How to
A mistaken Bitcoin payout revealed how exchange ledgers work and why South Korea is rethinking internal controls for crypto platforms.
235
South Korea News
South Korea, officially the Republic of Korea, is a country in East Asia. The country is home to almost 52 million people and uses the South Korean won as its currency. Its capital city, Seoul, is geographically located in the nation’s upper region. Thanks in part to its bustling capital and the nation’s landscape, South Korea’s economy benefits from various factors, including high technological advancement. South Korea borders North Korea, also known as the Democratic People’s Republic of Korea.
South Korea has stringent crypto regulations focused on preventing illegal activities and ensuring transparency. Cryptocurrencies like Bitcoin (BTC) are regulated under precise Anti-Money Laundering and securities regulations enforced by the Financial Securities Commission (FSC) of South Korea.
Reporting guidelines for crypto service providers, including centralized and decentralized exchanges, are fundamental in South Korea. The regulatory framework is influenced by the government’s evolving policy stance on crypto assets. When sold, cryptocurrencies held as investments are subject to a 20% capital gains tax for individuals and 22% for corporations. Additionally, cryptocurrencies used for payments may incur a 10% value-added tax in South Korea.
- News
South Korean authorities launched an investigation into Bithumb after it mistakenly credited 620,000 BTC to users, adding to concerns about “paper Bitcoin” and internal controls.
1816 - News
South Korea’s financial watchdog detailed planned investigations into high-risk trading tactics as it prepares the next phase of crypto regulation, Yonhap News Agency reported.
2516 - News
Bithumb says it has reclaimed most of the excess BTC credited during a promotional error and used company funds to cover 1,788 Bitcoin that had already been sold.
4183 - News
Recent volatility reviews, new surveillance systems and a landmark court ruling show how South Korea is enforcing stricter oversight of crypto markets.
3174 - News
The Financial Supervisory Service said automated models now scan crypto trading activity across timeframes, reducing reliance on manual investigations.
3724 - News
Regulators gain wider discretion to vet shareholders, finances and controls as South Korea tightens crypto market access.
1954 - News
The Financial Services Commission chief says ownership limits are still under negotiation as lawmakers debate the Digital Asset Basic Act ahead of a mid-February deadline.
1853 - News
Wemade added Chainlink to its Korean won stablecoin alliance to strengthen oracle and data infrastructure as South Korea debates stablecoin regulation.
2715 - News
South Korea’s stablecoin debate remains stalled as the central bank raises concerns over capital flows, issuer oversight and US dollar-linked risks.
5379 - News
South Korean crypto exchange Coinone has reportedly begun selling major shareholder stakes, with Coinbase rumored to be eyeing a strategic entry.
2112 - News
Prosecutors in South Korea reportedly discovered the Bitcoin was missing during a routine inspection of seized financial assets.
2921 - News
South Korea is reportedly reviewing exclusive bank partnerships for crypto exchanges as regulators assess competition and prepare the Digital Asset Basic Act.
2175 - News
South Korea’s customs agency charged three suspects over a more than $100 million crypto-linked remittance scheme using WeChat Pay and Alipay, per Yonhap.
3365 - News
Google will require proof of FIU registration acceptance for crypto apps, raising compliance hurdles for offshore exchanges serving South Korean users.
2888
