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The Financial Services Commission (FSC) and Financial Supervisory Service (FSS) announced the need for guidelines and procedures for closing down Virtual Asset Service Providers (VASPs) to protect users’ assets. This follows joint inspections revealing that several exchanges, including Huobi Korea…
In alignment with the Act on the Protection of Users of Virtual Assets implemented in July, the Financial Services Commission’s Virtual Asset Division will operate with eight staff members until the end of next year. Additionally, the Financial Intelligence Unit…
Terraform Labs and its co-founder Do-Hyung Kwon have reached a preliminary agreement on disgorgement and penalties related to the collapse of the cryptocurrency Terra-Luna. According to the U.S. District Court for the Southern District of New York, Terraform Labs, Kwon,…
If you had an overseas financial account balance exceeding KRW 500 million last year, you must report it to your local tax office by July 1. This requirement includes assets such as cash, stocks, and virtual assets, with offshore virtual…
The U.S. Securities and Exchange Commission (SEC) has approved an Ethereum spot ETF, following the approval of a Bitcoin spot ETF. However, this will not be available in South Korea due to current laws that prohibit spot ETFs for virtual…
In the second half of last year, domestic cryptocurrency investors in South Korea transferred KRW 25.3 trillion to overseas exchanges. This surge was driven by improved market conditions, which prompted investors to trade newly emerged virtual assets unavailable in Korea…
Korea’s cryptocurrency market has seen a significant growth of 53% in market capitalization over six months, reaching 43.6 trillion won by the end of December 2023. This growth is driven by rising cryptocurrency prices and improved investor sentiment. Transaction volume…
The Personal Information Protection Commission is wrapping up its investigation into Worldcoin, a controversial cryptocurrency that collects personal data like face and iris recognition. The results are expected to be released as soon as next month. The commission initiated the…
The trading volume on South Korea’s cryptocurrency exchanges has dropped by one-fifth in two months, with the latest 24-hour trading value totaling 2.699 trillion won. This is significantly lower than the 12.99 trillion won recorded when Bitcoin surpassed the $100…
Korean Prosecutors’ Office retrieved a deleted e-wallet belonging to a suspect accused of fraud and embezzlement, seizing Ethereum worth 7.6 billion won ($7.6 million). The suspect, A, allegedly defrauded 156 victims of 14.6 billion won in investment funds and embezzled…
