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South Korean cryptocurrency exchanges are facing a new annual supervision fee of approximately 6 billion won starting next year, following the implementation of the Virtual Asset User Protection Act. The Financial Supervisory Service (FSS) has set the fee rate at…
An investor who sued the cryptocurrency exchange Upbit for $100 million in damages has won his case. The lawsuit was filed because the exchange failed to transfer his Lunar Coins in a timely manner before the Lunar-Terra crash in 2022,…
The Seoul Southern District Prosecutors’ Office’s Joint Investigation Team for Cryptocurrency Crimes has indicted 41 individuals for cryptocurrency fraud, seizing and recovering 140 billion won ($141 million) over the past year. The task force has confiscated assets worth 84.6 billion…
With the implementation of the Virtual Asset User Protection Act, cryptocurrency providers like Upbit, Bithumb, and Coinone must pay supervision fees based on operating revenue. This change follows amendments to the ‘Enforcement Decree of the Act on the Establishment of…
The “2024 Busan Blockchain Regulatory Free Zone Conference” was held to discuss the future development of the local blockchain industry and special zones through invited lectures by blockchain experts. Partner Attorney, Ohoon Kwon participated in a lecture on blockchain technology…
In response to the rising number of cryptocurrency-related crimes, the police are set to establish standardized procedures for seizing and managing cryptocurrencies. The National Police Agency’s National Investigation Division announced a study to design a standard management model for virtual…
The implementation of the Virtual Asset User Protection Act (VAUPA) in South Korea on November 19 has led to a competitive race among virtual asset exchanges for deposit interest rates. On November 20, the five major South Korean cryptocurrency exchanges—Upbit,…
North Korea is believed to have hacked India’s largest cryptocurrency exchange, WazirX, stealing over $200 million in cryptocurrencies, according to a report by Radio Free Asia on Nov. 18. British blockchain data company Elliptic identified a North Korean hacker group…
The government and ruling party are considering postponing the ‘virtual asset investment income tax’ set for next year due to the lack of a complete taxation system and infrastructure, and the ongoing abolition of the financial investment income tax. The…
MegaZone is considering acquiring a stake in the Binance-owned cryptocurrency exchange GoPax. The timing and price of the acquisition are undetermined, and it depends on government approval for the change of Virtual Asset Service Provider (VASP). Currently, Binance holds a…
