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South Korea Declares Martial Law: Economic Struggles Intensify as Won Declines
- The South Korean won fell to its lowest value against the US dollar since 2022.
- Bitcoin dropped nearly 30% in some Korean exchanges amid the extensive impact of the new law on the financial space.
Tuesday, 03/12/2024 | 18:02 GMT by
Jared Kirui
Ripple's XRP, Bitcoin Take the Hit as Martial Law in South Korea Disrupts Markets
- South Korean exchanges like Upbit and Bithumb experienced temporary trading volume spikes and performance delays.
- Bitcoin and XRP faced significant price volatility on South Korean exchanges, with temporary declines of up to 30%.
Tuesday, 03/12/2024 | 16:08 GMT by
Jared Kirui
South Korea Plans to Regulate Cross-Border Crypto Transactions
- The new law mandating registration and periodic reporting is expected to become effective in the second half of 2025.
- The Finance Ministry is currently completing the legislative requirements.
Friday, 25/10/2024 | 05:41 GMT by
Arnab Shome
South Korea’s FSC Endorses Nonprofit to Secure Crypto Assets after Exchange Closures
- The Digital Asset Protection Foundation will work to return assets to users from defunct crypto exchanges.
- Out of 22 crypto exchanges in the country, 10 have closed and 3 have temporarily suspended operations.
Wednesday, 25/09/2024 | 08:34 GMT by
Tareq Sikder
Why Is South Korea Postponing Crypto Taxation?
- South Korea delays crypto gains taxation until 2028.
Tuesday, 16/07/2024 | 15:56 GMT by
Pedro Ferreira
Indonesia and South Korea Pave the Way for Seamless Digital Payments
- A strategic leap in digital finance.
Tuesday, 16/07/2024 | 15:55 GMT by
Pedro Ferreira
Interactive Brokers Extends Trading Hours for Korean Derivatives
- Traders can now access KOSPI 200 Options, Mini-KOSPI 200 Futures, KOSPI 200 Futures, and USD/KRW currency futures during US and European market hours.
- The initiative reportedly reflects Interactive Brokers' strategy to cater to the growing interest in South Korean equities and derivatives.
Tuesday, 02/07/2024 | 19:28 GMT by
Jared Kirui
South Korea Adopts Crypto Staking as Competition Intensifies among Exchanges: Report
- Upbit has reportedly amassed over 3 trillion won in staking assets by directly operating the staking process for various cryptocurrencies.
- Despite the popularity of staking services, experts warn of risks such as hacking and technological malfunctions.
Monday, 13/05/2024 | 12:47 GMT by
Jared Kirui
South Korea Joins Global Initiative for Cross-Border Payments Tokenization
- The project, which involves seven countries and the BIS, seeks to leverage tokenization to boost cross-border transactions.
- Project Agorá aims to address structural inefficiencies, such as legal, regulatory, and variation in time zones.
Wednesday, 03/04/2024 | 16:12 GMT by
Jared Kirui
FSC Implements New Legislation for Crypto Market in South Korea
- New act imposes severe penalties: prison terms over one year, fines 3-5 times of illegal profits.
- Individuals who accumulate over $3.8 million from illicit crypto schemes could face life sentences.
Wednesday, 07/02/2024 | 10:33 GMT by
Tareq Sikder
South Korea's President Challenges the FSC's Warning on Bitcoin ETFs
- Recently, the FSC warned securities firms against trading spot Bitcoin ETFs listed overseas.
- South Korea plans to explore legal changes and consider foreign practices regulating spot Bitcoin ETFs.
Friday, 19/01/2024 | 13:08 GMT by
Jared Kirui
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