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Gov’t to Require Cryptocurrency Exchanges to Share User Data with Banks

Gov’t to Require Cryptocurrency Exchanges to Share User Data with Banks

SEOUL, Jan. 22 (Korea Bizwire) — The government plans to require cryptocurrency exchanges to share users’ transaction data with banks, in a potential move to impose taxes on the transactions, an official at financial authorities said Sunday. Currently, financial authorities ban banks from offering virtual accounts, which are needed to sell or buy cryptocurrencies, to [...]

Foreigners Continue Buying Spree of S. Korean Shares amid Solid Earnings: KRX

Foreigners Continue Buying Spree of S. Korean Shares amid Solid Earnings: KRX

SEOUL, Jan. 16 (Korea Bizwire) — Foreigners have net bought more than 2.2 trillion won (US$2 billion) worth of South Korean stocks this year in continuation of their buying spree from 2017, the Korea Exchange (KRX) said Tuesday, amid strong performance by local firms. Offshore investors acquired listed shares valued at 10.2 trillion won last [...]

Gov’t to Give Tax Breaks, Ease Listing Rules to Boost KOSDAQ Market

Gov’t to Give Tax Breaks, Ease Listing Rules to Boost KOSDAQ Market

SEOUL, Jan. 11 (Korea Bizwire) — The government will give tax breaks to individuals that invest in mutual funds for startups and soften some listing rules for the junior KOSDAQ stock market, officials said Thursday. The move is part of a new policy move to boost the KOSDAQ market and help smaller firms raise funds [...]

Regulators Inspect Virtual Bank Accounts for Corporate Customers over Cryptocurrency Worries

Regulators Inspect Virtual Bank Accounts for Corporate Customers over Cryptocurrency Worries

SEOUL, Jan. 10 (Korea Bizwire) — South Korea’s financial regulators have inspected banks that have opened virtual accounts for corporate customers amid concerns that such accounts could be exploited as a loophole to attract new investors for cryptocurrencies, an official said Wednesday. Regulators have banned banks from offering virtual accounts, which are needed to sell [...]

Bitcoin Rises in South Korea Despite Reports of Gov’t Intervention

Bitcoin Rises in South Korea Despite Reports of Gov’t Intervention

SEOUL, Jan. 9 (Korea Bizwire) – Bitcoin prices on South Korean exchanges have risen today despite hints at government regulation, and a drop in the value of the cryptocurrency in other markets. According to cryptocurrency exchange Bithumb, the price per bitcoin reached 24.7 million won as of 2:30 p.m. today, up 1.4 percent after financial [...]

Celltrion Head Becomes 4th-richest Man in Stock Holdings in S. Korea amid Bio Boom: Data

Celltrion Head Becomes 4th-richest Man in Stock Holdings in S. Korea amid Bio Boom: Data

SEOUL, Jan. 8 (Korea Bizwire) — The head of a biotech venture firm has emerged as the fourth-richest man in stock holdings in South Korea, industry data showed Sunday, amid a bio venture boom in Asia’s fourth-biggest economy. The value of stocks held by Seo Jung-jin, chairman of biopharmaceutical firm Celltrion Inc., rose to 5.39 [...]

More Stock Investors Doing Trading via Smartphones

More Stock Investors Doing Trading via Smartphones

SEOUL, Jan. 4 (Korea Bizwire) — Nearly 40 percent of last year’s stock trading in the secondary KOSDAQ market was done on smartphones, gradually phasing out transactions through computers and telephones, data showed Thursday. A daily average turnover of 291.48 million shares, or 39.6 percent of the total, on the tech-laden KOSDAQ was generated over [...]