‘Kimchi Premium’ Resurfaces As South Korea Delays Crypto Taxation

Table of Contents

Rate this post

Kimchi premium, a situation in which the trading value of the Bitcoin is significantly high on the exchanges in South Korea as compared to elsewhere around the world, has again been reported today after a period of one month.

Bitcoin Value at Major South Korean Exchange

According to the statistics, Bitcoin exchange value on major Korean exchange Bithumb is trading between 4% and 8% higher than anywhere as of the publication time. It is difficult to calculate the exact reason behind the trend. 

However, as per media reports, South Korea’s reigning democratic party is considering delaying taxes on crypto-assets for at least the upcoming year. 

Earlier this month, the Kimchi premium had vanished after the pledge taken by South Korea’s government to focus on illegal activities in crypto markets. 

The Infamous Kimchi Premium Resurfaces Amid Regulatory Delays

The South Korean Financial Services Commission, Ministry of Finance, Ministry of Justice, among other regulators, met on 7th April of this month to discuss virtual asset trading. In their announcement following the meeting, the authorities wrote:

“We will strictly crack down on illegal activities related to transactions such as market price manipulation, money laundering, and tax evasion using virtual assets through cooperation with the police, prosecution, and financial authorities.”

It’s important to note that not a single agency is involved in the meeting that seems to have suggested actual changes in the country’s laws or regulations. Instead, they merely affirmed a new focus on enforcing existing provisions. 

Kimchi premium which had been seen in March for the first time since January 2018. For the first time since January 2018, the infamous “Kimchi Premium” has returned in the last week of March 2021. While it remains far below the 2017 peak levels, it signals strong retail inflows.

Meanwhile, according to another local report, Joo Ho-young, who leads opposition People Power, has called for more aggressive oversight and a task force on virtual currency

READ  Bakkt Breaks Own Record, Bitcoin Futures Trading Volume Reaches All-Time High

#Bitcoin #Crypto News South Korea #Kimchi Premium

Source: https://www.cryptoknowmics.com/news/kimchi-premium-resurfaces-as-south-korea-delays-crypto-taxation

More from Republished By Plato

bitcoin
Bitcoin (BTC) $ 58,834.07 1.39%
ethereum
Ethereum (ETH) $ 4,140.10 4.65%
binance-coin
Binance Coin (BNB) $ 682.59 5.68%
dogecoin
Dogecoin (DOGE) $ 0.545897 2.19%
cardano
Cardano (ADA) $ 1.79 4.94%
xrp
XRP (XRP) $ 1.61 6.47%
tether
Tether (USDT) $ 0.999941 0.01%
polkadot-new
Polkadot (DOT) $ 41.41 6.05%
bitcoin-cash
Bitcoin Cash (BCH) $ 1,512.80 11.23%
litecoin
Litecoin (LTC) $ 401.77 15.64%
chainlink
Chainlink (LINK) $ 52.13 9.45%
uniswap
Uniswap (UNI) $ 40.73 3.43%
stellar
Stellar (XLM) $ 0.727259 21.13%
vechain
VeChain (VET) $ 0.230916 5.71%
ethereum-classic
Ethereum Classic (ETC) $ 126.20 4.88%
usd-coin
USD Coin (USDC) $ 1.00 0.01%
solana
Solana (SOL) $ 45.56 1.59%
theta
THETA (THETA) $ 11.98 1.21%
tron
TRON (TRX) $ 0.146941 4.98%
filecoin
Filecoin (FIL) $ 147.25 2.26%
eos
EOS (EOS) $ 10.74 6.98%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 59,253.93 1.60%
monero
Monero (XMR) $ 481.94 4.25%
neo
Neo (NEO) $ 121.07 4.87%
binance-usd
Binance USD (BUSD) $ 0.999810 0.01%
bitcoin-sv
Bitcoin SV (BSV) $ 372.67 3.80%
terra-luna
Terra (LUNA) $ 17.54 4.53%
pancakeswap
PancakeSwap (CAKE) $ 39.87 7.63%
iota
IOTA (MIOTA) $ 2.28 8.69%
cosmos
Cosmos (ATOM) $ 28.88 3.78%
aave
Aave (AAVE) $ 481.52 4.98%
ftx-token
FTX Token (FTT) $ 63.00 3.34%
shiba-inu
SHIBA INU (SHIB) $ 0.000015 6.24%
tezos
Tezos (XTZ) $ 7.12 5.44%
huobi-token
Huobi Token (HT) $ 29.94 16.13%
maker
Maker (MKR) $ 5,405.18 0.40%
avalanche
Avalanche (AVAX) $ 41.27 12.70%
klaytn
Klaytn (KLAY) $ 2.17 1.12%
polygon
Polygon (MATIC) $ 0.941630 0.91%
bittorrent
BitTorrent (BTT) $ 0.007317 2.01%
multi-collateral-dai
Dai (DAI) $ 1.00 0.04%
algorand
Algorand (ALGO) $ 1.54 3.63%
crypto-com-coin
Crypto.com Coin (CRO) $ 0.183682 6.25%
thorchain
THORChain (RUNE) $ 18.16 0.77%
dash
Dash (DASH) $ 422.31 9.21%
compound
Compound (COMP) $ 806.37 6.00%
kusama
Kusama (KSM) $ 452.41 1.77%
zcash
Zcash (ZEC) $ 310.82 3.28%
nem
NEM (XEM) $ 0.385025 4.89%
waves
Waves (WAVES) $ 32.58 7.56%