Global #South Korea

South Korea is taking a stricter stance on cryptocurrencies with the implementation of the Virtual Asset User Protection Act. This new law prioritizes user safety and aims to create a more regulated crypto environment.

In a surprising turn of events, South Korean lawmakers are reportedly considering the abolishment of the country's nascent cryptocurrency tax law. The tax, initially slated to come into effect in 2025, has been a point of contention within the nation's crypto community and political sphere.

Upbit, the largest cryptocurrency exchange in South Korea, has declared its endorsement of additional trading pairs for Taiko (TAIKO). This move aims to enhance the accessibility of the budding cryptocurrency by introducing TAIKO trading on the KRW, BTC, and USDT markets.

Despite the recent approval by the US Securities and Exchange Commission (SEC) for several spot Ethereum ETFs, South Korean investors are still waiting for similar opportunities to arise.

Bithumb, the second largest cryptocurrency exchange in South Korea, has revealed the addition of new trading pairs for Arweave (AR) and Ethereum Name Service (ENS) with the Korean won (KRW).

Korean regulators are facing growing pressure to approve cryptocurrency exchange-traded funds (ETFs) following the recent approval of spot Ethereum ETFs by the United States Securities and Exchange Commission (SEC).