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South Korean prosecutors are seeking to freeze 3,313 bitcoins at two cryptocurrency exchanges allegedly tied to luna founder Do Kwon. The coins were moved soon after a South Korean court issued an arrest warrant for the Terraform Labs co-founder. Luna Foundation Guard has denied transferring the coins. Korean Authorities Ask Crypto
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The government in South Korea has seized cryptocurrency worth around $184 million in two years due to tax arrears, according to local media. The authorities in Seoul started confiscating virtual assets from people accused of tax evasion in 2021. Almost 260 Billion Won in Crypto Seized for Tax Evasion in South
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South Korea’s Ministry of Foreign Affairs also issued an order to the other five individuals to return the passports they posses. The order was put through after the Seoul Southern District Prosecutor's Office for Financial and Securities Crimes requested the six individuals' passports be invalidated, Munhwa reported. Original Source
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LUNA fell 36% in the past 24 hours while LUNC dropped 25%, with much of the price movement coming after news of the warrant was made public on Wednesday morning. The warrant was issued four months after the collapse of the $40 billion Terra ecosystem and its algorithmic stablecoin (UST),
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Based on the opinions gathered at the policy seminar, the FSC plans to publish guidelines for the issuance and commercialization of security tokens by the end of 2022. Afterwards, it plans to modify the country's existing electronic securities and capital market regulatory frameworks to cover security tokens. Original Source
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South Korea continues its immersion in Web3 and the Metaverse. After investing almost $200 million in the creation of its own metaverse ecosystem and publishing the “Metaverse Ethical Principles,” the country’s government is now preparing the Metaverse Industry Promotion Ac.As reported by local media on Sept. 1, Heo Eun-ah, a
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South Korean customs authorities on Tuesday arrested 16 people involved in illegal foregin exchange transactions, according to a report by local outlet Newsis. Source
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Domestic companies like Terra circumvented the ban by issuing new digital tokens through corporations established overseas and listing those tokens on local exchanges, the central bank said in its report accompanying the Korean translation of the European Union's Markets in Crypto Assets (MiCA) regulation. Source
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The gift tax could be levied on the person who receives the airdrop, the official said in response to a query on the matter. The recipient will have to file a tax return within three months of the airdrop and tax will be levied at 10%-50%, the report said. The
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The South Korean Ministry of Strategy and Finance on Monday cleared that virtual asset airdrops, staking rewards and hard forked tokens would be subject to a "gift tax" under the Inheritance and Gift Tax Act despite the postponement of crypto gains tax to 2025.Cryptocurrencies are officially referred to as part
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