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Bithumb Faces Another Regulatory Storm as South Korean Police Investigate Lawmaker's Influence in Hiring Allegations
Odaily News: South Korean police recently raided cryptocurrency exchange Bithumb to investigate allegations that independent lawmaker Kim Byung-gi used his influence to secure a job for his son. According to reports, Kim’s son joined Bithumb in January 2025 and worked there for about six months. Police are investigating whether external pressure or preferential treatment was involved in the hiring process. Additionally, the case has also implicated Dunamu, the operator of South Korea’s largest crypto exchange Upbit, with the investigation scope expanding from simple hiring issues to potential abuse of power and conflicts of interest.Investigators noted that during his tenure on the National Assembly's Political Affairs Committee, Kim Byung-gi raised multiple inquiries against Dunamu during committee meetings, sparking external speculation that he may have been seeking benefits for the company where his son was employed.It is understood that police have previously questioned executives from several cryptocurrency firms and have conducted search and seizure operations at Bithumb’s headquarters and Bithumb Financial Tower. Kim Byung-gi himself is under investigation on 13 charges, including allegations related to job placements, bribery for nominations, and requests concerning university transfers. He has stated that he believes he will ultimately be able to prove his innocence.Notably, Bithumb has been facing sustained regulatory pressure recently. In March this year, South Korea’s financial regulator fined Bithumb approximately $24.5 million for violations related to KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations, and issued a six-month partial business suspension order. However, the Seoul court temporarily suspended the penalty in late April, and the relevant legal proceedings are still ongoing. (Cointelegraph)
Costa Rica Passes Anti-Money Laundering Law for Cryptocurrency Asset Services
According to CriptoNoticias, Costa Rica’s Legislative Assembly unanimously approved, during its second debate on May 25, an amendment to Law No. 7786, clarifying anti-money laundering (AML) obligations for virtual asset service providers (VASPs) and requiring such entities to register with the General Superintendency of Financial Entities (Sugef).
Costa Rica Passes Anti-Money Laundering Bill for Crypto Services, with Fines Up to 50% of Transaction Value
Odaily News: Costa Rica's Legislative Assembly has unanimously approved amendments to Law No. 7786, establishing specific obligations for virtual asset service providers regarding anti-money laundering, counter-terrorism financing, and counter-proliferation financing of weapons of mass destruction. The new law requires virtual asset service providers to register with the Financial Superintendence General and fulfill obligations including customer identification, due diligence, transaction record keeping, and reporting of suspicious transactions. Penalties for violations range from 5% to 50% of the transaction amount, or between $1,800 and $90,000. The law will take effect three months after its publication.
South Korea’s petition to abolish the 22% cryptocurrency tax surpasses the 50,000-signature threshold, sparking regulatory debate amid ongoing market contraction
According to Cointelegraph, a petition in South Korea calling for the abolition of the 22% tax on cryptocurrency investment gains has surpassed the 50,000-signature threshold, triggering the mandatory review mechanism of the National Assembly’s Committee on Strategy and Finance. The petition currently has over 52,000 signatures. This tax policy is scheduled to take effect in January 2027. Petitioners argue that taxing crypto assets is significantly heavier than taxation applied to other asset classes, which will increase investors’ burdens, restrict upward mobility—especially for younger demographics—and potentially lead to industry contraction and capital and talent flight. Meanwhile, South Korea’s cryptocurrency market continues to shrink: total crypto asset holdings have declined from approximately 121.8 trillion KRW (about $83.3 billion) in January 2025 to roughly 60.6 trillion KRW (about $41.4 billion) in February 2026. Daily trading volume across the country’s top five exchanges has also plummeted—from $11.6 billion in December 2024 to $3 billion.
