The Bank of Korea has opted not to include Bitcoin in its foreign exchange reserves due to its high volatility and failure to meet the International Monetary Fund’s guidelines on liquidity and risk management.
South Korea’s financial authorities are ramping up their anti-money laundering (AML) initiatives to tackle the rising risks associated with the swift increase in virtual asset transactions.
The South Korean prosecution service has officially established a specialized unit dedicated to combating crypto scams and coin fraud.
Upbit, one of South Korea’s largest cryptocurrency exchanges, may face sanctions for not complying with the country’s anti-money laundering and know your customer (KYC) requirements.
Seychelles, Seychelles, 16th December 2024, Chainwire
The National Assembly of South Korea has come to a consensus to postpone the implementation of a cryptocurrency tax until 2027.
According to The Korea Times, the South Korean government is planning to regulate transactions involving virtual assets, including cryptocurrencies.
