South Korea

Anonymous crypto transfers might become history in South Korea. Major South Korean exchanges will ban transfers to non-verified wallets, following a decision by Coinone. The businesses are adapting to new regulations set by the government. Exchanges including Upbit, Bithumb, and Korbit, will follow a similar decision by a Korean crypto exchange, Coinone.  On Wednesday, Coinone announced it would no longer allow deposits and transfers from unverified private wallets. The decision came as a result of new stricter regulations in Korea. The…

Calls for a crypto tax have drawn severe backlash in the country where crypto trading is ubiquitous. Now, the governing party is set to delay the crypto tax, according to The Korea Times. Due to diminishing support from young voters ahead of the upcoming elections in May, the government will ask regulators to delay the implementation by one year. So instead of on January 1, 2022, the tax will take effect in 2023. Indeed, there were signs that this decision…

The ruling Democratic Party of Korea (DPK) has resolved to delay imposing taxes on gains from cryptocurrency transactions. The DPK reached a verdict to reschedule the timing for another year than earlier planned. South Korean politician Hong Nam-ki affirms that the crypto tax code will start soon. The majority Democratic Party has been aiming to postpone it to 2023. This development comes ahead of the presidential election next year. It is targeting a voter base under 30 years who have invested heavily in the digital asset.…

According to media reports, South Korea will impose a crypto tax of 20% on profits from 2022. This development is part of the Korean government's plans to regulate cryptocurrency in its jurisdiction.  20% Tax on Profits above $2,260  Local news outlet Arirang revealed this development today, February 22, 2021. According to the report, the Ministry of Economy and Finance stated that income gained from trading bitcoin and other cryptocurrencies would be subjected to taxation from January 1, 2022.  Traders and…

Nexon Group, a video game development company, is set to acquire Korean exchange Bithumb for $457 million. This could end months of speculation about the future of the exchange placed on the market in 2020. Nexon Set for Record Acquisition According to local media, Nexon is positioning itself to purchase a 65% stake in Bithumb for around 500 billion Won ($457 million). Nexon has signed an agreement with Bithumb at the beginning of January but has not finalized the agreement.…

Binance Korea, a Binance platform specifically dedicated to South Korean residents, will end operations next month. A closure that comes only 9 months after the launch of the platform. Binance Leaves The  South Korean Market Binance Korea, made the announcement in a press release today. Registrations and deposits of funds are already closed, and withdrawals will be possible until January 29, 2021. The platform claimed to have difficulty operating due to lack of liquidity and low volume of transactions. Binance Korea…

South Korea could be set to delay the implementation of a new crypto tax rule. Local reports say that the National Assembly has proposed postponing the deployment of the law till October 2022. 25% Crypto Income Tax The government had initially planned to begin the implementation of the cryptocurrency income tax rule by October 2021. The rule states that South Korean residents will be charged 20% income tax on cryptocurrency profits worth 2.5million won ($2000). The rule introduced by the…

South Korean giants SK Telecom has announced a wallet's launch to store administrative documents on the blockchain. A wallet to store Korean administrative documents As local news outlet NewsTomato explains, the wallet will be used to host certificates that prove that a Koran citizen has administrative documents. This may include health information, Proof of address, insurance certificates, National ID, etc. Once stored in the company’s blockchain wallet, document certificates can be released to institutions that need them. The telecoms firm…

South Korea’s apex bank is working to ensure the timely initiation of a central bank digital currency (CBDC) pilot system. The bank completed a first-phase review last month prior to the establishment of the CBDC pilot system. In a report published by the Korea Times, it was noted that the central bank is planning to reveal information regarding a consulting partnership with a local firm, being part of its second step. The Bank of Korea welcomes applications from those interested in partnering…