SEOUL, Aug. 20 (Korea Bizwire) — Ko Kwang-nam invested 5 million won (US$4,251) in cryptocurrencies but lost about half of his holdings as the nation’s cryptocurrency markets showed signs of cooling down ahead of tougher regulations. As things stand, Ko, a 30-something office worker in Seoul, is likely to lose most of holdings because he [...]
SEOUL, Aug. 13 (Korea Bizwire) — Despite the overall growth of South Korea’s fintech industry, including the market for wire transfers and payments, cryptocurrency exchanges have seen drastic cuts in revenue and operating profits. CEO Score, a business analysis agency, studied the performance of 186 fintech firms based on public reports from the last three [...]
SEOUL, April 23 (Korea Bizwire) – South Korea’s financial authorities are moving to impose an income tax on cryptocurrency trading from next year, but investors in digital tokens have raised a nagging question about the proposed taxation. A growing number of cryptocurrency investors have cried foul over whether the government will collect a tax on [...]
SEOUL, April 20 (Korea Bizwire) – Amid woes over a bubble in cryptocurrencies and their rollercoaster moves, authorities here are taking steps to curb people from making ‘irrational’ investments, and trading platforms may face restructuring as banks are expected to seek tighter screening measures for the opening of real-name bank accounts. Wary of missing out, [...]
SEOUL, April 16 (Korea Bizwire) – The cryptocurrency turnover in South Korea has more than doubled over the past month, a market tracker said Friday, as retail investors scramble to the virtual currency amid the fallout of the coronavirus pandemic. The combined turnover of 14 cryptocurrency exchanges in Asia’s fourth-largest economy came to US$21.63 billion [...]
SEOUL, April 15 (Korea Bizwire) — A recent surge in international cash transfers to gain profits from arbitrage between Bitcoin prices overseas and in South Korea, where the so-called ‘kimchi premium’ is added to boost the price of Bitcoin, has South Korean banks on alert. Ffive major banks — KB Kookmin, Shinhan, Hana, Woori and [...]
SEOUL, March 16 (Korea Bizwire) – The market value of cryptocurrencies in South Korea has shot up nearly 10 times over the past three years amid keen investor interest, industry sources said Tuesday. According to local cryptocurrency exchange Upbit, its market index stood at 9,742.62 points as of 5:45 p.m. Monday, almost 10 times the [...]
SEOUL, March 15 (Korea Bizwire) — South Korea’s tax agency said Monday that more than 2,400 delinquent taxpayers have stashed away 36.6 billion won (US$32.2 million) in bitcoin and other cryptocurrencies to hide their assets. The National Tax Service (NTS) said it has cracked down on 2,416 taxpayers who have hid their income or inherited [...]
SEOUL, March 9 (Korea Bizwire) — The average daily transaction amount of cryptocurrencies is skyrocketing on the back of rising investment fever. The combined transaction amount of the nation’s four major cryptocurrency exchanges totaled 445 trillion won (US$389 billion) during the period from Jan. 1 to Feb. 25, far exceeding last year’s yearly total of [...]
SUWON, Jan. 8 (Korea Bizwire) — As the Bitcoin price continues to rise, bitcoin assets generated by criminal activities and later confiscated by the government will be incorporated into the state treasury after two years of waiting. Bitcoins confiscated by the prosecution following the country’s first supreme court decision permitting the confiscation of bitcoins in [...]