Upbit, a Korean cryptocurrency exchange, has limited one-time and one-day Korean-won deposits to 100 million won and 500 million won, respectively. The exchange took the action at 3:30 p.m. on April 26.Previously, members with accounts under their real names could deposit money unlimitedly. Upbit ex
The market cap of altcoins is skyrocketing in South Korea. Specifically, it has more than quintupled since the beginning of this year.The UPbit Altcoin Index (UBAI) reached 8,960.54 on April 16 and topped 9,000 on April 17. From Dec. 31 last year to April 16, the UBAI jumped by a factor of 5.25 from
People Power Party lawmaker Sung Il-jong said on April 19 that the virtual currency trading volumes on the four major local exchanges (Bithumb, UPbit, Korbit and Coinone) added up to 1,486.277 trillion won in the first quarter of this year. For reference, the annual trading volume was 357.3449 trill
The virtual currency trading volume is skyrocketing and concerns are being expressed over a lack of regulations. Under the circumstances, the South Korean government recently began to work on guidelines.CoinMarketCap announced that the trading volumes for the latest 24 hours of the 14 exchanges that
The author is an analyst of KB Securities. He can be reached at drlee@kbfg.com. -- Ed. Maintain BUY; Revise up TP to KRW645,000 We maintain BUY on Kakao as we raise our TP 19.4% to KRW645,000. We have revised up our 2021E and 2022E NP (attributable to controlling interests) forecasts by 8.8% and 7.7
The so-called kimchi premium is reappearing as the domestic virtual asset market is heating up.As of 16:00 March 25, the bitcoin price on Binance was approximately 60.1 million won and that on UPbit was 64.8 million won, which means a premium of about 8 percent. The premium was 7.9 percent, 8 percen
The market capitalization of virtual currencies listed on domestic exchanges increased approximately 10-fold in three years, led by Bitcoin.According to industry sources, the overall market index on the UPbit exchange was 9,742.62 points at 5:45 p.m., March 15. The starting index on Oct. 1, 2017 had
The latest Act on Reporting and Using Specified Financial Transaction Information is scheduled to become effective soon, and then virtual currency exchanges must have real-name accounts to continue with their business. However, banks are hesitating to give the accounts out of concerns over money lau
The won-based Bitcoin trading volume at the top two domestic cryptocurrency exchanges increased approximately 10-fold in just one year.Specifically, the trading volume at UPbit, which had been 1,627.9 billion won in January 2020 and less than three trillion won until October, jumped to 3,921.9 billi
Cryptocurrency exchange UPbit held a developer conference on Dec. 3. There, the new Act on Reporting and Use of Certain Financial Transaction Information to become effective next year was discussed by experts.“According to the act, a tax rate of 20 percent will be applied to virtual assets starting
Blockchain and fintech firm Dunamu announced on Nov. 24 that the 24-hour trading volume of digital asset exchange UPbit topped 1.7 trillion won.At 10:00 a.m. that day, UPbit recorded a 24-hour trading volume of US$1,536,357,938 on CoinMarketCap to become the fifth-largest digital asset exchange in t
An amendment to the enforcement decree of the Act on Reporting and Use of Certain Financial Transaction Information, which contains detailed provisions as to mandatory cryptocurrency business report to be introduced in March next year, is taking concrete shape. According to the amendment, the inform
VerifyVASP, a Singapore-based “Travel Rule” solution provider, announced on Aug. 7 that 12 virtual asset service providers (VASPs) and related industry organizations have joined the company’s VerifyVASP alliance. Introduced by the Financial Action Task Force last year, the Travel Rule is an anti-mon
Korea’s virtual asset exchange Upbit was ranked among the world’s top 10 virtual asset exchanges in terms of the number of visits and liquidity.CoinMarketCap, a global virtual asset data provider, has changed its criteria for assessing virtual asset exchanges from the amount of transactions to inter
Korea's top four virtual asset exchanges -- Upbit, Bithumb, CoinOne, and Korbit – suffered a sharp drop in their sales in 2019. According to their audit reports, combined sales plunged from 902.4 billion won in 2018 to 299.5 billion won in 2019. The decline in their sales means that the volume o
Korea's leading cryptocurrency exchanges Bithumb and UPbit suffered a sharp drop in sales last year along with the virtual asset trading volumes in the exchanges.According to the Data Analysis, Retrieval and Transfer System of the Financial Supervisory Service, Bithumb Korea's sales dropped
The Legislation and Judiciary Committee of the National Assembly passed an amendment to the Act on Report on and the Use of Specific Financial Transaction Information on March 4. If the National Assembly adopts the amendment on March 5, every virtual asset service provider such as cryptocurrency exc
Cryptocurrencies developed by South Korean blockchain startups are continuing to rally.For example, Upbit announced on Feb. 9 that ICON was traded at around 800 won on Feb. 4 after standing at around 130 won in early January this year. Trading at that level in that cryptocurrency exchange was for th
Upbit, a South Korean cryptocurrency exchange that suffered a theft of 58 billion won (about US$50 million) in Ethereum at the end of November 2019, has resumed its Ethereum deposit and withdrawal services.Upbit resumed its deposit and withdrawal services on Ethereum on Jan. 13, following the normal
While the Korean government has not set up a taxational standard on cryptocurrency exchanges, the Korea Tax Service imposed a tax of 80 billion won on cryptocurrency exchange Bithumb.Vidente, the largest shareholder of Bithumb Holdings Co., said in a public disclosure on Dec. 29 that it confirmed on