South Korea Plans to Inject Semiconductor Windfall Taxes into Sovereign Wealth Fund, Expanding Seed Capital to Nearly $20 Billion
the South Korean government plans to inject some of the excess tax revenue from the semiconductor industry boom in cash into a new sovereign wealth fund set to launch in the second half of this year. The fund originally planned to raise 20 trillion won through in-kind contributions, such as government-held shares in state-owned enterprises, but has now decided to add several trillion won in cash, expanding its seed capital to nearly 30 trillion won (approximately $20 billion).The fund is a growth-oriented fund aimed at making medium to long-term investments in promising companies at the growth stage within South Korea's strategic industries. The relevant establishment bill is expected to be submitted to the National Assembly in June, with the funds included in the 2027 budget proposal.
South Korea’s Financial Services Commission (FSC) plans to release detailed regulations for tokenized securities in July, allowing the issuance of fractional investment securities backed by multiple underlying assets.
According to Money Today, the Financial Services Commission (FSC) of Korea announced that it will release detailed regulations and guidelines for tokenized securities in July 2026. The proposed framework would permit issuing fractional investment securities backed by a bundle of similar underlying assets and explore raising trading limits on over-the-counter (OTC) exchanges. Regulators will also draw on international precedents to develop a roadmap for tokenizing standardized securities—including equities, bonds, and money market funds—and advance testing and enhancement of infrastructure such as on-chain settlement. Korea’s tokenized securities regime was approved by the National Assembly in January this year and is scheduled to take effect on February 4, 2027.
Costa Rica Passes Anti-Money Laundering Bill for Crypto Services, with Fines Up to 50% of Transaction Value
Odaily News: Costa Rica's Legislative Assembly has unanimously approved amendments to Law No. 7786, establishing specific obligations for virtual asset service providers regarding anti-money laundering, counter-terrorism financing, and counter-proliferation financing of weapons of mass destruction. The new law requires virtual asset service providers to register with the Financial Superintendence General and fulfill obligations including customer identification, due diligence, transaction record keeping, and reporting of suspicious transactions. Penalties for violations range from 5% to 50% of the transaction amount, or between $1,800 and $90,000. The law will take effect three months after its publication.
South Korea’s Democratic Party chief of the Financial Services Committee stated that the digital asset tax should be implemented on schedule.
According to Digital Asset, Jeong Tae-ho, Democratic Party’s chief of the National Assembly’s Committee on Finance and Economy, stated that taxation on digital assets “has already been postponed and should now be implemented as scheduled,” adding that intra-party discussions will commence once the tax reform proposal is submitted to the committee. This statement marks a clear hardening of his stance compared to his more reserved position one month ago. The South Korean government has also officially confirmed that it will begin taxing income from digital asset transfers and leasing starting January 1, 2027. Several hardline lawmakers within the Democratic Party have recently voiced their support for implementing the tax on schedule.
South Korea’s Financial Services Commission (FSC) plans to release detailed regulations for tokenized securities in July, allowing the issuance of fractional investment securities backed by multiple underlying assets.
According to Money Today, the Financial Services Commission (FSC) of Korea announced that it will release detailed regulations and guidelines for tokenized securities in July 2026. The proposed framework would permit issuing fractional investment securities backed by a bundle of similar underlying assets and explore raising trading limits on over-the-counter (OTC) exchanges. Regulators will also draw on international precedents to develop a roadmap for tokenizing standardized securities—including equities, bonds, and money market funds—and advance testing and enhancement of infrastructure such as on-chain settlement. Korea’s tokenized securities regime was approved by the National Assembly in January this year and is scheduled to take effect on February 4, 2027.
