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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The government of Busan, South Korea’s second-largest city, has announced its plans for the exchange’s initial focus, which will involve the trading of tokenized commodities.

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The city government of Busan, South Korea’s second-largest city, has announced its plan to establish a digital assets exchange. The official business launch is targeted for the first half of the next year, with the exchange initially focusing on the trading of tokenized commodities on a blockchain rather than listing cryptocurrencies.
The government intends to begin the public offering process next month, select a business operator in November, and register the exchange as a private company. The venture will be funded solely by private capital, with additional administrative and financial support from the city.Additionally, Busan plans to create a 100 billion won ($75 million) fund to foster blockchain technology development. (according to local media News1)
Becoming a “Blockchain City”
Busan is working to transform itself into a “blockchain city” by developing its own mainnet. This mainnet aims to be compatible with major blockchain networks like Ethereum and Cosmos, making it a hub for blockchain technology.In August 2022, Binance, the world’s largest cryptocurrency exchange, joined forces with Busan. Their agreement involves assisting Busan in building its blockchain infrastructure and promoting cryptocurrency adoption and business growth in the city.
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.

#Bitcoin #CryptoNews #cryptomarket #SouthKorea #DigitalAssets

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The National Tax Service announced that 1,432 individuals and companies have reported their overseas crypto asset accounts.

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South Korea’s tax agency revealed that this year, taxpayers declared overseas cryptocurrency assets worth a total of 130.8 trillion won ($98.5 billion).

This reporting requirement was initiated by the country in 2023. A total of 1,432 individuals and companies complied with the reporting rule.

Korean nationals with assets exceeding 500 million won, including cryptocurrencies, in foreign accounts are obligated to declare their holdings. The declared overseas crypto assets accounted for 70.2% of the total reported foreign assets.

New Law

In June, South Korean lawmakers approved 19 bills aimed at enhancing the protection of cryptocurrency investors. These bills grant regulatory authority to the Financial Services Commission and the Bank of Korea to supervise cryptocurrency operators and asset custodians. Additionally, they empower authorities to impose penalties for unfair virtual asset trading.

In July, the Financial Services Commission (FSC) announced upcoming requirements for domestic companies to disclose their cryptocurrency holdings starting next year. These new accounting rules will also mandate cryptocurrency issuers to provide information such as token specifics, business models, and internal accounting policies.

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.

#Bitcoin #CryptoNews #cryptomarket #SouthKorea

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The South Korean government is preparing to introduce a bill aimed at monitoring and freezing North Korean cryptocurrency and virtual assets used to finance illicit weapons programs, according to multiple government sources.

An earlier version of this bill was initially announced by the National Intelligence Service (NIS) in November but was sent back for further revision by President Yoon Suk Yeol. The President requested the inclusion of “practical measures to bolster national security,” as revealed by anonymous administration insiders in conversation with the JoongAng Ilbo.

This revised bill follows 10 months of consultations between various South Korean government ministries, intended to strengthen the existing sanctions against North Korea.

Addressing Cybersecurity Concerns

A top government official, who wished to remain anonymous, stated that the new bill shows the president’s belief that South Korea’s online security needs urgent improvement. This decision comes after the previous administration, led by Moon Jae-in, didn’t pay enough attention to this issue to avoid upsetting North Korea.

The updated bill has measures to track and stop North Korea from using stolen virtual coins and cryptocurrency, which they got through hacking. The original bill from the National Intelligence Service (NIS) didn’t have these measures.

South Korean intelligence found that North Korea stole a huge amount, about 1.7 trillion won (around $1.28 billion), worth of Bitcoin and Ethereum in 2022 by hacking.

Laundered Assets and Escalating Tensions

Representative Yoon Han-hong of the conservative People Power Party (PPP) highlighted during the National Assembly’s government audit that around $52.46 million in virtual assets from North Korean hacking groups’ crypto wallets had likely been laundered after entering South Korean cryptocurrency exchanges over the past four years.

