now actively fighting against tax evaders who are suspiciously reporting meager earnings in their filings. 511 Individuals in the Authorities’ Eyes According to Gugkje News, the authorities of Gyeongju, in North Gyeongsang Province, are aware of several possible cases of crypto tax evasion where individuals are reportedly hiding money into cryptocurrencies without reporting them before the tax authorities. As the new “Specific Financial....

South Korean Authorities Formally File Fraud Charges Against Coinbit’s Execut...

In South Korea, authorities have formally pressed fraud charges against the chairman of a major crypto exchange in the country, Coinbit, plus two unnamed executives of the firm. They are suspected of price manipulation. Coinbit’s Executives Formally Charged by South Korean Authorities According to Newspim, the 5th Investigation Team of the Seoul Metropolitan Police Agency made the official announcement. The same local media outlet quoted the country’s prosecutors, who are preparing themselves for the case, as they believe the executives participated in market manipulation....

South Korean Authorities Seized $184 Million In Crypto Against Unpaid Taxes

Despite the South Korean Government’s deep interest in metaverse and web 3 technology, the country implements aggressive policies when it comes to regulations and taxation. As reported by local news outlet Yonhap News on Thursday, the South Korean Tax Authority has seized 260 billion won ($184.3 million) in crypto belonging to tax evaders. However, the […]

South Korean Tax Agency Identifies Over 2,400 Evaders Who Used Cryptocurrenci...

South Korean authorities seem to be focusing on strengthening measures to combat tax evasion across the nation. The country’s tax watchdog profiled thousands of evaders that relied on cryptocurrencies to hide assets worth billions of Korean won. Evaders Hid a Total of $32.24 Million in Assets Per the Korea Herald, the National Tax Service of South Korea (NTS) identified 2,416 individuals who reportedly hid their assets in cryptos to bypass taxation. The agency stated that evaders used bitcoin (BTC), ethereum (ETH), ripple (XRP), among other cryptos, to avoid being scrutinized by the....

Report: South Korean Prosecutors Seek Software to Track and Monitor Crypto Tr...

South Korean prosecutors investigating a $7.22 billion money laundering case are reportedly seeking to acquire virtual currency tracking software to be used in monitoring crypto transactions. South Korean financial authorities also believe there is a tax evasion angle to the case. Real-Time Tracking According to a report, the Seoul Central District Prosecutors Office, which is investigating the unsanctioned remittance of $7.22 billion (10 trillion won), is reportedly seeking to acquire virtual currency software. Prosecutors believe such tracking software will enable them to monitor virtual....