South Korea Opens Crypto Market to Corporations, But Financial Firms Left Out
South Korea’s financial regulator is making strides in its approach to cryptocurrency by allowing certain organizations and corporations to open bank accounts for crypto transactions, according to latest report. This move, which comes as part of the Financial Services Commission’s (FSC) broader effort to align with global standards, marks a significant policy shift that opens […]
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Over the past few weeks, Ethereum has experienced a truly exponential growth in terms of market cap and development community, reaching a market cap of $4.37 bln. According to various sources and market data, the South Korean exchange market has accounted for 17 percent of global Ethereum trading. Companies within the South Korean digital currency and Blockchain industries are rapidly expanding their consumer base across the country. Interestingly, the majority of clients of Blockchain and digital currency-based startups in South Korea are composed of government-funded organizations, major....
A group of 21 financial investment companies and five blockchain technology firms have signed a memorandum-of-understanding (MoU) to develop distributed ledger solutions as a blockchain consortium. Announced yesterday, the blockchain consortium is led by the Korea Financial Investment Association and sees a number of financial institutions and Fintech firms collaborate to form a blockchain think tank for the Korean capital market. According to Business Korea, the IT Committee of the association will be sharing its blockchain case studies and results of its technical research with the....
South Korea's top financial watchdog wants legal changes making it mandatory for cryptocurrency firms to report the names of customers.
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 […]
The South Korean government will issue permits to FinTech firms including bitcoin mediated foreign currency transfer services to enable international money transfers for small funds. Come August 15, about 40 FinTech firms are expected to launch international money transfer services after receiving permits from the Financial Supervisory Service, South Korea’s financial regulator. According to the Korea Herald, the permitted amount for a one-off transfer via a FinTech firm will be $3,000 or less. The annual limit for a single account will be capped at $20,000 for transfers through FinTech....