Recent data from blockchain analysis company Chainalysis reveals that North Korean hackers have stolen more than $3 billion over the last five years. This significant financial gain has coincided with a surge in missile tests by the North Korean regime, which conducted over 90 cruise and ballistic missile launches in the previous year, including a successful solid-fuel intercontinental ballistic missile test in April.

Cyberattacks Funding North Korea’s Missiles

Around half of North Korea’s missile program has been funded through cyberattacks and cryptocurrency theft, according to Anne Neuberger, the U.S. deputy national security adviser for cyber and emerging technology, as of May. UN Security Council sanctions experts have previously accused North Korea of using cyberattacks to finance its nuclear and missile programs.

Enhanced Cybersecurity Measures

In addition to the new cybersecurity bill, the Yoon administration plans to establish a national cybersecurity committee directly under the president’s control. This committee, led by the chief of the National Security Office and including the NIS director as a member, will have the authority to prohibit the manufacturing, importing, and sale of products that interfere with cybersecurity.

The NIS conducted an investigation in April to determine if government ministries and public institutions were inadvertently using information technology products subject to sanctions, with a particular focus on products from Chinese and Russian companies like Huawei.

These measures represent South Korea’s efforts to bolster its online defenses against foreign hacking attempts.

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.

#Blockchain #Bitcoin #CryptoNews #cryptomarket #SouthKorea

The South Korean government is preparing to introduce new regulations to increase transparency and improve accounting standards in the cryptocurrency sector. Under these new regulations, all companies will be required to report their digital assets. The Financial Services Commission (FSC) of South Korea announced the draft law, stating that it aims to enhance accounting transparency for companies involved in crypto transactions. #FSC

A More Transparent Crypto Sector:

According to the draft law announced by the Financial Services Commission (FSC), all companies that hold digital assets will be required to disclose them. The FSC stated that this regulation aims to provide greater transparency in accounting for companies' crypto transactions. The new regulations include revising the accounting treatment guidelines for virtual asset transactions and introducing accounting standards that require disclosure. #SouthKorea

Reporting Obligation for Employees and Public Officials:

The obligation set by the FSC also includes reporting of crypto assets by internal employees. Individuals working in positions related to the FSC are required to declare their digital assets under the Financial Information Act. This requirement applies to those involved in the cryptocurrency sector and those who have engaged in cryptocurrency transactions within the past six months.

Furthermore, government officials are also required to disclose their crypto assets. This requirement emerged following allegations of market manipulation by public officials and their influence on cryptocurrency prices in the region. Government officials aim to increase transparency and establish trust by disclosing their crypto assets.

Comprehensive Regulations:

The draft law specifies that the "crypto" assets to be reported include all tradable digital assets that operate and are issued through blockchain or distributed ledger technology. This encompasses assets created using cryptography, such as Bitcoin (BTC), Ether (ETH), and security tokens. #regulations

The new accounting guidelines will be implemented immediately, and the disclosure law will come into effect from the beginning of 2024. The purpose of these regulations is to enhance transparency, build trust, and maintain financial stability in the cryptocurrency sector in South Korea.

In Summary:

The South Korean government is implementing new and stringent regulations to enhance transparency in the cryptocurrency sector. The new bill requires all companies holding digital assets to report their accounting transactions. Additionally, internal employees and government officials are obligated to disclose their crypto assets. These regulations aim to increase transparency, establish trust, and ensure financial stability in the cryptocurrency sector. With the implementation of these new regulations, South Korea aims to create a more reliable environment in its cryptocurrency industry.

Introduction

South Korea, a global hub for cryptocurrency innovation, is once again at the forefront of shaping the regulatory landscape. In a significant move that highlights the country's commitment to transparency and accountability, South Korea has announced plans to enforce rules mandating companies to disclose their cryptocurrency holdings in their financial statements starting next year. This groundbreaking initiative not only demonstrates South Korea's proactive approach to embracing the digital asset ecosystem but also sets a powerful precedent for other nations to follow. In this article, we explore the implications of this regulatory development and its potential impact on the cryptocurrency industry.

