South Korea's Protracted Crypto Tax Debate Postponed to 2027 for Clarity. 🇰🇷⚡

South Korea has extended its cryptocurrency tax implementation to January 2027, marking the third delay since it was first proposed in 2021. This decision follows complex negotiations between the Democratic Party and the ruling People's Power Party, highlighting the challenges of regulating digital assets. Political leaders emphasize the need for thorough institutional preparation before enforcement.

The delay has sparked mixed reactions from investors, with some relieved and others frustrated by the ongoing uncertainty. This prolonged debate reflects broader global challenges in digital asset regulation, raising questions about how South Korea and other nations will develop comprehensive tax frameworks in the future. The outcome could shape the approach to cryptocurrency regulation worldwide.

#SouthKorea #KoreaCrypto #TAX #XRPTrends #ThanksgivingBTCMoves

🚨🚨🚨 Urgent Update: South Korea strict crypto Exchange Laws take effects ⚠️⚠️🚨

📌 The new regulations issued by South Korea’s watchdog to protect user assets on crypto exchanges went into effect on July 19.

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#KaleemsCryptoMehfilKCM #SouthKorea #CryptoDawar #ETH_ETF_Approval_23July #MtGoxJulyRepayments

Just in: The third largest pension fund just bought MicroStrategy stock

This week, South Korea National Pension Service, as the current world's third-largest pension fund, just recently filed to the SEC, filing that they bought MicroStrategy shares worth $33.7 million, which accounts for 24,500 shares of MicroStrategy Inc. The South Korean investment can be categorized as a strategic move to gain indirect exposure to Bitcoin, as MicroStrategy holds a huge amount of Bitcoin.

#SouthKorea #Pensionfund #bitcoin #bitcoinasset #bitcoinmove

$BTC

🔥🔥 HOT NEWS 🔥🔥

📢📢South Korea Delays Crypto Tax Until 2028
Amid Market Concerns👀👀

According to Crypto State, South Korea plans to postpone its crypto gains tax to January 1, 2028, instead of 2025, due to market concerns. The move follows President Yoon Suk-yeol’s campaign promises and aims to create a clear regulatory framework. However, the Ministry of Economy and Finance has yet to decide on the delay, with new tax policy amendments expected by the end of the month.

#SouthKorea #SouthKoreaCrypto #CryptoNews🚀🔥 #CryptoUpdate

🚨 🇰🇷 South Korea has postponed the implementation of its cryptocurrency gains tax to 2028, marking another delay from its initial 2021 schedule. The decision comes amid economic instability and concerns over the lack of a robust tax infrastructure. The tax, which proposes a 20% levy on crypto gains exceeding approximately $1,900 annually, was first set to be enacted in October 2021 but has faced multiple postponements. The government cites the need for a mature market, clear legal systems for cryptocurrencies, and investor protection measures as reasons for the delay.

#SouthKorea #BinanceTurns7 $BTC $ETH $BNB

**Title: Betrayal's Echo**
In the heart of New York, Mia and Nia ventured into the trading world, dreams ablaze. Nia, trusting and hopeful, fell prey to the deceptive allure of a fraudulent trader, leaving her dreams shattered. Mia, witnessing her friend's downfall, felt a surge of anguish and determination. With each loss, Nia's spirit crumbled, tears staining her once bright eyes. Mia, haunted by the echoes of betrayal, vowed to unveil the truth and restore Nia's faith. Through relentless pursuit, Mia uncovered the deceit, but the scars of betrayal ran deep. Yet, in the depths of despair, their friendship emerged unscathed, a beacon of hope amidst the darkness. Together, they rose from the ashes, stronger and wiser, their bond forged by the fires of adversity.#SouthAfrica #SouthKorea #northkorea #runeto60 #American

JUST IN:

Do Kwon's Extradition REVERSED!
**The Montenegrin Court of Appeals just revoked the previously approved extradition of Do Kwon, co-founder of #Terraform Labs, to both #SouthKorea and the US!
What happened: High Court previously approved extradition based on legal requests from both countries. 4 Appeal by Kwon's defense successfully argued procedural issues in the handling of the case. Case now returns to the Podgorica Basic Court for retrial.
#Write2Earn

South Korea’s FSS Elevates Crypto Standards 🇰🇷🚀

Exciting news from South Korea! The Financial Supervisory Service (FSS) is leading the charge by auditing virtual asset service providers. This bold move is a game-changer for the crypto world, ensuring a safer and more transparent marketplace. 🛡️✨

With a sharp focus on compliance, user protection, and fair trading, the FSS is setting a new benchmark for the industry. Here’s hoping other regulators worldwide take note and follow suit. 🌍💼

