Aptos co-founder and CEO Mo Shaikh steps down to ‘start new chapter’

December 20, 2024 Coin Telegraph

Aptos Labs

Mo Shaikh, who co-founded the firm in 2021 alongside Avery Ching said he would stay on board at Aptos Labs as a strategic adviser.

Mohammad Shaikh, the co-founder and CEO of layer-1 blockchain Aptos Labs, has resigned from the top position to “start a new chapter,” with co-founder and chief technology officer Avery Ching now taking over as the new CEO.

Shaikh co-founded Aptos Labs alongside Ching in 2021, helping Aptos mainnet launch in October 2022. He helped the firm raise $400 million and establish key partnerships.

“Today I am stepping away from Aptos Labs to start a new chapter,” Shaikh said in a Dec. 19 X post before expressing confidence in the firm’s future.

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South Korean prosecutors seek 6 months for lawmaker who allegedly hid crypto

December 18, 2024 Coin Telegraph

Coin Telegraph

National Assembly member Kim Nam-kuk left South Korea’s Democratic Party in 2023 after allegations of cashing out $4 million in crypto holdings.

Kim Nam-kuk, a member of South Korea’s National Assembly, could be sentenced to six months in prison for allegedly not reporting all his cryptocurrency holdings to the government.

According to a Dec. 18 report from South Korean news outlet Dong-A Ilbo, prosecutors in Kim’s case requested a six-month prison sentence for the lawmaker, who is currently on trial in Seoul.

Kim allegedly reported his total assets at 1.2 billion Korean won — roughly $834,356 at the time of publication — in 2021 despite owning 9.9 billion in digital assets, and also concealed 990 million won worth of crypto holdings in 2022.

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Bitcoin range consolidation a ‘healthy next step’ before BTC attempt at $100K

December 4, 2024 Coin Telegraph

Bitcoin

Bitcoin price cooled off at the start of December, but several bullish catalysts support investors' belief that $100,000 BTC is around the corner.

Bitcoin’s price correction extended into a second day as BTC briefly slipped below $93,600 on Dec. 3, but data suggests that an assortment of market participants are keen to buy the dips.

While some traders may be revising their short-term targets and choosing to take profits, Bitcoin price appears to be consolidating by taking a breather after November’s stellar 37% gain.

After an unprecedented parabolic $26,000 gain in November to what some traders deem a psychological hurdle at the $100,000 mark, a period of consolidation where BTC can build some market structure in terms of a defined range with clear support and resistance levels would be a healthy next step.

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Martial Law Declared in South Korea Sparks Crypto Market Chaos

December 3, 2024 Bitcoin.com

bitcoin.com

South Korea’s recent declaration of martial law has roiled global cryptocurrency markets, sending shockwaves through trading activity and triggering significant price volatility. South Korea’s Martial Law Sends Bitcoin Reeling, Stabilizes Near $95K President Yoon Suk Yeol unveiled the decision during a late-night televised announcement Tuesday, explaining that the move was aimed at addressing alleged anti-state […]

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South Korea’s Democratic Party agrees to delay crypto tax by 2 years

December 1, 2024 Coin Telegraph

Coin Telegraph

South Korea’s Democratic Party previously pushed back against another delay, saying it was a political trick by the ruling party.

South Korea’s Democratic Party has backtracked on its push to implement the country’s crypto gains tax in 2025, agreeing to another two-year delay.

In a press conference on Dec. 1, the Korea Democratic Party (KDP) floor leader, Park Chan-dae, announced that the KDP agreed to a two-year moratorium on the implementation of digital asset capital gains tax proposed by the government and the People’s Power Party (PPP), the ruling party.

The law taxing crypto gains in the country is scheduled to come into effect in January. However, the new development will push the implementation of the tax by 2027.

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Crypto YouTuber Among Those Arrested for Allegedly Running $231,000,000 Fraud in Korea: Report

November 14, 2024 The Daily Hodl

Crypto YouTuber Among Those Arrested for Allegedly Running 1,000,000 Fraud in Korea: Report

Bitcoin

South Korean authorities have reportedly arrested 215 individuals who are allegedly behind a cryptocurrency investment scam that defrauded thousands of victims. Yonhap News reports that the suspected perpetrators, including a YouTuber with 620,000 subscribers, received 325.6 billion won, or around $231 million, from 15,304 people who were enticed to invest their money in crypto for […]

The post Crypto YouTuber Among Those Arrested for Allegedly Running $231,000,000 Fraud in Korea: Report appeared first on The Daily Hodl.

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Fireblocks partners with South Korean bank on VAT tokenization

November 14, 2024 Coin Telegraph

banking innovation

Fireblocks extends its services with the tokenization of tax refunds through NongHyup Bank.

Digital assets platform Fireblocks has signed a Memorandum of Understanding (MoU) with NongHyup Bank, a large South Korean bank specializing in commercial credit and banking services for the agricultural sector. They hope to launch a prototype for tax refunds.

Fireblocks and NongHyup Bank will use the Fireblocks Tokenization Engine in a pilot project to refund value-added tax (VAT) and goods and services tax (GST) on purchases at retail outlets. Fireblocks co-founder and CEO Michael Shaulov told Cointelegraph that they are looking to increase transparency and security. He said:

“This not only reduces operational costs but also ensures a secure, immutable record that strengthens trust between banks and their clients,” he added.

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Bitcoin Premium in South Korea Rises: A Bullish Signal or Just Regional Dynamics?

November 4, 2024 Bitcoin.com

Bitcoin

Although bitcoin dipped below $70,000 earlier this week, South Korean markets still show a notable premium. On Oct. 24, the premium climbed as high as 2.21%, with today’s rate only slightly lower. South Korea’s Bitcoin Premium Bounces Back After October’s Brief Dip As of 4:45 p.m. EST, bitcoin is priced at $69,058, following a push […]

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Korea to Regulate Crypto Cross-Border Trade Next Year

October 26, 2024 Bitcoin.com

bitcoin.com

On Friday, South Korea’s finance ministry announced plans to regulate cross-border transactions of virtual assets, including cryptocurrency, starting in the second half of 2025. The new regulations will mandate that businesses engaged in cross-border virtual asset trade register with authorities and submit monthly transaction reports to the Bank of Korea. The move follows significant concerns […]

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South Korea to ramp up oversight of cross-border crypto transactions: Report

October 25, 2024 Coin Telegraph

Coin Telegraph

South Korea’s finance minister, Choi Sang-Mok, said the country will introduce reporting mandates on cross-border crypto transactions to combat foreign exchange crime.

South Korea plans to increase oversight of cross-border transactions involving crypto in a bid to combat tax evasion and “foreign exchange” crimes, the country’s finance minister, Choi Sang-Mok, reportedly said at a G20 meeting in Washington.

Choi said South Korea will introduce a reporting mandate for any business that handles “cross border transactions” involving crypto assets, according to an Oct. 24 report from local Korean news outlet Edaily.

“We will promote preemptive monitoring of virtual asset transactions that are used for tax evasion and currency manipulation across borders,” said Choi.

South Korea

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