South Korea

DOGE and XRP outperform Bitcoin in trading volume in South Korea. Both coins recorded significant spikes. Read more in this article!

DOGE and XRP Beat Bitcoin in Trading Volume in South Korea

DOGE and XRP Beat Bitcoin in Trading Volume in South Korea.

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DOGE and XRP Beat Bitcoin in Trading Volume in South Korea.webp

Bitcoin trading volume in the Korean market dropped significantly and is expected to impact Bitcoin's funding rate.

Bitcoin Trading Volume in Korean Market

<img src="https://static.bittime.com/cms-static/upload/Bitcoin_Trading_Volume_in_Korean_Market_5c8cdc94c0.webp" alt="Bitcoin Trading Volume" width="2048" height="1152"><a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com?content_id=news&amp;cn=400001">Bittime</a> -&nbsp;<meta charset="utf-8"><a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/trade/BTC-IDR?content_id=news&amp;cn=400001">Bitcoin trading</a> volume in the Korean market shows a significant decline. This decline is predicted to have a direct impact on Bitcoin's funding rate, which will also continue to decline.&nbsp;&nbsp;<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/register?content_id=news&amp;cn=400001"><img src="https://static.bittime.com/cms-static/upload/Banner_2_988b13eca2.webp" alt="Banner 2" width="1999" height="415"></a><h2 style="line-height:1.38;margin-bottom:6pt;margin-top:14pt;text-align:justify;" dir="ltr">Volume Trading dan Funding Rate</h2><img src="https://static.bittime.com/cms-static/upload/Volume_Trading_Bitcoin_b2d4718e77.webp" alt="Volume Trading Bitcoin" width="812" height="412">Source:&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="http://twitter.com/Matrixport">Twitter.com/Matrixport</a>&nbsp;According to a report released by Matrixport, there is a very close correlation between the trading volume in the Korean market and the Bitcoin funding rate.&nbsp;Trading activity in the Korean market has a significant influence on the overall Bitcoin market dynamics.&nbsp;When trading volume in the Korean market increases, Bitcoin's funding rate tends to increase as well. Conversely, when trading volume decreases, Bitcoin's funding rate is also corrected.<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/staking?content_id=news&amp;cn=400001"><img src="https://static.bittime.com/cms-static/upload/banner_staking_coin_8abe277d88.webp" alt="banner staking coin.webp" width="2985" height="620"></a><h2 style="line-height:1.38;margin-bottom:6pt;margin-top:14pt;text-align:justify;" dir="ltr">Impact Decreasing Trading Volume in the Korean Market</h2>In the last few days, trading volume on the Korean market was recorded at below $1 billion for three consecutive days.&nbsp;This decline in trading volume could also be an initial indication that Bitcoin's funding rate will continue to decline.&nbsp;This reduction is certainly possible influence investment decisions and trading strategies of traders active in the crypto market.Read Also:&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/blog/undang-undang-kripto-pertama-korea-selatan">South Korea Officially Implements First Crypto Law</a><h2 style="line-height:1.38;margin-bottom:6pt;margin-top:14pt;text-align:justify;" dir="ltr">Factors that Influence Decrease in Trading Volume</h2>There are several factors that could be the cause of the decline in trading volume on the Korean market. One of them is global economic uncertainty influence market sentiment.&nbsp;Apart from that, the existence of strict regulations on crypto trading in Korea can also be an inhibiting factor that makes traders more careful in making transactions.Not only that, the significant fluctuations in Bitcoin prices also make many traders choose to refrain from trading, especially in the midst of high market volatility. Many traders prefer to wait for the market situation to become more stable.<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/blog?content_id=news&amp;cn=400001"><img src="https://static.bittime.com/cms-static/upload/Banner_Blog_7d687b658d.webp" alt="Banner Blog.webp" width="2985" height="620"></a><h2 style="line-height:1.38;margin-bottom:6pt;margin-top:14pt;text-align:justify;" dir="ltr">Korea Blockchain Week</h2>Although currently the trading volume on the Korean market is showing a downward trend, there is hope that this situation will change as Korea Blockchain Week approaches. This event is expected to increase market activity again and improve sentiment among crypto market players.Korea Blockchain Week is usually an event for industry players to share the latest information and innovations in the world of blockchain and crypto. This event is expected to increase investment interest, thereby increasing trading volume on the Korean market and Bitcoin funding rate.Read Also:&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/en/blog/pajak-kripto-korea-selatan">South Korea Considers Delaying Crypto Taxes Until 2028</a><h2 style="line-height:1.38;margin-bottom:12pt;margin-top:12pt;text-align:justify;" dir="ltr">How to Buy Crypto with Bittime</h2>You can buy and sell crypto assets in an easy and safe way through Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti.&nbsp;To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.&nbsp;Monitor graphic movement<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/BTC?cn=400001">&nbsp;</a>price&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/BTC?content_id=news&amp;cn=400001">Bitcoin (BTC)</a>,<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/ETH?content_id=news&amp;cn=400001"> Ethereum (ETH)</a>,<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/SOL?content_id=news&amp;cn=400001"> Solana (SOL)</a>&nbsp;and other cryptos to find out today's crypto market trends in real-time on Bittime.

