Authorities in South #Korea have arrested the CEO of Wacon, Byun Young-oh, and Vice Chairman Yim Mo-Soo for their roles in a large-scale cryptocurrency fraud.
The scheme, which allegedly defrauded investors of approximately 500 billion won (around $365 million), primarily targeted elderly individuals with deceptive promises of high returns.
The arrests follow claims that Wacon operated an unlicensed Ponzi scheme, misleading around 12,000 members through fake crypto investment products.
The company allegedly used tactics like multi-level marketing and false assurances of returns to lure investors, but failed to deliver on its promises.
The Seoul Central District Prosecutors’ Office has charged Byun and Yim with fraud, noting that the scheme involved significant financial deceit.
Ongoing investigations are also examining Wacon’s parent company, SAK-3, for similar fraudulent activities, with potential additional losses estimated at 1 trillion won.

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- Recent report reveals: 20% of South Korean lawmakers engaged in cryptocurrency trading, totaling nearly $100 million in transactions over three years.
- Bitcoin emerged as the favored cryptocurrency among Korean politicians, yet their portfolios spanned across 100+ other digital assets.
- New legislation mandates public officials to disclose their cryptocurrency holdings beginning in 2024.
- To enforce compliance, the top five South Korean cryptocurrency exchanges will introduce "information provision systems" tailored for politicians.

Cryptocurrencies are sparking immense interest in South Korea, captivating not just the public but also the country's political leaders. Shockingly, a significant number of parliamentarians, around 20%, have seen substantial gains from their investments in digital assets over the last three years. This surge in crypto wealth among lawmakers triggered the Korean government to introduce new transparency laws concerning cryptocurrencies for both citizens and officials.
The frenzy surrounding crypto within the National Assembly intensified when a Democratic Party member faced scrutiny for concealing ownership of Wemix (WEMIX) tokens worth at least $4.5 million. As a result, the Anti-Corruption and Civil Rights Commission conducted a comprehensive investigation into the digital asset transactions of all 298 serving members, revealing striking insights. Approximately 6% of lawmakers had digital asset records, while an additional 3.7% accounted for the entire crypto trading volume among politicians.
The investigation uncovered a staggering 125.6 billion Korean won ($97.6 million) in crypto trades, primarily involving Bitcoin, showcasing the extensive involvement of politicians in the crypto market. Moreover, these officials diversified their portfolios, delving into a total of 107 different types of assets, highlighting diverse preferences among South Korean politicians.
This revelation prompted the South Korean government to take action. They passed a law mandating nearly 6000 civil workers to disclose their crypto holdings via the Public Official Ethics System starting in 2024. The law also requires the country's major crypto exchanges to establish dedicated systems for public officials to register their crypto assets, promoting increased transparency and accountability.
It's essential to note that while this information aims to be accurate and current, Voice of Crypto does not assume liability for any missing or incorrect data. Cryptocurrencies are highly volatile assets, so it's crucial to conduct thorough research and make informed financial decisions independently.

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South Korean tax authorities continue their efforts to uncover and combat tax fraud related to cryptocurrencies. Recently, a raid was conducted in the city of Hwaseong, during which cryptocurrency assets worth over $768,500 were seized.
Cracking Down on Tax Evaders
Raids conducted by tax authorities in Hwaseong are part of their extensive efforts against tax evasion and non-compliance. By seizing cryptocurrency assets, authorities obtain evidence of undeclared income and implement tax measures.
Increasing Pressure for Tax Transparency
South Korea is intensively working to increase tax transparency, especially regarding income from cryptocurrencies. New technologies and electronic systems enable authorities to better monitor cryptocurrency transactions and uncover tax evasion.
Monitoring Cryptocurrency Transactions
Tax authorities utilize sophisticated cryptocurrency monitoring systems to identify undeclared income and tax fraud. These systems allow authorities to scrutinize transactions and identify individuals attempting to evade their tax obligations.
Expanded Investigations and Raids
Raids and investigations conducted by tax authorities target not only individuals but also businesses and organizations suspected of tax fraud. Authorities rely on modern technologies and collaborate with other agencies to ensure compliance with tax laws and prevent tax evasion.
Stringent Enforcement
South Korean authorities make it clear that they will consistently penalize individuals and organizations involved in tax fraud. In this way, they aim to create an environment where all taxpayers adhere to laws and contribute fairly to public finances.
Future Development
Given the constant evolution of technologies and cryptocurrencies, authorities are expected to continue improving their methods for monitoring and uncovering cryptocurrency tax fraud. They are likely to employ increasingly sophisticated technologies and collaborate with international partners to ensure an effective fight against tax evasion and non-compliance.
Conclusion
South Korean authorities are paying increased attention to uncovering and combating tax fraud in the cryptocurrency sector. Their goal is to ensure compliance with tax laws and enhance tax transparency in the country. Through the use of modern technologies and thorough investigations, they strive to create a fair and transparent tax environment for all citizens.
 #tax #Korea #crypto

