The Financial Services Commission announced that the number of customers of the four major cryptocurrency exchanges (UPbit, Bithumb, Coinone and Korbit) was 5,873,000 on May 3. “Their average investment was approximately four million won and the number of customers has increased very rapidly this ye
The 24-hour trading value at the 14 domestic cryptocurrency exchanges that support Korean won-based trading was 25.8517 trillion won as of 11:00, May 16. The value decreased by approximately one trillion won in one day. The four major exchanges, that is, Bithumb, UPbit, Korbit and Coinone accounted
Trading delays occurred on May 11 at Bithumb and UPbit, the two biggest cryptocurrency exchanges in South Korea. They explained that trading volumes exceeding their system capacities led to the accidents.On Bithumb, the BTC price soared from approximately 72 million won to close to 78 million won at
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 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
NXC, the holding company of Nexon, is reportedly planning to acquire about 65 percent of virtual asset exchange Bithumb Korea for approximately 500 billion won from Bithumb Holdings and Bithumb Korea chairman Lee Jung-hoon. Major Bithumb shareholders include Bithumb Holdings (74 percent), Vidente (1
The daily cryptocurrency trading volume of the South Korean market reached 3,145.3 billion won on Dec. 20. The amount spiked about 25-fold in less than one year. For reference, the daily trading volume of Samsung Electronics shares was 1,272.7 billion won on Dec. 18.This year, the cryptocurrency tra
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
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
Bithumb, a cryptocurrency exchange, said on Feb. 18 that it signed a strategic partnership agreement with BitMax, a Singaporean exchange.The two companies will develop new services and strengthen their competitiveness in the global market by working together. They will actively cooperate in the deve
The South Korean government is considering applying a tax rate of 20 percent to income derived from cryptocurrencies by regarding it as not transfer income but miscellaneous income, which includes lottery payouts, lecture fees, royalties, and the like.The Ministry of Economy and Finance decided in t
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
CoinExpress Exchange has implemented cryptocurrency custody services following Korea's top cryptocurrency exchanges Upbit and Bithumb. Amid fierce competition among cryptocurrency exchanges, CoinExpress Exchange, based in Japan and incorporated in Hong Kong, has launched a service that helps use
Bithumb Global will issue Bithumb Coin (BT) that can be used for Bithumb Family services launched by Bithumb's partners including Bithumb Korea. Bithumb Coin is paid to people as a reward when they use Bithumb Family services. With Bithumb Coin, people will be able to pay fees for Bithumb Family