Let’s rally together for a more secure crypto landscape! Keep exploring and always do your own research (DYOR)! #SouthKorea #CryptoCompliance

• Share anything South Korean you're using!
#Seoul #SouthKorea

South Korea’s New Crypto Exchange Rules Start Today

#SouthKorea #EthereumETF #Binance #ETH_ETF_Approval_23July #BinanceHODLerBANANA $BTC $BNB $USDC

Lawmakers in South Korea Secretly Made $100 Million Bitcoin and Crypto Transactions. 🇰🇷🥷🏻🪙

South Korean lawmakers have grabbed attention with their recent report on cryptocurrency transactions. According to the December 29 report from the South Korean Commission for the Combat of Corruption and Civil Rights, 298 members of parliament have engaged in cryptocurrency trading, totaling $97.6 million over the past three years.

The report specifies that these transactions occurred between May 30, 2020, and May 31, 2023. It highlights that only 18 lawmakers participated in cryptocurrency transactions, involving a total of 107 different cryptocurrencies.

A notable point in the report is the lawmakers' preference for including Bitcoin predominantly in their portfolios. However, in May, a Democratic Party member's $4.5 million investment in Wemix (WEMIX) attracted public attention, leading to criticism of the parliamentarian's cryptocurrency investment.

In response to this incident, the South Korean government took action, requiring state officials to declare their cryptocurrency transactions. The involvement of South Korean lawmakers in the cryptocurrency world may spark a new debate both in the public and within the administration in the country.

#SouthKorea #crypto #BTC #Asia

South Korea Takes Bold Measures Against Crypto Crimes. 🇰🇷👮🏻‍♂️👨🏻‍⚖️

In response to the 2022 crypto industry crisis involving Terraform Labs and its founder, Do Kwon, South Korea has enacted the Virtual Asset User Protection Act, showcasing its commitment to safeguarding the virtual asset market. The legislation, enforced since July 19, 2023, imposes strict measures to combat crimes within the crypto industry.

The primary aim of the Virtual Asset User Protection Act is to establish order in the virtual asset market and combat illicit activities within the industry. South Korea's proactive approach underscores the importance of ensuring user protection and market integrity.

The law outlines severe penalties for offenders, including fixed-term imprisonment of over one year or fines ranging from three to five times the amount of unjust enrichment. Notably, individuals involved in significant illegal profits exceeding 5 billion won may face life imprisonment, emphasizing the gravity of crypto-related crimes.

The Financial Services Commission (FSC) is granted the authority to impose fines equal to twice the amount of unfair profits. This additional layer of oversight ensures a stringent regulatory framework, with fines applicable after notifying the Prosecutor General and receiving the investigation's outcome.

The law encourages collaboration between the FSC and the Financial Supervisory Service to investigate unfair trading practices. Violations may result in various consequences for crypto businesses, including suspension, correction orders, complaints, or notifications to investigative agencies.

South Korea's strong stance, through the Virtual Asset User Protection Act, signals a commitment to accountability in the crypto landscape, acting as a deterrent against crimes and showcasing dedication to user protection. This legislative move positions South Korea as a leader in global efforts to regulate the virtual asset market.

#SouthKorea #Write2Earn #TrendingTopic #Terraform #FSC

$XRP trading volume in #SouthKorea surged dramatically after the #SEC lawsuit against #Ripple concluded.
On Upbit, South Korea's largest exchange, XRP trading reached $725 million, surpassing Bitcoin's volume and accounting for 14% of global XRP trades. This trend was also observed on other major Korean exchanges like Bithumb and Coinone, where #XRP consistently led in trading volume.

#TrendingTopic

📣 South Korea's right-wing People Power Party has proposed delaying the 20% #crypto gains tax by 3 years, pushing it from 2025 to 2028.
The tax faced heavy backlash and was postponed twice. Around 6.5M citizens (12.5% of the population) used crypto by the end of last year.

#SouthKorea #cryptotax #CryptoTaxReform #TrendingTopic

"South Korea's Financial Supervisory Service (FSS) is making a commendable move by launching inspections of virtual asset service providers.

This proactive step promotes a secure and transparent crypto market, prioritizing user protection, compliance, and fair trading practices.

By setting a high benchmark, the FSS is paving the way for a more reliable and trustworthy crypto ecosystem.

We encourage regulators worldwide to follow South Korea's lead and work collectively towards a safer and more robust digital asset space.

Let's unite to build a better future for crypto! #SouthKorea #CryptoRegulation"

US, South Korea, Japan Unite Against North Korea's Crypto Threats. 🇰🇵 × 🇺🇸🇰🇷🇯🇵

National security leaders from the United States, South Korea, and Japan recently gathered in Seoul to confront the escalating concern of North Korea's involvement in crypto thefts and the potential financing of weapons of mass destruction (WMD) programs.