Enhancing Transparency and Investor Confidence

The decision to require companies to disclose their cryptocurrency holdings in financial statements is a crucial step towards enhancing transparency and investor confidence. With the cryptocurrency market gaining mainstream recognition, investors deserve clear insights into a company's exposure to digital assets. By mandating disclosure, South Korea aims to provide a level playing field and enable investors to make informed decisions based on accurate financial information. This move is expected to bolster trust in the market and strengthen the overall integrity of the cryptocurrency ecosystem.

Closing the Regulatory Gap

Cryptocurrencies have often operated within a regulatory gray area, with rules and guidelines varying across jurisdictions. South Korea's proactive approach in introducing clear guidelines for disclosure of crypto holdings addresses this regulatory gap head-on. By implementing these rules, South Korea sets a progressive precedent, encouraging other nations to adopt similar measures. This harmonization of regulations can bring stability and clarity to the global cryptocurrency market, fostering innovation while safeguarding investors' interests.

Promoting Institutional Adoption

The mandatory disclosure of crypto holdings also paves the way for increased institutional adoption of digital assets. Institutions, including banks and traditional financial entities, have often been cautious about entering the cryptocurrency space due to concerns about transparency and regulatory oversight. With South Korea's new rules in place, institutional investors are likely to gain more confidence, leading to increased participation and potentially driving further growth in the cryptocurrency market. This development marks a significant milestone towards bridging the gap between traditional finance and the emerging digital asset class.

Regulatory Compliance and Market Integrity

South Korea's move aligns with its broader efforts to ensure regulatory compliance and maintain market integrity. The cryptocurrency industry has witnessed instances of fraudulent activities and market manipulation, leading to significant risks for investors. By enforcing disclosure requirements, South Korea aims to deter illicit practices, promote responsible behavior, and safeguard market participants. This initiative underscores the importance of responsible regulation in fostering a sustainable and trustworthy cryptocurrency ecosystem.

Impact on Global Regulatory Landscape

South Korea's decision to enforce disclosure rules for crypto holdings sets a precedent that could influence other countries' regulatory frameworks. As nations observe the positive impact of increased transparency and investor protection, they may be prompted to adopt similar measures. This harmonization of regulations on a global scale can create a more conducive environment for the cryptocurrency industry to thrive. It also signals a collective effort to strike a balance between fostering innovation and ensuring regulatory oversight.

Conclusion

South Korea's groundbreaking move to mandate the disclosure of cryptocurrency holdings in financial statements is a significant step towards transparency, accountability, and market integrity. By implementing these rules, South Korea takes a progressive leap in the global cryptocurrency landscape and sets an example for other nations to follow. This development is expected to enhance investor confidence, attract institutional participation, and promote responsible regulation. As the world watches South Korea's forward-thinking approach, the cryptocurrency industry moves closer to mainstream acceptance, unlocking new opportunities for innovation and sustainable growth.

#crypto2024 #crypto2023 #SouthKorea

In a move towards greater transparency and accountability, candidates from South Korea's Democratic Party have announced their commitment to disclosing their cryptocurrency holdings to the public. As the crypto landscape continues to evolve, this decision reflects a proactive approach to address concerns related to potential conflicts of interest and to foster trust among the electorate.

Era of Digital Assets
South Korea has been a prominent player in the global cryptocurrency market, with a significant portion of the population actively engaged in digital asset investments. Against this backdrop, political figures recognizing the need to disclose their crypto holdings signals a broader acknowledgment of the growing influence and relevance of digital assets in contemporary society.

Addressing Transparency Concerns
Cryptocurrency investments have often been a topic of debate and scrutiny, given the decentralized and sometimes opaque nature of these digital assets. By voluntarily disclosing their crypto holdings, Democratic Party candidates aim to provide voters with a clear understanding of their financial interests, fostering a sense of transparency and openness.

