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
South Korean electronics giant Samsung Electronics Co. and chat giant Kakao Corp. have joined hands to expand the blockchain ecosystem. The two companies will release the so-called “KlaytnPhone” integrating Samsung Electronics’ Galaxy Note 10 and Kakao’s blockchain platform Klaytn.Kakao announced on
Dunamu Inc., operator of the global crypto-asset exchange Upbit, announced on Aug. 6 the official lineup and program for the Upbit Developer Conference 2019 (UDC 2019) which will take place Sept. 4-5 in Grand Hyatt Incheon Hotel in Incheon, Korea.UDC was launched last year as one of the largest even
The price of Bitcoin has surpassed the 15 million won (US$12,980) level for the first time in a year and five months.The Bitcoin was traded at 15.30 million won (US$13,239) as of 4 p.m. on June 26, up 15 percent compared to the same time a day earlier, according to Upbit, the largest cryptocurrency
The Financial Action Task Force (FATF) urged the financial authorities of the member states to regulate cryptocurrency exchanges in the same manner they regulate commercial banks in order to prevent cryptocurrencies from being misused for illegal transactions. This has put nearly 200 South Korean cr
Dunamu Inc., operator of global crypto-asset exchange Upbit, announced on May 15 that the company has invested more than 55 billion won (approximately US$46 million) since announcing a three-year plan to invest a total of 100 billion won (approximately US$84 million) into the blockchain industry in
Three of Korea’s top four crypto exchanges posted a loss last year as the market prices of major cryptocurrencies fell sharply. Upbit was the only one which recorded a net profit of more than 100 billion won (US$87.95 million) despite a loss caused by the decline in cryptocurrency prices. This was l
Blockchain incubators are becoming increasingly interested in game companies. With games based on blockchain platforms such as Ethereum and EOS appearing one after another, South Korean game companies are focusing on blockchain technology and working on related games as well.For example, Hashed, one
The price of Bitcoin plunged to some 3 million won (US$2,639) earlier this year, generating a debate among analysts over the future of the cryptocurrency’s price. However, it has increased to some 4 million won (US$3,518), gaining upward momentum again. The current price is still low compared to its
South Korea’s four largest cryptocurrency exchanges -- Bithumb, Coinone, Korbit, and Upbit -- has announced a joint initiative to increase anti-money laundering (AML) efforts and foster a healthier trading environment.A hotline dedicated to AML issues will be established amongst the four exchanges’
Korean blockchain and cryptocurrency companies are entering the competition in the simple payment market.Dunamu, the company behind South Korea’s cryptocurrency exchange platform Upbit, plans to allow partner companies of its “Luniverse” blockchain platform to build a main net, or an independent blo
The operators of cryptocurrency exchange Upbit were brought to trial on charges of earning about 150 billion won (US$133.7 million) through fake virtual currency transactions, the prosecution announced on Dec. 21.The announcement sent shock waves through the cryptocurrency community as Upbit is the
Chinese cryptocurrency exchanges, which rank 1st to 3rd in the global virtual currency exchange rankings, are actively advancing into the Korean market.Following Huobi Korea's official declaration that it will open a market where virtual currencies can be traded in Korean won by the end of this
The competitive landscape of blockchain platforms is now reorganizing as new platforms under development by South Korea’s major information technology (IT) companies are expected to start commercial services soon.In the past, the completely-open blockchain platforms, such as Ethereum and EOS, attrac
The price of Bitcoin has slid to its lowest level of the year. Investors went on a selling spree as there were growing instabilities in Bitcoin Cash, one of the major cryptocurrencies, and the U.S. financial regulator cracked down on companies that sold digital tokens in an initial coin offering (IC
Bithumb, the biggest cryptocurrency exchange in South Korea, has been excluded from a global cryptocurrency exchange ranking on the grounds that it is highballing its transaction volume.Bithumb is suspected of generating a considerable amount of transactions through promotion events in which it retu
Bithumb, one of South Korea's biggest cryptocurrency exchanges, will open a new cryptocurrency exchange to target the global market, the company announced on Oct. 3This is part of its plans to take the lead in the global cryptocurrency market through overseas expansion as there are a lot of diff
The South Korean government has decided to exclude cryptocurrency exchanges from venture firm certification. As a result, cryptocurrency exchanges will see their corporate and income taxes double and cannot benefit any more from a 75 percent cut in acquisition tax. In addition, their privileges in s
Dunamu Inc., a Korean company that operates the Upbit crypto-asset exchange, announced on Sept 19 the launch of a new exchange in Singapore.Upbit Singapore Pte. Ltd., headed by CEO Alex Kim, will operate the exchange, which will offer the same user benefits that made Upbit a globally renowned crypto