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Bitcoin Trading Volume in Korean Market.webp

Bitcoin Trading Volume in Korean Market Declines, Bitcoin Funding Rate to Fall?

South Korea officially implemented its first crypto law framework, known as the Virtual Asset User Protection Act. 

South Korea Crypto Law

<img src="https://static.bittime.com/cms-static/upload/South_Korea_2a19f47643.webp" alt="South Korea Crypto Law" width="2048" height="1152"><a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/?cn=400001">Bittime</a> -&nbsp;South Korea officially implemented its first cryptocurrency regulatory framework, known as the Virtual Asset User Protection Act. This regulation aims to protect investors with a series of strict rules for digital asset service providers.<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/register?cn=400001"><img src="https://static.bittime.com/cms-static/upload/Banner_2_988b13eca2.webp" alt="Banner 2" width="1999" height="415"></a><h2 style="line-height:1.38;margin-bottom:2pt;margin-top:12pt;text-align:justify;" dir="ltr">South Korea Crypto Law</h2>This new regulation imposes stricter requirements for digital asset exchanges in South Korea. One of the main rules is the obligation for exchanges to keep a minimum of 80% of user deposits in cold wallets. This cold wallet aims to isolate user funds from the exchange's operational funds, thereby increasing the security of these funds.In addition, crypto exchanges are also required to entrust users' cash deposits to licensed local banks for safe storage. Exchanges must also maintain crypto reserves in the same amount and type as customer deposits. This means that each exchange must have sufficient reserves to accommodate user withdrawals at any time, thereby reducing liquidity risks.As an additional measure, crypto services in South Korea are now required to have adequate insurance or set up reserve funds to deal with hacker attacks or liquidity crises. This is done to provide an extra layer of protection for investors in emergency situations.<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/staking?=cn400001"><img src="https://static.bittime.com/cms-static/upload/banner_staking_coin_8abe277d88.webp" alt="banner staking coin.webp" width="2985" height="620"></a><h2 style="line-height:1.38;margin-bottom:2pt;margin-top:12pt;text-align:justify;" dir="ltr">Real-Time Surveillance System&nbsp;</h2>The law also requires exchanges to install real-time monitoring systems to report suspicious trading activity that could be potentially illegal. This system will help detect and prevent acts of fraud or market manipulation early on.Companies that fail to comply with these new regulations could face sanctions from South Korea's Financial Services Commission (FSC) or even termination of their services. The FSC, as the highest financial regulator in South Korea, has also launched a 24-hour surveillance network with local exchanges to monitor suspicious activity in the crypto market.<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/blog?cn=400001"><img src="https://static.bittime.com/cms-static/upload/Banner_Blog_7d687b658d.webp" alt="Banner Blog.webp" width="2985" height="620"></a><h2 style="line-height:1.38;margin-bottom:2pt;margin-top:12pt;text-align:justify;" dir="ltr">South Korea and Cryptocurrencies</h2>South Korea is known as one of the countries with the most crypto users. In the first quarter of 2024, the Korean won will become the most used fiat currency for crypto trading compared to the US dollar. This shows how important South Korea's role is in the global cryptocurrency ecosystem.With the implementation of this new regulatory framework, the crypto market in South Korea is expected to become safer and more attractive for investors, both local and international. This strict regulation can also provide an example for other countries on how to manage and regulate the rapidly growing crypto market.<h2 style="line-height:1.38;margin-bottom:12pt;margin-top:12pt;text-align:justify;" dir="ltr">How to Buy Crypto with Bittime</h2><a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/how-to-buy?cn=400001"><img src="https://static.bittime.com/cms-static/upload/Banner_Daftar_Bittime_c71afe9bcb.webp" alt="Banner Daftar Bittime" width="2985" height="620"></a>You can buy and sell crypto assets in an easy and safe way through Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti.&nbsp;To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.&nbsp;Monitor graphic movement<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/BTC?cn=400001">&nbsp;</a>price&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/BTC?cn=400001">Bitcoin (BTC)</a>,<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/ETH?cn=400001">&nbsp;Ethereum (ETH)</a>,<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/SOL?cn=400001">&nbsp;Solana (SOL)</a>&nbsp;and other cryptos to find out today's crypto market trends in real-time on Bittime.

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South Korea.webp

South Korea Officially Enacts the First Crypto Law

South Korea's Ministry of Finance is considering postponing crypto taxes until 2028. Read this article to the end to find out more!

