President of major Korean Bitcoin exchange arrested – controversial crypto law under review

Lee Jung-hoon, former president of Bithumb, South Korea’s largest cryptocurrency exchange, has just been handed over to the authorities. Coindesk reports this on April 26.

Bithumb was raided by police last September. Jung-hoon is said to be involved in a fraud involving an initial coin offering (ICO) of a cryptocurrency called BXA in 2018.

In related news, Kim Boo-kyum says he wants to review new laws for crypto like bitcoin (BTC) in South Korea. KBS World reports this on April 26.

Boo-kyum was nominated last week as the candidate for the country’s new prime minister. The country wants to introduce new tax legislation from 2022 that requires people to pay 20% on their profits on crypto.

The new law has received widespread criticism in South Korea. People even demanded the resignation of Eun Sung-soo, chairman of the Financial Services Commission (FSC), the country’s financial regulator. He claimed that crypto has no intrinsic value.

According to the publication, the prime minister considers it necessary to take a closer look at the issue to ensure that there are no unnecessary casualties from the legislation. Crypto trading is very popular in South Korea.

The above regulator, Sung-soo, said recently that all crypto exchanges in South Korean may have to close in September, as no one has yet applied for a new mandatory license.

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