ZEN INVESTING
South Korean Crypto Exchanges Reveal 'Compensation Reserve Funds'; Upbit Leads with KRW 20 Billion
The disclosure of 'Compensation Reserve Funds' by South Korean crypto exchanges, led by Upbit with KRW 20 billion, reflects the country's broader regulatory strides aimed at ensuring user protection, transaction transparency, and market discipline. This move aligns with the new regulatory framework set to be implemented in 2024, spotlighting the government's agenda to foster a robust infrastructure for digital assets, with the reserve fund mandate forming a cornerstone of this initiative.
South Korean Crypto Exchange Fraudsters Sentenced
Six V Global crypto-exchange scam executives received eight-year jail sentences in South Korea. V Global reportedly duped 50,000 investors of $1.5 billion (2 trillion won) in a Ponzi-like scheme. Three executives have not been jailed since they claim innocent and can defend themselves in court.
South Korea Contemplates Imposing 20% Tax on Cryptocurrency Proceeds
The South Korean administration might consider categorizing proceeds from cryptocurrency transactions as other income that is subjected to 20% tax, such as prize-winning or lottery.