Amid the South Korean government drawing up measures to regulate the recent craze for cryptocurrency, an anonymous post online has sparked heated debate. Last month, an online poster shared his sympathies for a fried chicken restaurant owner and said, “I buy fried chicken with the money I earned through bitcoin trading. It is very easy to earn money if you learn the rules of (cryptocurrency) trading. I feel sorry for the restaurant owner, who keeps his business up and running until the lat

Best-selling author and blockchain advocate Don Tapscott on Wednesday called for South Korea’s “sensible regulation” on cryptocurrency tokens and initial coin offerings, warning the government could otherwise “destroy economies for decades,” during a press conference in Seoul.Tapscott called bans on cryptocurrencies and initial coin offerings “heavy-handed approaches used by dictators and undemocratic countries,” and contrasted them with “sensible

South Korea’s second-tier Kosdaq hit a 16-year high, crossing 900 points at Tuesday’s close for the first time since ...

Uncertainty in South Korea concerning cryptocurrency regulations continues, with the finance minister reiterating his vow to curb speculations, while a petition by disgruntled investors awaits an official reply from the presidential office. Deputy Prime Minister and Finance Minister Kim Dong-yeon on Tuesday said that the suggestion to close down cryptocurrency exchanges is still an option under consideration, despite anticipated side effects.“(The government) shall come up (with cryptocurr

The Korea Herald is publishing a series of interviews on promising startups in the fintech industry. This is the eighth installment. — Ed.Despite the constant wave of technological advances, the remittance method has evolved little in South Korea over the past few decades, with only banks legally allowed to provide remittance services.Now with the growth of the fintech industry, a startup can address problems in interbank remittance and bring more benefits to customers, according to Ian Su

Foreigners have net bought more than 2.2 trillion won ($2 billion) worth of South Korean stocks this year in continuation of their buying spree from 2017, the Korea Exchange said Tuesday, amid strong performance by local firms.Offshore investors acquired listed shares valued at 10.2 trillion won last year on solid earnings buttressed by rising exports. The total net purchase of Korean shares by foreign investors for the first 15 days of this month breaks down to 1.4 trillion won of stocks listed

South Korea will come up with a set of measures to clamp down on the "irrational" investment craze for cryptocurrency here, the country's chief economic policymaker said Tuesday, with a potential shutdown of exchanges still on the table."The government stance is that it needs to regulate cryptocurrency investment as it is a largely speculative investment," Finance Minister Kim Dong-yeon said in a radio program interview."The shutdown of virtual currency exchanges is stil

Nearly 2 million South Koreans are estimated to have used cryptocurrency applications with their smartphone in the past week, data showed Monday. A total of 1.96 million people may have used apps that allow them to handle digital currencies, such as bitcoin and ethereum, last week, up from 140,000 tallied between Oct. 30 and Nov. 5, according to data from WiseApp, an application analytics company.Cryptocurrencies have rapidly gained popularity in recent weeks among South Korean investors ho

Rattled by the government’s series of measures seeking to curb cryptocurrency speculation, South Korea now finds itself sharply divided over the legitimacy of the high-stakes transactions.In a hurried move to pacify the bewildered market, the government vowed Monday to fully review feedback before making a final policy decision, suggesting that the recently mentioned shutdown of operators is unlikely under current circumstances.“The shutting down of exchanges as proposed by the justi

Tension has escalated over the chairman nomination process at Hana Financial Group, following the nomination committee’s refusal to delay the shortlisting of candidates as demanded by the regulator that had cited ongoing probes.Worsening the standoff was Choi Jong-ku, chairman of the Financial Services Commission, who warned the financial institute during a press briefing Monday.“If you in the financial sector have an elitist idea and say, ‘No one can interrupt what I do,&rsquo

Foreigners net purchased more than 10 trillion won ($9.4 billion) worth of stocks listed on the Korean bourses last year amid solid earnings by local companies amid growing exports, government data showed Monday.Offshore investors acquired listed shares valued at 10.2 trillion won, the Financial Supervisory Service said.Foreigners poured money into Samsung Electronics Co. and other information technology firms.  The purchase by US investors reached 13.2 trillion won, while Europeans net bou

The government said Monday it will make a decision on a proposed shutdown of all cryptocurrency exchanges after "sufficient consultation and coordination of opinions" as the proposal sparked confusion in the market and anger among investors.The Office for Government Policy Coordination made the announcement, downplaying the justice minister's remark last week that the government is working on legislation to close all virtual currency exchanges to tackle speculation."The proposed s

Local securities firms are protesting recent tax revisions that levy heavier capital gains taxes on foreign stock investors, citing the absence of an effective monitoring system, financial sector sources said Monday.The finance ministry announced tax code changes Jan. 7, effective from July, to collect capital gains tax from foreign investors who own more than 5 percent stakes in locally listed companies. The previous threshold was 25 percent. Non-resident foreign investors and overseas companie

Confusion persisted in South Korea over the weekend regarding the government’s measures against criminal use of cryptocurrencies, with the financial authorities urging banks to join their efforts and Cheong Wa Dae stressing that the relevant organizations were “in tune.” On Sunday, a high-ranking Cheong Wa Dae official said the presidential office’s stance toward cryptocurrency transactions is consistent with that of the government’s announcement made on Dec. 28. Th

Through a revision of the tax enforcement decree, South Korea expects to levy capital gains tax on a wider range of foreign investors, as the revision defines those holding 5 percent or more of a firm as a “large shareholder” -- the target of taxation -- from the previous threshold of 25 percent. The revision was announced on Jan. 7 by the Ministry of Strategy and Finance and is set to take effect in July.Under the new rule, however, it would cause a cumbersome process of all parties