South Korea’s Virtual Asset Taxation Plan Blocked by Opposition Party; Local Elections May Trigger Policy Changes
According to ZDNet, the South Korean government plans to impose taxes on virtual assets starting in January next year, but faces opposition from the opposition party, increasing policy uncertainty. Moon Kyung-ho, head of the Income Tax Division at the Ministry of Economy and Finance, made the government’s first official statement on the matter during a National Assembly discussion, affirming that taxation on virtual assets will proceed as scheduled beginning January 1, next year, emphasizing that “income must be taxed.” Under the current amendment to the Income Tax Act, gains exceeding 2.5 million KRW from the transfer or lending of virtual assets are subject to a 22% tax rate. However, the opposition People Power Party argues that taxing only virtual assets—while abolishing the financial investment income tax—is unfair, and is advancing a bill to abolish the virtual asset income tax. This bill has already been submitted to the National Assembly’s Committee on Strategy and Finance and will be discussed by its Tax Subcommittee. Analysts believe that, ahead of next year’s local elections, the ruling party may join discussions on delaying or scrapping the tax to win support from younger voters.
Iran Questions U.S. Sincerity, Refusal to Negotiate Hides Multiple Considerations
Odaily News According to a message released by Mohammad Bagher Ghalibaf, Speaker of the Islamic Consultative Assembly of Iran, in the early hours of the 21st local time, U.S. President Trump, through imposing blockades and violating the ceasefire agreement, is attempting to turn the negotiation table into a surrender table for Iran, or to find an excuse to reignite war. Currently, the U.S. side frequently releases news about sending a delegation to participate in negotiations, while Iran has expressed refusal to negotiate. Analysis points out that behind Iran's related statements lie multiple considerations and concerns:First, Iran questions the lack of sincerity from the U.S. in negotiations. Iran once announced a conditional temporary opening of the Strait of Hormuz, but this move did not lead to the U.S. lifting the blockade on Iranian ports.Second, it is a negotiation tactic. "Refusing to negotiate" itself is often an important bargaining chip outside the negotiation table. If Iran shows an "eagerness to negotiate," the U.S. is likely to exert further pressure. In the absence of basic trust, both sides will engage in a series of maneuvers before negotiations to probe each other's bottom lines.Third, there are hardline voices and anti-American sentiment within Iran. Hardliners believe that expressing a willingness to return to the negotiation table too early under continued U.S. pressure is a sign of compromise and concession.Currently, the U.S. and Iran have disagreements on multiple issues including the nuclear issue, passage through the Strait of Hormuz, and sanctions against Iran. There is a severe lack of mutual trust, and the goals each side hopes to achieve through negotiations also differ significantly. Analysis points out that the current situation may develop in the following directions:First, both sides return to the negotiation table within the ceasefire period, or reach a consensus to extend the ceasefire and continue negotiations. However, the possibility of reaching a comprehensive, long-term agreement in the short term is low, and negotiations could break down again at any time due to hardline statements or actions from either side.Second, both sides fall into a "limited-scale conflict." After the ceasefire expires, military standoffs and harassment between the U.S. and Iran around the Strait of Hormuz will continue, and hostilities may reignite.Third, the conflict escalates on a large scale, leading to an uncontrollable situation. The U.S. has recently continued to issue military threats against Iran, but analysis from the U.S. side suggests that, constrained by factors such as rising war costs and increasing electoral political pressure, the Trump administration's decision-making space for a large-scale escalation of hostilities is relatively limited. (CCTV)
Related news
Multiple institutions jointly sue Kentucky over 14.25% prediction market tax, involving Kalshi and Polymarket
an industry coalition consisting of Kalshi, Polymarket, and others has filed a lawsuit in court to block Kentucky's 14.25% transaction tax on prediction markets. The tax, passed by the Kentucky General Assembly in April this year, imposes a 14.25% excise tax on transaction fees charged by prediction market operators, and is considered the first state-level targeted tax on the industry in the United States. The plaintiff, the "Fair Market Coalition," claims the tax is discriminatory, unconstitutional, and may already be preempted by federal law. The lawsuit argues that imposing higher tax burdens on prediction markets is clearly unfair and could distort market competition. (Abcnews)
