Latest News

Korean Cryptocurrency Lose International Traders Due To Uncertainty

Major Korean cryptocurrency have lost their international traders due to uncertainty in the South Korean market. A spokesperson from the South Korean cryptocurrency exchange has expressed his concerns over the existing row.

“Providing fiat trading via authenticated banking accounts has been a key issue for us as we were unable to provide the service for over two years,” he told Cointelegraph.

Upbit has partnered with an internet-only bank K Bank. The official said that their new partnership will allow them to resume fiat trading for South Korean users.

“Ensuring full regulatory compliance is obviously very important to us, but the fact that non-citizens can’t trade through K Bank was not a determining factor in the partnership,” the upbit official said.

“A 20% tax has been proposed by legislators, but there hasn’t been an official announcement from South Korea’s Ministry of Economy and Finance. It’s hard to gauge how it will impact exchanges like Upbit until we know the specifics of the new tax guideline.” he added.

He also claimed that the tax amount levied by the government is lower than what they’re expecting.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.