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Recently, a government official in South Korea has been detained, accused of involvement in cryptocurrency fraud and participation in phishing attacks. According to reports from Fn News, this individual was arrested on March 27th. She is a fifty-year-old woman holding a position as a level six official in a district office. According to police reports, she "solicited money from several victims."
The accusations suggest that the accused converted traditional currencies into bitcoins, which were then sent to a member of a group conducting phishing attacks.
Involvement in a Phishing Gang
According to statements from the police department in Seoul, specifically in the Dongdaemun district, the woman was arrested directly at a bank in Jegi-dong on charges of fraud. Allegedly, the official converted more than $74,000 into bitcoins for fraudulent purposes, which were then sent to a member of the phishing organization, from whom she received a "fee."
The accused claims to have been persuaded to participate in the gang's activities under the pretext of legitimate earnings.
Investigation Ongoing
The police are currently gathering evidence and attempting to identify additional potential victims. Addresses associated with the accused official are being searched, and further information is being examined. Investigators are also looking into whether the public official exploited information obtained in the course of her employment to lure victims.
Rise in Cryptocurrency Crime
Recent years have seen an increase in crimes related to cryptocurrencies, including phishing attacks, where fraudsters often impersonate government officials or bank employees. These cases often end with demands for money transfers to "resolve" fabricated issues.
One notable case involved an official who embezzled approximately $3.5 million from the National Health Insurance Corporation and converted the money into cryptocurrencies before fleeing to the Philippines. This case, along with the incident involving a high-ranking official trading dogecoin during a government meeting, highlights the growing issue of cryptocurrency crime in the country.
 #crypto #fraud #Korea

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

On March 18 in Seoul, discussions took place between South Korean regulators and representatives of the Association of Southeast Asian Nations (ASEAN) and the Organisation for Economic Co-operation and Development (OECD) regarding cryptocurrency policies.
The event was organized by the Financial Services Commission (FSC), the top financial regulator in South Korea, as reported by Yonhap agency.
Seeking International Cooperation in Cryptocurrency Regulation
The FSC announced that the aim of the international conference was to share information on progress in digital finance in ASEAN countries and discuss risks associated with cryptocurrencies and other areas.
This meeting was part of a larger initiative called the "South Korea-OECD Roundtable: On Digital Finance in ASEAN," attended by representatives of the Korea Institute of Finance.
Another round of discussions was scheduled for March 19, with the first day focusing on presentations and discussions on central bank digital currencies and crypto assets.
Financial regulators, central bank officials, and other key representatives of financial institutions from Asia and OECD member countries attended the meeting. It was agreed to share information on global trends and exchange views on digital finance.
Focus on Artificial Intelligence and Financial Innovation
On March 19, participants reconvened to discuss the use of artificial intelligence in the financial sector.
Kim So-young, Vice Chairman of the FSC, emphasized in his opening speech that financial innovation through digital technologies brings positive changes, such as increased productivity in the financial sector. He also noted the importance of creating an appropriate regulatory framework to monitor potential risks and protect consumers.
He called on South Korean regulators and their counterparts from ASEAN and OECD to take an active approach to addressing the challenges posed by digital finance and crypto markets.
Towards International Rules for Cryptocurrencies
Kim emphasized the importance of international cooperation and sharing information on financial trends with global organizations and key world countries, including ASEAN states, to ensure compatibility with the international regulatory system.
There was also discussion about the need for approval of bitcoin spot ETFs, but it was stated that a decision would be made only after the issuance of new legislation.
In February, reports emerged in South Korea that the Fair Trade Commission is planning to investigate the sale of concert tickets for popular K-pop star PSY supported by NFTs, indicating growing interest in regulating and approaching new financial technologies.
#crypto #Korea

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

A South Korean citizen has started a petition on the National Assembly’s official website, asking the government to delay taxing cryptocurrency gains.
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The petition, filed on March 21, needs to gather 50,000 signatures by April 20 for local lawmakers to consider it. As of Tuesday afternoon in Asia, it has 10,888 signatures.

South Korean Investors Petition for Delay in Crypto Taxation
A petition submitted to the National Assembly expressed concerns about potential repercussions if crypto investors are taxed prematurely. The petition urged for a two-year postponement of taxation to allow thorough review and discussion. Currently scheduled for January 2025, the proposed tax implementation date was previously pushed back from January 2023.
The petition also called for increased oversight of the Digital Asset Exchange Alliance (DAXA), comprising South Korea’s top five exchanges. It raised questions about DAXA’s criteria for delisting cryptocurrencies, citing unclear judgment standards and the potential for arbitrary decisions.