Bithumb Faces Another Regulatory Storm as South Korean Police Investigate Lawmaker's Influence in Hiring Allegations
Odaily News: South Korean police recently raided cryptocurrency exchange Bithumb to investigate allegations that independent lawmaker Kim Byung-gi used his influence to secure a job for his son. According to reports, Kim’s son joined Bithumb in January 2025 and worked there for about six months. Police are investigating whether external pressure or preferential treatment was involved in the hiring process. Additionally, the case has also implicated Dunamu, the operator of South Korea’s largest crypto exchange Upbit, with the investigation scope expanding from simple hiring issues to potential abuse of power and conflicts of interest.Investigators noted that during his tenure on the National Assembly's Political Affairs Committee, Kim Byung-gi raised multiple inquiries against Dunamu during committee meetings, sparking external speculation that he may have been seeking benefits for the company where his son was employed.It is understood that police have previously questioned executives from several cryptocurrency firms and have conducted search and seizure operations at Bithumb’s headquarters and Bithumb Financial Tower. Kim Byung-gi himself is under investigation on 13 charges, including allegations related to job placements, bribery for nominations, and requests concerning university transfers. He has stated that he believes he will ultimately be able to prove his innocence.Notably, Bithumb has been facing sustained regulatory pressure recently. In March this year, South Korea’s financial regulator fined Bithumb approximately $24.5 million for violations related to KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations, and issued a six-month partial business suspension order. However, the Seoul court temporarily suspended the penalty in late April, and the relevant legal proceedings are still ongoing. (Cointelegraph)
Costa Rica Passes Anti-Money Laundering Law for Cryptocurrency Asset Services
According to CriptoNoticias, Costa Rica’s Legislative Assembly unanimously approved, during its second debate on May 25, an amendment to Law No. 7786, clarifying anti-money laundering (AML) obligations for virtual asset service providers (VASPs) and requiring such entities to register with the General Superintendency of Financial Entities (Sugef).
Costa Rica Passes Anti-Money Laundering Bill for Crypto Services, with Fines Up to 50% of Transaction Value
Odaily News: Costa Rica's Legislative Assembly has unanimously approved amendments to Law No. 7786, establishing specific obligations for virtual asset service providers regarding anti-money laundering, counter-terrorism financing, and counter-proliferation financing of weapons of mass destruction. The new law requires virtual asset service providers to register with the Financial Superintendence General and fulfill obligations including customer identification, due diligence, transaction record keeping, and reporting of suspicious transactions. Penalties for violations range from 5% to 50% of the transaction amount, or between $1,800 and $90,000. The law will take effect three months after its publication.
Iranian delegation concludes meeting agenda in Qatar, returns to Tehran
Odaily News: On the 25th local time, it was learned that the Iranian delegation, led by Mohammad Bagher Ghalibaf, Speaker of the Islamic Consultative Assembly of Iran, will return to Tehran tonight after concluding their meetings in Doha, the capital of Qatar. It is reported that the delegation's relevant agenda in Qatar has now concluded. (CCTV News)
South Korea’s petition to abolish the 22% cryptocurrency tax surpasses the 50,000-signature threshold, sparking regulatory debate amid ongoing market contraction
According to Cointelegraph, a petition in South Korea calling for the abolition of the 22% tax on cryptocurrency investment gains has surpassed the 50,000-signature threshold, triggering the mandatory review mechanism of the National Assembly’s Committee on Strategy and Finance. The petition currently has over 52,000 signatures. This tax policy is scheduled to take effect in January 2027. Petitioners argue that taxing crypto assets is significantly heavier than taxation applied to other asset classes, which will increase investors’ burdens, restrict upward mobility—especially for younger demographics—and potentially lead to industry contraction and capital and talent flight. Meanwhile, South Korea’s cryptocurrency market continues to shrink: total crypto asset holdings have declined from approximately 121.8 trillion KRW (about $83.3 billion) in January 2025 to roughly 60.6 trillion KRW (about $41.4 billion) in February 2026. Daily trading volume across the country’s top five exchanges has also plummeted—from $11.6 billion in December 2024 to $3 billion.