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The National Tax Service (NTS) of South Korea has revealed that 70% of the country’s overseas assets are in cryptocurrency. According to an official statement, the country holds $98 million worth of crypto abroad, as reported by nearly 1,400 individuals and corporations. The NTS said that out of the 186.4 trillion won
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Cryptocurrencies like Bitcoin (BTC) accounted for the largest share of South Korea’s reported overseas assets in the latest report by the country’s tax organization.South Korea’s National Tax Service (NTS) issued an official announcement on Sept. 20, stating that 1,432 individuals and corporations reported overseas accounts in cryptocurrency this year.The total
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South Korean regulators are currently monitoring the trading in the OTC crypto market to avoid its criminal use. The South Korean Supreme Prosecutors’ Office Criminal Law Academy held a session focusing on virtual currencies’ challenges and issues in light of rising crimes involving virtual currencies, such as fraud and money laundering. Deputy
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South Korean regulators have turned their focus to over-the-counter (OTC) crypto trades amid growing concerns about its use for criminal activities. The financial regulators in the country are reportedly monitoring the OTC crypto market trades.According to a report published in a local daily, deputy chief prosecutor Ki No-Seong and Park
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“From the discussions I had with the major ecosystem players, it did have a huge impact that forever changed the Korean [decentralized finance, or DeFi] ecosystem for institutions,” Hoon Kim, the chief technology officer at blockchain project Astar, told CryptoX. “It made it harder for the retail investors to look
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South Korean Bitcoin lender Delio is reportedly preparing for an administrative lawsuit against regulators for the wrong interpretation of law leading to an investigation and hefty fine against the crypto lending firm.Bitcoin lender Delio said the allegations of fraud and embezzlement levied by the Financial Service Committee (FSC) are baseless,
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Mirror Trading International (MTI) is convicted by a U.S. court for deceiving victims in a Bitcoin scam, facing a restitution order of $1.7 billion. The U.S. Commodity Futures Trading Commission (CFTC) revealed that Mirror Trading International Proprietary Limited (MTI) has been convicted in a cryptocurrency fraud case. The complaint against the
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The South Korean bank KEB Hana Bank closed a new partnership with the cryptocurrency company BitGo to develop crypto custody. The partnership between the two companies will aim to develop a cryptocurrency custody business in South
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One of the largest South Korean banks, Korea Exchange Bank (KEB Hana Bank), is moving to offer digital asset custody services through a new partnership with major cryptocurrency custody firm BitGo Trust Company.KEB Hana Bank has signed a strategic business agreement with BitGo to jointly establish digital asset custody in
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