It's nearing midnight in South Korea, and we're now closing this live page. Here's the latest:

• Opposition politicians have begun impeachment proceedings for President Yoon Suk Yeol, after his botched attempt to impose martial law on Tuesday night - parliament will vote on impeachment later this week

• As a reminder, Yoon imposed martial law for a few hours, facing an immediate backlash and calls for its reversal, which he finally relented and did in the early hours of Wednesday
• Defence minister Kim Yong-hyun is also facing impeachment, and has offered his resignation, after apologising and taking full responsibility
• Other senior staff have also proposed to quit, though resignations must be accepted by the president
• Protests continued throughout today and into the evening, as people called for Yoon to go

To read more, we've got an explainer on what martial law is and why it was declared, as well as a moving account from a protester who grabbed a gun pointed at her.

There's also a run-down of how the night unfolded, and our correspondent Laura Bicker has answered the question that everyone's been asking: what was the president thinking?

It's nearing 24 hours since the shock news from South Korea, but the fallout continues...

Tuesday 22:30 (13:30 GMT): In a television address, President Yoon declares martial law.

The South Korean parliament ceases activity. Police turn up and so do protesters, who clash. Lawmakers enter the National Assembly, some climbing fences to get in.

Wednesday 01:00: Just a few hours later, the parliament votes to block martial law.

Wednesday 05:18: Cabinet lifts martial law.

Wednesday morning: Protesters return to the streets of Seoul, demanding Yoon's resignation.

His top staff offer up their resignations, which need to be approved by Yoon.

Wednesday morning: Opposition lawmakers in South Korea put forward a motion to impeach Yoon.

Wednesday evening: The defence minister, Kim Yong-hyun, offers to quit, after also facing calls for impeachment.

In Seoul, protests continue.

Tessa Wong
Reporting from Seoul

The protest march that began at Gwanghwamun with a candlelight vigil seems to have ended, with policemen on the ground confirming to the BBC that demonstrators reached the presidential office at Yongsan district, before dispersing soon after.

Earlier in the evening, a separate protest at the National Assembly also saw demonstrators holding up candles and calling for Yoon to step down.

After a dramatic 24 hours that began with Yoon's declaration of martial law, Seoul seems to have calmed down for now - it's almost 11pm here.

But President Yoon's troubles are far from over - lawmakers earlier today kickstarted a process to try to impeach him.

Tomorrow may yet bring more political turmoil.

Image source, EPA

South Korea's deputy prime minister has sent a letter to leading figures in the financial world, reassuring them martial law has been lifted, according to the Yonhap news agency.

"All national systems, including Korea's politics and economy, are operating normally as before," the letter says.

It was reportedly sent to a number of major powers - including the US, Japan and China - and key financial institutions.

The political crisis in South Korea has impacted financial markets, with the country's currency - the won - reaching a near two-year low, and Korea's Kospi share index down 1.4% today.

Image source, EPA

An MP from the South Korean president’s party, the People Power Party (PPP), tells the BBC how he flew home immediately from Washington DC after seeing martial law declared in his home country.

Speaking on the Newshour programme, Kim Gunn says he was "puzzled" by the declaration of martial law but insists the country has a "very vibrant democracy".

He agrees that the decision was a bad one to take – "the declaration was not well co-ordinated or prepared…we must investigate what really happened" - and he wants answers.

He says there is a National Assembly conference on Wednesday evening that he will attend, to discuss the tumultuous last 24 hours.

Image source, Reuters

Image source, Reuters

US State Secretary Antony Blinken says they "welcome" President Yoon's withdrawal of martial law.

Speaking at a Nato press conference in the past hour in Brussels, he adds South Korea is "one of our closest partners" and that "any political disagreement needs to be resolved peacefully".

"Korea's been an extraordinary story, an extraordinary success story" in the past few decades, he adds.

Nick Marsh
Reporting from Seoul

"This is all very strange," 19-year-old Hwang told me at the National Assembly earlier.

He was watching the news last night and the top story was the protests in the eastern European state of Georgia.

Then, instead of protests overseas, the images on his TV were suddenly of demonstrations in his own country.

Out of the blue, South Korea was under martial law.

Less than 24 hours later, the student was at the assembly to give his backing to the couple of hundred Democratic Party supporters who’d amassed on the parliament steps.

"When I saw the president’s announcement, I couldn’t believe what I was seeing. But now it’s important for me to be here to show that we are against what he tried to do."

Image source, Reuters

Earlier we told you about a viral video from last night - when martial law was in place - in which a woman stood defiantly before soldiers at gunpoint.

The woman in the video, Ahn Gwi-ryeong told the BBC earlier: "I didn't think... I just knew we had to stop this."

We can now share with you this footage of the incident.

As we reported earlier, defence minister Kim Yong-hyun has tendered his resignation, saying he accepted full responsibility.

Kim has only held the role for a few months, but is said to have been influential in the president's plan to impose martial law.

Several Korean media reports say he personally suggested the idea to the president, and gave orders to military commanders to enforce the action on Tuesday evening.

In his resignation statement, Kim says that all soldiers "followed the minister's instructions", and he took "all responsibility".

Tessa Wong
Reporting from Seoul

The protest rally at Gwanghwamun is on the move. Thousands are marching through the streets of downtown Seoul.

Their final destination seems to be the presidential office in Yongsan district, where they will repeat their calls for Yoon to step down or be impeached.

It's a noisy, colourful affair, with loud chants of "arrest Yoon Suk Yeol", banners calling for the end of his administration with a labour strike, and even a drum troupe accompanied by dancers.

