News
Authorities sold the recovered Bitcoin in small batches over 11 days to avoid disrupting the market, according to local media reports.
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South Korea News
South Korea, officially the Republic of Korea, is a country in East Asia. The country is home to almost 52 million people and uses the South Korean won as its currency. Its capital city, Seoul, is geographically located in the nation’s upper region. Thanks in part to its bustling capital and the nation’s landscape, South Korea’s economy benefits from various factors, including high technological advancement. South Korea borders North Korea, also known as the Democratic People’s Republic of Korea.
South Korea has stringent crypto regulations focused on preventing illegal activities and ensuring transparency. Cryptocurrencies like Bitcoin (BTC) are regulated under precise Anti-Money Laundering and securities regulations enforced by the Financial Securities Commission (FSC) of South Korea.
Reporting guidelines for crypto service providers, including centralized and decentralized exchanges, are fundamental in South Korea. The regulatory framework is influenced by the government’s evolving policy stance on crypto assets. When sold, cryptocurrencies held as investments are subject to a 20% capital gains tax for individuals and 22% for corporations. Additionally, cryptocurrencies used for payments may incur a 10% value-added tax in South Korea.
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Crypto exchange Bithumb risks a partial business suspension for negligence around money laundering and customer verification practices, according to local media reports.
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Flow Foundation is seeking a Seoul court order to halt planned FLOW delistings on three Korean exchanges following a December exploit that duplicated tokens.
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South Korea’s government and ruling party reportedly agreed on a proposal to cap major shareholder stakes in crypto exchanges at 20%, with limited exemptions for new operators.
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South Korea’s Kospi and Kosdaq tripped circuit breakers as the Middle East conflict drove a global exodus from stocks.
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Deputy Prime Minister Koo Yun-cheol ordered an inter-agency review of seized crypto wallets after the National Tax Service exposed a seed phrase in a press release.
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South Korea’s National Tax Service reportedly published a wallet seed phrase in a press release, and tokens worth $4.8 million were swiftly drained in the latest custody blunder for the authorities.
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Police seized the Bitcoin in 2021 but stored it in a third-party wallet, which was later accessed by unauthorized parties, with the loss remaining undiscovered for four years.
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A proposed law would require online investment influencers to reveal their holdings and paid promotions, with penalties potentially comparable to market manipulation violations.
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South Korean prosecutors reportedly accused a man of poisoning a business partner with pesticide in a dispute over losses due to crypto trading.
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The Bank of Korea proposed a bank-led consortium and a statutory interagency body for issuer approvals, citing the US GENIUS Act as a model, according to local media.
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Lawmakers criticize South Korea’s Financial Services Commission after Bithumb mistakenly credited 620,000 BTC and the probe faces delays.
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Local media reported that the stolen 320 Bitcoin was returned to a wallet controlled by authorities, with the unknown hacker seemingly having a sudden change of heart.
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South Korea reopens crypto to corporations with strict caps and asset limits. This is part of a broader strategy that includes stablecoin legislation and potential spot crypto ETFs.
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South Korea’s regulators are deploying AI systems to monitor crypto trading, flag manipulation and strengthen digital asset enforcement.
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