A South Korean altcoin issuer has been arrested on fraud charges. Prosecutors in the country have accused him of duping investors out of $16.1 million. Per Newsis, the Seoul Southern District Prosecutors’ Office’s Virtual Asset Crime Joint Investigation Team arrested the unnamed individual on March 19. South Korean Altcoin Issuer ‘Conspired with Market Maker’ The…
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South Korean regulators talked to officials from ASEAN, the Association of Southeast Asian Nations, and the OECD about crypto policy in Seoul on March 18. Per Yonhap, the event was hosted by the Seoul-based Financial Services Commission (FSC), South Korea’s top financial regulator. South Korean Regulators Aiming for International Crypto Cooperation? The FSC announced that…
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Kimchi premium crypto price discrepancy is driven by a lack of South Korean corporate investment in Bitcoin (BTC), say South Korean experts. Per Hanguk Kyungjae, a paucity of domestic investment options also drives the phenomenon that recently saw BTC prices in South Korea outpace the rest of the world by 10%. Kimchi Premium: Are South…
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The National Tax Service in South Korea is preparing to launch a virtual asset tax system to help analyze the information received from cryptocurrency holders to avoid cryptocurrency tax evasion. Local sources reported that the agency had contracted the services of a third-party company to help in this task, and it is scheduled to be…
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A South Korean law firm operator was jailed in Busan on March 11 after being found guilty of stealing clients’ money to spend on crypto investments. The media outlet Newsis reported that the case was heard at the Criminal Division of the Busan District Court. The court sentenced an unnamed individual in their 50s to…
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South Korea plans to launch a tracking system that aims to ensure virtual asset users aren’t avoiding taxes. The National Tax Service has chosen a consulting firm to develop a sophisticated system for overseeing these assets, local outlet Digital Daily reported Monday. It will be capable of analyzing and managing transaction data related to digital…
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K Bank, a South Korean neobank that has seen rapid growth thanks laregely to its crypto operations, is set to make an initial public offering (IPO) bid. Unnamed financial sector officials said on March 10 that K Bank’s board of directors has signed off on the move. The goal bank now reportedly has the “goal…
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Despite Montenegro’s High Court ruling for Do Kwon’s extradition to South Korea, the U.S. is not backing down. “The United States continues to seek Kwon’s extradition in accordance with relevant international and bilateral agreements and Montenegrin law,” the Justice Department told Bloomberg, highlighting the ongoing legal tussle over the Terra founder amidst charges linked to…
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Worldcoin controversy in South Korea is driving trades on the Bithumb crypto exchange, a media report has claimed. According to Busan Ilbo, trading in the Worldcoin (WLD) token has spiked in the wake of a new Personal Information Protection Commission probe. This has seen WLD trading balloon on the platform. On March 4, 24-hour Worldcoin…
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The latest data reveals that the premium on bitcoin in South Korea has escalated to its highest level in more than two years. At 7:30 a.m. Eastern Time (ET) on Thursday, the weighted global average price for bitcoin hovers between $66,800 and $67,000, whereas on the South Korean exchange Upbit, bitcoin’s price stands at $71,076…
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