South Korea’s Tax Authority and Cryptocurrency Exchanges Join Forces
South Korea’s tax authority, the Korea Customs Service group, and five major cryptocurrency exchanges have formed a group to prevent illegal foreign transactions. The Digital Asset Exchange Association (DAXA), which includes Upbit, Bithumb, Coinone, Korbit, and Gopax, will play an advisory role in this committee.
DAXA is the most important self-regulating body in South Korea’s cryptocurrency industry and holds the necessary operating permits for fiat-won trading. The Korea Customs Service, established in 1970, will respond to any actions related to illegal foreign exchange transactions involving cryptocurrencies. The committee will also cooperate with regulators and organizations in South Korea while addressing concerns about these transactions.
FSC Takes Action Against Money Laundering
The Financial Services Commission of South Korea has announced plans to crack down on the illegal outflow of funds overseas. They have proposed a ban on using credit cards to purchase cryptocurrency as a measure to prevent money laundering. DAXA previously stated its intention to collaborate with financial regulators in searching for undeclared crypto operators.
South Korea Investigates Multi-Million Dollar Hack
In a separate incident, South Korean agencies are currently investigating an $82 million hack on Orbit Bridge, the main bridge for the Claytont ecosystem. Allegations have emerged linking North Korea’s hacking group, ‘Lazarus,’ to the exploit. The South Korean National Intelligence Service is intervening for a comprehensive investigation.
Hot Take: South Korea Takes Action Against Illegal Transactions
South Korea’s tax authority and major cryptocurrency exchanges have joined forces to prevent illegal foreign transactions. This collaborative effort aims to address concerns about these transactions while cooperating with regulators and organizations in the country. Additionally, South Korea’s Financial Services Commission is taking action to combat money laundering by proposing a ban on credit card purchases of cryptocurrency. The country is also investigating a multi-million dollar hack, allegedly orchestrated by North Korea’s hacking group, ‘Lazarus.’ These developments demonstrate South Korea’s commitment to maintaining the integrity and security of its cryptocurrency market.
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