With crypto trading reportedly reaching feverish proportions in South Korea, internet giant Kakao might be set for an upward share price advance. Quoting comments from analysts Mirae Asset Daewoo — a South Korean brokerage outfit — The Korea Herald has reported that the chat app operator stands to benefit from the ongoing enthusiasm in the Bitcoin (BTC) market. According to Mirae Asset Daewoo analyst Kim Chang-kwon: “Kakao owns about a 23 percent stake directly and indirectly in Upbit’s operator Dunamu. Since Upbit has already surpassed its record-high traffic and trading amount set in the fourth quarter of 2017, we expect …

South Korea’s cryptocurrency regulatory space is set to become even more tightly regulated with the incoming laws on financial reporting for crypto businesses in the country. According to Korea JoongAng Daily, South Korea’s Financial Services Commission, or FSC, has amended its financial reporting rules to include the cryptocurrency sector. This amendment mandates all crypto businesses — exchanges, asset managers, wallet providers and custodial platforms — to file records of their transactions with the Financial Intelligence Unit. The FIU is an arm of the FSC responsible for Anti-Money Laundering oversight across South Korea’s financial ecosystem. South Korea’s crypto reporting regulation will …

The National Tax Service of South Korea is increasing its efforts to combat tax evasion and is now focusing on the use of cryptocurrencies for such illicit activities. According to the Korea Herald, the tax agency has identified more than 2,400 tax evaders who used cryptocurrencies to hide assets worth over 36.6 billion won ($32 million) from the government. The NTS said it targeted individuals with more than 10 million won ($8,800) in tax defaults while also recovering cash, bonds and other hidden assets. Indeed, the agency reportedly plans to conduct a deeper probe of some of the individuals caught …

The volume of transactions in the South Korean digital currency market briefly exceeded the daily average transaction amount of the country’s stock market on Sunday. According to data from CoinMarketCap, the combined 24-hour volume of major South Korean crypto exchanges Upbit, Bithumb, Coinone, and Korbit was more than $14.6 billion on Sunday. On Friday, the same metric was roughly $14.5 billion on the Korea Composite Stock Price Index and $10 billion on the Korean Securities Dealers Automated Quotations. The increase in volume came as the price of Bitcoin (BTC) rose to a new all-time high of more than $61,000 Saturday …

The market capitalization of Bitcoin recently rose above $1 trillion once again. Now the asset has surpassed the total market cap of the South Korean won. According to data from AssetDash, the Bitcoin (BTC) market cap is $1.057 trillion at time of publication. This exceeds the money supply of the South Korean won, which was estimated to be 1,178,748,600,000,000 KRW as of December 2020, and is currently valued at roughly $1.04 trillion. Bitcoin’s market cap rose above $1 trillion for the first time in February following the announcement that Tesla had invested $1.5 billion into BTC. Crypto adoption by a …

Major South Korean commercial bank Shinhan Bank is looking to collaborate with the country’s central bank on developing a national digital currency. Shinhan Bank has developed a blockchain-based pilot platform for a central bank digital currency, or CBDC, in partnership with LG Corporation’s IT services arm, LG CNS, South Korean news agency Yonhap reported Monday. Shinhan Bank and LG CNS created a virtual CBDC model where the Bank of Korea issues a CBDC, while other banking institutions like Shinhan Bank act as financial intermediaries. The bank emphasized that CBDC intermediaries would be an integral part of a digital won ecosystem, …

South Korean crypto exchanges that don't take extensive data collection and identity verification measures could soon be subject to heavy fines. According to an official announcement Wednesday, South Korea’s Financial Services Commission has come up with a revised proposal for the regulation of virtual assets service providers, or VASPs. The proposal introduces new VASP penalty standards as well as simplifying and integrating existing penalty rules for the industry. As part of the revised proposal, the FSC will be able to fine VASPs for failure to report and record suspicious transactions. Fines will vary depending on the severity and character of …

South Korean cryptocurrency exchange Bithumb is toughening its approach to Anti-Money Laundering enforcement with a series of new measures that include trading restrictions, stronger Know Your Customer checks, and specialized blockchain intelligence solutions. The popular exchange, which has an estimated average of 1 million daily users and a daily transaction volume worth 5–7 billion ($4.4–6.2 million), had a troubled 2020 beset by police investigations over allegations of fraud. After a series of reported negotiations with various firms for a potential acquisition, major gaming conglomerate Nexon denied it was planning to acquire Bithumb earlier this year. The Korean Herald today cites …

The ICON Foundation, creator of the ICON (ICX) project, has issued an official response to the news that South Korean tax authorities are investigating its technical partner, ICONLOOP. In a statement published on Monday, the chairman of the ICON Foundation, Min Kim, said that the ICON Foundation would not be affected by the investigation, noting that ICONLOOP is operated as a separate entity. The ICON Foundation is a non-profit organization based in Switzerland. In late 2017 it conducted an initial coin offering for the native coin of the ICON blockchain, ICX, raising over $42 million in the process. ICONLOOP is …

Some South Korean banks appear to be enjoying the benefits of increased crypto involvement with K bank reportedly eyeing an initial public offering in 2022. According to a report by The Korea Times on Wednesday, K bank CEO Lee Mun-whan revealed that the bank would be profitable by 2022, paving the way for the public listing. K bank — South Korea’s first internet-only bank — is the major Korean won on-ramp for Upbit; one of the “big four” crypto exchanges in the country. The expected positive revenue turnaround for K bank is coming after a tumultuous 2019 which saw Korea …

Amid a major downward correction in the cryptocurrency market, the head of South Korea’s central bank is skeptical about digital currencies like Bitcoin (BTC). Bank of Korea Governor Lee Ju-yeol said that crypto assets like Bitcoin have no intrinsic value, local news agency Yonhap reports Tuesday. The official said that he expects more price swings on the market, stating, “It is very difficult to predict the price, but its price will be extremely volatile.” Speaking at the National Assembly, Lee also addressed possible reasons behind the recent sharp crypto rally, which led Bitcoin to become a $1 trillion asset. The …

South Korea will implement a 20% tax on Bitcoin (BTC) and cryptocurrency profits starting Jan. 1, 2022. The nation’s Ministry of Economy and Finance announced that profits made from both trading and holding cryptocurrencies will be subject to the tax, reported the Korean Herald on Monday. The tax will be triggered when profits made from cryptocurrencies exceed 2.5 million won, or roughly $2,300. Gains made up to this point will be tax-exempt. South Korea previously aimed to levy the tax starting in 2020, but pushback from cryptocurrency enthusiasts and lobbyists saw the government delay the implementation of the tax several …