Prominent figures including Jake Sullivan, Cho Tae Yong, and Takeo Akiba actively participated in the discussions, emphasizing the urgency of a united front against emerging threats.

Trilateral Initiatives Unveiled:

1. Regional Crisis Management:

Focused efforts on addressing regional crises and countering North Korea's persistent weapons programs.

2. Defense Collaboration:

Defense data will be mutually shared to strengthen regional security and preparedness.

3. Combating WMD Funding via Cryptocurrency:

A joint commitment to thwart North Korea's exploitation of cryptocurrency for financing illegal WMD activities.

Crypto Activities in the Spotlight:

The White House stressed the collaborative significance in addressing North Korea's crypto-related activities, spotlighting the Lazarus Group's alleged involvement in stealing over $600 million from Axie Infinity's Ronin Bridge.

OFAC's Decisive Actions:

The US Department of the Treasury's Office of Foreign Assets Control (OFAC) took swift measures against North Korean hackers linked to crypto crimes, imposing sanctions on numerous mixers believed to facilitate fund laundering.

Global Measures and Sanctions:

Various wallet addresses and individuals were included in the global financial system's ban, responding to allegations of supporting North Korea's weapons program fundraising efforts.

Attention to Privacy Tools and Developers:

TornadoCash, a privacy tool, and its developers faced scrutiny for their alleged involvement in over $100 million of stolen crypto through mixing services.

#northkorea #Japan #usa #SouthKorea #cryptocurreny

South Korea has banned short-selling until at least June 2024. According to multiple reports, the reason for the ban is to appease retail investors by curbing unfair trading practices and also to prepare for the upcoming election.

Following the ban, shares in South Korea rose Monday morning, with the country’s benchmark Kospi gaining 4%, while LG Energy Solution, a battery company, jumped by over 20%. Similarly, Posco Future M, a battery materials company, rose by 28%, while the technology-focused Kosdaq index gained 6%.

According to reports, the ban would last until June 2024 and applies to all stocks listed in South Korea. Kim Joo-hyun, chairman of South Korea’s Financial Service Commission (FSC), said on Sunday that despite previous regulatory improvements, concerns remain high over fair price formation in the domestic stock market due to repeated illegal naked short selling by global institutional investors.

Joo-hyun noted that the commission will use the period of the ban to improve regulations on short selling, as well as investigate the activities of global institutional investors who engage in “naked” short selling.

“We will apply a zero-tolerance approach to illegal naked short-selling practices, and perpetrators will be strictly punished and face criminal prosecution,” he said.

With the recent ban, the FSC has reversed its 2021 decision to lift short-selling restrictions on the Kospi 200 and Kosdaq 150 stocks. Those restrictions were imposed during the Covid-19 pandemic to shore up the stock market.

An Hyung-jin, Chief Executive of Billionfold Asset Management, said the recent decision by the FSC came as a surprise. According to him, most people expected the regulator to lift the ban on short selling altogether as part of Seoul’s longstanding campaign to be upgraded by leading index providers to developed market status.

Kospi’s rise reflects a slight recovery for the stock, which fell almost 15% between August and October due to persistent high-interest rates in the US. #SouthKorea

#BinanceSquareTalks

Klaytn Breaks Down Blockchain Walls with LayerZero Integration

Klaytn, a major public blockchain platform from South Korea, has taken a significant step towards a more connected future by integrating LayerZero. This collaboration unlocks a massive leap in interoperability, allowing developers to build applications that seamlessly interact with over 65 other blockchains.

This integration is a game-changer for several key areas within the blockchain ecosystem:

DeFi (Decentralized Finance): Imagine freely moving your DeFi holdings between Klaytn and other popular chains like Ethereum or Avalanche. LayerZero facilitates smoother cross-chain transactions, opening doors for innovative lending, borrowing, and trading experiences.

Gaming: Multi-chain gaming experiences become a reality. Klaytn games can now leverage assets and functionalities from other blockchains, creating richer and more immersive gameplay for users.

NFTs (Non-Fungible Tokens): Break free from siloed NFT marketplaces. With LayerZero, Klaytn NFTs can be used and traded across various platforms, expanding the reach and potential of digital collectibles.

This integration is a major win for both Klaytn and the broader blockchain industry. By fostering interoperability, Klaytn attracts developers and users seeking a more interconnected experience. The potential for innovation across DeFi, gaming, and NFTs is vast, and we can expect to see exciting new applications emerge as a result.

#klytn #Klaytn #GamingTokens #NFTDreams #SouthKorea