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South Korea: A Thriving Hub for Cryptocurrency Trading
South Korea boasts one of the largest and most vibrant cryptocurrency markets globally. Upbit, the country’s leading exchange, dominates the local market share and has facilitated an impressive $185 billion in trading volume throughout March alone. This staggering figure represents nearly 9% of the total exchange trading volume worldwide.
In recent months, the local crypto fever has intensified, fueled by the ongoing bull market cycle. According to reports, South Korean exchanges recorded a remarkable trading volume of 11.85 trillion Korean won ($8.8 billion) on March 11 alone, surpassing the trading volume of South Korea’s traditional KOSPI stock market.

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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#SouthKorea #Korea $BTC $ETH $BNB

In response to the growing popularity of cryptocurrencies in South #Korea the People Power Party, which holds significant political influence in the country, is proposing another two-year delay in the implementation of #cryptocurrency taxation. This proposal directly fulfills promises made to citizens before the upcoming elections and is aimed at supporting innovation and investment in the digital currency space.
Intent to Expand the Horizons of #Tax Policy
According to recent reports, the People Power Party is actively emphasizing the need for a tax policy that protects the assets and economic well-being of South Korean citizens. Given the lack of a stable regulatory framework and specific regulations for the cryptocurrency market, the party sees the necessity of delaying tax implementation to allow sufficient time for the development and implementation of effective regulatory tools.
Upcoming Regulations and Their Impact on the Market
The government plans to introduce new regulations that will cover areas such as cryptocurrency custody and the token listing process. These steps are considered key to integrating the cryptocurrency sector into South Korea's official financial system, thereby further legitimizing and developing it.
Discussion on Reform and Harmonization of Cryptocurrency Taxes
Current debates at the government level indicate an effort to reform cryptocurrency taxation, with the goal of eliminating taxes on various types of financial investments and aligning tax rates with those applicable to stocks and other traditional financial instruments. This move aims to ensure a fairer tax classification of cryptocurrencies and support their wider acceptance.
Increased Transparency and Ethical Standards
In an effort to increase transparency and prevent conflicts of interest, South Korea has introduced rules requiring public officials to provably disclose their cryptocurrency holdings. These measures are also intended to support the adherence to ethical standards in public administration.
International Dialogue on Regulating the Cryptocurrency Sector
Lee Bok-hyun, a representative of financial oversight in South Korea, plans to lead discussions with Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC), aiming to deepen cooperation and coordination in regulating the cryptocurrency industry, including a specific focus on spot bitcoin ETFs.

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Do-hyung Kwon, the CEO of #Terraform Laboratories, was recently apprehended in Montenegro, which has revealed his earlier rejection of American jurisdiction while on the run. Kwon might have rejected U.S. jurisdiction in order to lessen the harshness of his upcoming punishment, according to a YNA article.

Kwon played a significant role in the "Terra/Luna" incident, which led to the collapse of bitcoin prices globally. He asked the U.S. to extend by 30 days the deadline for submitting an appeal request with regard to violating the summons order issued by the US Supreme Court and Securities and Exchange Commission (SEC) on August 18 of last year, to October 6.

The SEC served Kwon with a subpoena referencing Terraform Labs' "Mirror Protocol" app in person in New York, USA, on September 20, 2021. Kwon fled from Korea in April of last year, a month before the Terra and Luna accident. He has been residing as a wanted man for the past four months.

Kwon's lawyer objected in the documents forwarded to the Supreme Court that the SEC's personal jurisdiction was acknowledged by the 2nd Court of Appeal despite Terraform being a Singapore corporation and Kwon being a Singapore resident. According to Kwon's side, the court's ruling on its personal jurisdiction is comprehensive and significant, taking into account both the general environment and the digital market.

By applying the judicial approach of adding together the penalties for each separate offense, it is conceivable to condemn someone to more than 100 years in jail in the United States. The highest penalty for economic crimes in #Korea is only around 40 years, and there are no rules or laws defining whether #cryptocurrency is a security or not.

Observers speculate that Kwon's rejection of U.S. jurisdiction may have been an effort to buy himself some time to flee while also lessening the harshness of his future sentence. Nonetheless, Kwon is currently being held in custody in Montenegro and is being tried for using fake documents. His legal counsel has stated that "no response" when asked whether the man wants to be extradited to South Korea or the United States.

Regarding the legality of cryptocurrencies and economic crimes in several nations, the case of Kwon and Terraform Laboratories has generated interest and created doubts. It will be interesting to see how the case affects upcoming cryptocurrency-related laws and legal procedures as it develops.

According to reports, #DoKwon was detained while attempting to use forged Costa Rican passports to catch an aircraft to Dubai. A fake Belgian passport was also found among his belongings. According to an investigation by Interpol, forging a passport is a serious offense in Montenegro that carries a sentence of up to five years in jail.

This news is republished from https://coinaquarium.io/