Richard Kim
BBC Korea

Image source, The Office of the Speaker of the National Assembly

Woo Won-Shik - the speaker of South Korea's National Assembly who played a key role in stopping the president's martial law decision - tells BBC Korea he rushed to parliament last night "with the thought that we must protect democracy".

When he arrived at the National Assembly, Woo says police were controlling access to the building, and he was blocked from entering.

As speaker, Woo says he holds a "key position", so he "went to the back where the National Assembly security was lax, climbed over the wall, and came in" (something another politician also had to do).

Once he arrived, Woo says lawmakers were in a rush to start proceedings - he would go on to lead parliament as it voted to reverse martial law, just two and a half hours after it was announced.

Our reporter Tessa Wong sent us this video from the rally at Seoul's main square.

She says hundreds, if not thousands, of people were there and many were "very angry". Now, the crowds are marching to the presidential office - she's still with them and will send us more shortly.

As night falls in Seoul, thousands of South Koreans are braving freezing temperatures to march to the president's office, reiterating calls for President Yoon to be impeached.

A separate rally held by opposition parties is happening at the National Assembly, AFP news agency reports.

Image source, Reuters

Image source, AFP

Image source, Reuters

A South Korean opposition politician tells the BBC that "whether [President Yoon] resigns or not, we are going to impeach him".

Joon Hyung Kim, a member of the National Assembly for the Rebuilding Korea party, tells the BBC World Service's Newsday that the president is "the biggest risk in Korea right now".

"He has a very divisive nature, his world-view is like, black and white," Joon says. "He considered opposition parties, parliamentary members as anti-state groups. It was turmoil, but we prevailed, and you know, this is power of Korean democracy."

The process for impeaching the president has begun - but as our correspondent writes, might he resign first?

Yuna Ku
BBC Korean Service

A viral video from last night - when martial law was briefly declared in South Korea - captured a shocking moment: armed soldiers entering the National Assembly, and a woman standing defiantly before them at gunpoint.

"I didn’t think…I just knew we had to stop this," the defiant woman - Ahn Gwi-ryeong - tells the BBC.

Arriving at the National Assembly just past 23:00, Ahn - a 35-year-old spokeswoman for the opposition Democratic Party - recalls turning off office lights to avoid detection, as helicopters circled overhead.

By the time she reached the main building, soldiers were confronting officials, aides, and citizens.

When the military began advancing, Ahn stepped forward.

"Honestly, I was scared at first…but seeing such confrontation, I thought, ‘I can’t stay silent.’"

Overcome with emotion, she says it is "heartbreaking and frustrating that this is happening in 21st Century Korea," before breaking down in tears.

Chun In-Bum, a retired South Korean army lieutenant-general, says he was "dumbfounded" as he followed yesterday's events on television.

"I'm not one to be surprised easily but yesterday was a really scary moment for me," he tells the BBC's Radio 4 Today programme - but "fortunately the democratic system worked".

Asked about why President Yoon may have chosen to impose martial law, Chun cites "continuous attacks" by the opposition which Yoon saw as "a direct threat to democracy".

"But declaring martial law is a bit too much," he adds.

Laura Bicker
Reporting from Seoul

Image source, Reuters

One of the biggest questions on people's minds in Seoul on Wednesday is: what was the president thinking?

In a late-night address that threw South Korea’s parliament into chaos and tested the country’s commitment to democracy, President Yoon Suk Yeol declared he was imposing martial law.

South Korea is a stable, prosperous democracy - yet Yoon claimed he was introducing military rule to save the country from dark forces. He called the opposition-controlled National Assembly a "den of criminals" that was "attempting to paralyse" the government.

His shock declaration was, in fact, a bid to get the kind of grip on power that has eluded him since he won the presidency in 2022 by the slimmest margin in South Korea's history.

More from Laura on what President Yoon might have been thinking.

After six opposition parties earlier filed a motion to impeach the president, they now plan to present it to parliament's plenary session on Thursday, Yonhap news agency reports.

It will then be voted on Friday 6 or Saturday 7 December, as it must happen within 72 hours of the bill being proposed.

Image source, Getty Images

What is happening in South Korea?

In a shock TV speech on Tuesday, President Yoon Suk Yeol decided to impose martial law. Soldiers entered parliament but less than two hours later, angry MPs also forced their way in and voted to block Yoon's move. Yoon reversed his initial decision - he's now facing impeachment proceedings.

What is martial law?

Martial law is when a civilian government is replaced by military rule - it's usually temporary in a time of emergency, but can run indefinitely. It can also be accompanied by a suspension of people's normal civil rights.

Why was martial law declared?

President Yoon said it was to protect the country from "North Korea's communist forces", but observers say he was facing his own political troubles and was trying to get a grip on power.

What does impeachment mean?

Impeachment is the process of bringing charges against an official for misconduct in office.

How is President Yoon's wife involved?

President Yoon's wife - Yoon Suk Yul - has been involved in a string of controversies, including allegations she broke gift rules by accepting a luxury Dior bag. While this has had an impact on public opinion, it's not Yoon's only problem or the sole reason for his low approval ratings.

Tessa Wong & Leehyun Choi
Reporting from Seoul

As night falls and the temperature drops to near 0C (32F), hundreds are braving the cold and streaming into Gwanghwamun Square to call for Yoon's impeachment.

A performer on stage strums a guitar passionately and sings. The crowd sways and cheers, holding candles and the flags of unions, community organisations and political groups.

Many are clutching placards reading: "Accused of rebellion, Yoon Suk Yeol must resign."

The atmosphere is festive and defiant. "[With martial law] Yoon attempted to crack down on press freedom, but journalists are here," says one union leader on stage, gesturing to reporters standing on the sides.

"He has also tried to crack down on the unions but now we are going on strike... We will win at the end!"