South Korea Crypto Tax

<img src="https://static.bittime.com/cms-static/upload/South_Korea_Crypto_Tax_5c6f3cebee.webp" alt="South Korea Crypto Tax" width="2048" height="1152"><a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/?cn=400001">Bittime</a> -&nbsp;The South Korean Ministry of Finance is currently considering delaying taxes on income from cryptocurrency investments until January 1, 2028. Read this article to the end to find out more!<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/register?cn=400001"><img src="https://static.bittime.com/cms-static/upload/Lucky_Draw_Bittime_beb1f19718.webp" alt="Lucky Draw Bittime.webp" width="746" height="155"></a><h2 style="line-height:1.38;margin-bottom:6pt;margin-top:14pt;text-align:justify;" dir="ltr">History of Crypto Tax Delays</h2>Taxes on capital gains from cryptocurrencies were initially scheduled to take effect in October 2021 after legislation related to these taxes was passed by the National Assembly during President Moon Jae-in's administration.&nbsp;However, the implementation of this tax has been postponed twice. First, a delay until January 2023 is being considered due to the schedule for the following year's presidential election. Second, the implementation of the tax was postponed again until January 2025 under President Yoon Seok-yeol's administration due to concerns about the burden on crypto investors and confusion in the market.If this postponement plan is approved, then taxes on cryptocurrency income will be postponed for more than 6 years in three stages. Some parties criticize that tax policy is too influenced by the public opinion of taxpayers.<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/staking?cn=400001"><img src="https://static.bittime.com/cms-static/upload/Staking_Meme_Coin_ff752494f6.webp" alt="Staking Meme Coin.webp" width="2985" height="620"></a><h2 style="line-height:1.38;margin-bottom:6pt;margin-top:14pt;text-align:justify;" dir="ltr">Impact of Crypto Taxes on Markets and Investors</h2>Data released by the Financial Services Commission last May showed that the number of domestic crypto investors in South Korea reached 6.45 million at the end of last year.&nbsp;Among them, people in their 30s and 40s dominate, accounting for 1.89 million and 1.86 million respectively, representing more than half of the total investors. This explains why the political world is paying close attention to crypto investors.A crypto player claimed that the daily trading volume of cryptocurrencies on domestic exchanges, which was in the range of 20 trillion won in March, has recently plummeted to the range of 2 trillion won. If the cryptocurrency income tax is implemented early next year, most investors will leave and reduce trading further.<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/airdrop/Hamster_Kombat?cn=400001"><img src="https://static.bittime.com/cms-static/upload/Airdrop_Hamster_Kombat_Bittime_35b4153445.webp" alt="Airdrop Hamster Kombat Bittime.webp" width="1600" height="332"></a><h2 style="line-height:1.38;margin-bottom:6pt;margin-top:14pt;text-align:justify;" dir="ltr">Challenges in Implementing Crypto Taxes</h2>There is criticism that implementing comprehensive taxes is realistically difficult due to a lack of systems and institutional preparation. An official said that secondary legislation is needed to classify cryptocurrencies and define the types of businesses in the industry in detail so that taxes can be levied without difficulty.However, many argue that claims about a lack of preparation are unacceptable. Criticism from political circles stated that they had already postponed implementation twice, and had 3 years to prepare. Therefore, claiming a lack of preparation to postpone taxes once again means the government is not doing the things it has prepared.<h2 style="line-height:1.38;margin-bottom:6pt;margin-top:14pt;text-align:justify;" dir="ltr">Crypto Tax Likely Not to Be Implemented?</h2>There are concerns that delaying the cryptocurrency tax due to public opinion and market conditions could mean that the tax will never be implemented. If postponed for 3 years, taxes will start in January 2028.&nbsp;However, general elections would be held in April that year. It is possible to defer cryptocurrency taxes. This is why some argue that early next year, when there is still time until the nearest major election (election area 2026), is the right time to implement it.<h2 style="line-height:1.38;margin-bottom:6pt;margin-top:18pt;text-align:justify;" dir="ltr">How to Buy Crypto with Bittime</h2><a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/how-to-buy?cn=400001"><img src="https://static.bittime.com/cms-static/upload/Cara_Beli_Crypto_di_Bittime_5d56928673.webp" alt="Cara Beli Crypto di Bittime.webp" width="776" height="273"></a>You can buy and sell crypto assets in an easy and safe way through Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti.&nbsp;To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.&nbsp;Monitor graphic movement<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/BTC?cn=400001">&nbsp;</a>price&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/BTC?cn=400001">Bitcoin (BTC)</a>,<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/ETH?cn=400001">&nbsp;Ethereum (ETH)</a>,<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/SOL?cn=400001">&nbsp;Solana (SOL)</a>&nbsp;and other cryptos to find out today's crypto market trends in real-time on Bittime.

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South Korea Crypto Tax.webp

South Korea Considers Delaying Crypto Tax Until 2028

A bank employee in South Korea has been charged with embezzlement of funds used to buy crypto. What is the chronology? Read this article to find out more!

South Korean Bank Employees Embezzled 15 Billion Won to Buy Crypto