Mitigating Conflicts of Interest
With the crypto market becoming increasingly intertwined with traditional financial systems, concerns about potential conflicts of interest have emerged. Democratic Party candidates' commitment to disclosing their crypto bags is a proactive measure to allay fears and showcase a commitment to serving the public's interest without personal financial motives.

Building Trust in Political Leadership
Transparency is a cornerstone of effective governance, and the decision to disclose cryptocurrency holdings aligns with the broader global trend of elected officials being more forthcoming about their financial interests. This move is likely to enhance trust in the democratic process and demonstrate a commitment to ethical conduct among political leaders.

Setting a Precedent
South Korea's Democratic Party candidates' decision to disclose their crypto holdings sets a precedent for political figures worldwide. As digital assets become more mainstream, other nations may follow suit, recognizing the importance of fostering trust and transparency in the political arena.

South Korea's Democratic Party candidates' commitment to disclosing their cryptocurrency holdings is a significant step towards a more transparent and accountable political landscape. In an era where digital assets play an increasingly vital role in the global economy, this move sets a positive example for political leaders worldwide, emphasizing the importance of openness and integrity in the evolving intersection of politics and finance.

#Crypto #Politics #BTC #SouthKorea #NoodleNews
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Introduction: In a strategic financial move, South Korea's National Pension Service (NPS), the world's third-largest pension fund, has recently acquired $19.9 million worth of shares in Coinbase, a leading cryptocurrency exchange. This development marks a significant milestone in the intersection of traditional finance and the burgeoning crypto industry, showcasing the increasing recognition of digital assets by institutional investors.
The Global Impact of NPS: As the third-largest pension fund globally, managing assets of over $800 billion, the National Pension Service of South Korea holds a substantial influence in the financial market. The decision to invest in Coinbase shares underscores the pension fund's proactive approach to diversifying its portfolio and exploring emerging sectors, including the rapidly growing cryptocurrency market.Strategic Investment in Coinbase: Coinbase, one of the most prominent cryptocurrency exchanges, has been at the forefront of the digital asset revolution. The National Pension Service's investment of $19.9 million in Coinbase shares signals confidence in the company's business model and growth prospects. This strategic move positions the pension fund to benefit from the potential future success of Coinbase as the crypto industry continues to evolve.Recognition of Cryptocurrency's Institutional Legitimacy: The National Pension Service's investment in Coinbase reflects a broader trend of institutional investors acknowledging the legitimacy and potential of cryptocurrencies. As digital assets gain wider acceptance, traditional financial institutions are increasingly exploring avenues to incorporate them into their investment portfolios.Diversification and Risk Management: Diversifying investment portfolios is a fundamental strategy for mitigating risk and enhancing long-term stability. By adding Coinbase shares to its holdings, the National Pension Service is not only diversifying its investments across different asset classes but also venturing into a sector that has demonstrated resilience and growth in recent years.Impact on Cryptocurrency Market Sentiment: Large-scale investments by institutional players, such as the National Pension Service, have the potential to positively influence market sentiment within the cryptocurrency space. Confidence from traditional financial institutions can serve as a catalyst for increased retail and institutional participation in the crypto market.South Korea's Stance on Cryptocurrency: South Korea has been a key player in the global cryptocurrency landscape, with a significant portion of its population actively participating in digital asset investments. The National Pension Service's move to invest in Coinbase aligns with the country's progressive stance on embracing the digital economy and exploring opportunities within the crypto sector.
Conclusion: South Korea's National Pension Service's strategic investment of $19.9 million in Coinbase shares is a noteworthy development that reflects the evolving landscape of traditional finance and the growing influence of digital assets. As institutional investors continue to navigate the intersection of traditional and crypto markets, this move signals a step towards greater acceptance and integration of cryptocurrencies into mainstream investment strategies. The National Pension Service's foray into the world of Coinbase shares is poised to contribute to the ongoing narrative of institutional participation in the ever-expanding cryptocurrency ecosystem.
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