South Korea

South Korea Proposes Law Allowing Direct Seizure and Sale of Crypto Assets to Pay Overdue Taxes

<div class=”featured_image_container”> </div> <strong>The South Korean government has proposed an amendment to the tax code to allow the country’s tax authority to seize and sell cryptocurrencies belonging to delinquent taxpayers. “The revision will allow direct seizing without court-approved change in ownership records. Assets held by tax dodgers in the form of digital coins will no …

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South Korea to take action against unregistered crypto exchanges

The South Korean government announced today that crypto exchanges will face punishment if they have not voluntarily registered with the country’s authorities by September 24. This new set of regulations will reportedly affect both exchanges based in South Korea and foreign exchanges that operate in Korean markets. According to the release, that includes any exchange …

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South Korean Regulators Warn Dozens of Foreign Exchanges to Comply With New Rules

<div class=”featured_image_container”> </div> <strong>Overseas crypto exchanges marketing to Koreans will be blocked if they fail to comply with new South Korean regulations. The country’s anti-money laundering body has sent a notice to a number of foreign trading platforms warning them a registration is mandatory in order to provide services to Korean residents. </strong> Korean Financial …

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Bithumb Terminates Trademark Agreements With 2 Foreign-Based Exchanges

<div class=”featured_image_container”> </div> <strong>Leading Korean crypto exchange Bithumb is terminating its trademark agreements with two coin trading platforms operating abroad under its brand name. The move comes as digital asset exchanges in South Korea prepare to comply with the country’s stricter regulations for the industry that will be enforced in September. </strong> Bithumb Global and …

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South Korean Regulator Analyzing 578 Cryptocurrencies

<div class=”featured_image_container”> </div> <strong>South Korea is deliberating on four crypto-related bills for the regulation of cryptocurrencies. “We are currently doing groundwork by searching for and analyzing data on 578 coins that have various forms,” the chairman of the country’s top financial regulator reportedly said.</strong> South Korea Prepares to Regulate Crypto Industry The South Korean National …

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South Korean Bank Woori Financial to Offer Crypto Custody Services

<div class=”featured_image_container”> </div> <strong>Woori Financial Group, one of the biggest financial conglomerates in South Korea, will offer crypto custody services. The bank will develop a joint venture effort with Coinplug, a blockchain-based developing company. This conglomerate signals the third bank entering the market in the country, after KB Kookmin Bank and Shinhan Bank. </strong> Woori …

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Woori becomes latest major Korean bank to announce crypto custody services

According to a July 11 report from The Korean Economic Daily, the group’s banking unit, Woori Woori Financial Group has become the latest major South Korean financial institution to announce it will launch digital asset custody services. Bank, is partnering with Bitcoin-based fintech solution firm, Coinplug, to establish a digital asset custody joint venture, dubbed …

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Get Paid for Excrement: This Eco-Friendly Toilet Pays You in Digital Currency

<div class=”featured_image_container”> </div> <strong>An eco-friendly toilet that pays people in digital currency for using it has been installed at a university in South Korea. The toilet is connected to a laboratory that uses excrement to produce biogas, which is used as a source of energy at the university.</strong> Get Paid in Digital Currency to Use …

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‘Poopcoin’: Korean professor uses bio-waste to mine crypto

“Shitcoin” may no longer be solely a term used to describe altcoin projects with questionable value propositions, as one South Korean university professor has taken the term to a more literal dimension. Cho Jae-weon of the National Institute of Science and Technology in Ulsan, South Korea, has created an eco-friendly toilet system that produces fertilizer …

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Korean Banks Elevate Cybersecurity to Deal With Crypto-Related Risks

<div class=”featured_image_container”> </div> <strong>South Korean banks are taking steps to bring cybersecurity to a new level as they try to keep up with fintechs and address new threats arising from their interaction with the crypto space. A number of institutions are adopting unprecedented measures including the integration of blockchain technologies, Korean media reported. </strong> South …

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