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Bank of Korea to Launch CBDC Payment Trial in Supermarkets
22.9.2024
South Korea’s central bank, the Bank of Korea, will soon allow participants to use digital tokens for payments at supermarkets and convenience stores in a central bank digital currency (CBDC) trial. Starting in December, 100,000 participants will be part of this test. Retail partnerships...
Korean banks to research the stablecoins alternative
24.7.2023
Hana Bank plans to conduct research on certificate of deposit tokens, while Woori Bank’s research department has already recently released a report on them
South Korean Banks May Be in Trouble as Regulator Probes Kimchi Premium Bitcoin ‘Irregularities’
4.8.2022
South Korean banks could find themselves in the firing line after the government, media outlets, and regulators stepped up the scrutiny of the banks' role in enabling kimchi premium traders to make fast money when trading volumes rise....
Read More: South Korean Banks May Be in Trouble as Regulator...
South Korean Banks Earned USD 31M in Crypto Transaction Fees Last Year
17.5.2022
Three South Korean banks earned USD 31.2m from their crypto exchange partnership deals in 2021, new data has revealed – suggesting that partnering with trading platforms could be paying off for the often-cautious domestic banking sector....
Read More: South Korean Banks Earned USD 31M in Crypto...
Major Korean Exchanges Secure Real-Name Account Arrangements With Local Banks
10.9.2021
Leading cryptocurrency exchanges in South Korea have reached agreements with Korean banks to maintain the issuance of real-name accounts, media reports revealed. The deals, although not yet permanent, will allow the trading platforms to register with financial authorities before the Sept....
S Korean MP Tells Gov’t: ‘Don’t Let a Crypto Monopoly Emerge’
8.9.2021
country to have submitted its official application to become a licensed trading platform operator after sealing a deal with the neobank K-Bank. The latter has established a
Think Tank Tells South Korean Banks: Start Offering Crypto Custody Services
31.8.2021
A research paper from an influential South Korean think-tank has recommended that banks enter the crypto custody and blockchain-as-a-service (BaaS) spaces to end their reliance on interest-based income sources.
Per the news agency Yonhap, Lee Soon-ho, a senior researcher from the Seoul-based Korea...
South Korean banks doubled crypto transaction fee revenue in Q2
10.8.2021
Shinban Bank, K bank and NH Nonghyup Bank reported a total revenue of 16.9 billion won coming out of partnerships with four crypto exchanges
S Korean Banks to Probe Exchanges’ Privacy Coin Policies in Risk Checks
10.7.2021
South Korean banks are set to take into account crypto exchanges’ privacy coin policies, the nationality of their customers, and the criminal history of employees, classing these as “high priority” items when conducting risk assessment checks on whether to partner with trading platforms.
As...
Korean Banks Elevate Cybersecurity to Deal With Crypto-Related Risks
7.7.2021
South Korean banks are taking steps to bring cybersecurity to a new level as they try to keep up with fintechs and address new threats arising from their interaction with the crypto space. A number of institutions are adopting unprecedented measures including the integration of blockchain...
Korean Banks to Be Relieved of Liability for Crypto-Related Crime, Report Suggests
28.6.2021
Banking institutions in South Korea have reportedly requested to not be held accountable for crimes linked to cryptocurrencies such as money laundering. According to local media, financial regulators are now developing rules that could relieve Korean banks from responsibility when screening...
Korean banks will need to classify crypto exchange clients as ‘high risk’
14.6.2021
A further tightening of cryptocurrency regulation in South Korea is underway, with new rules for banks and crypto exchange operators
South Korean Banks See Crypto Exchange Commission Fees Grow Tenfold
3.6.2021
The group of South Korean commercial banks that recently ruled out working with domestic crypto exchanges may be forced to rue their decisions after figures for the first quarter of the financial year revealed bumper commission earnings for the banks currently working with trading platforms.
Per...
3 South Korean Banks Say They Won’t Deal with ‘Risky’ Crypto Exchanges
25.5.2021
Three of South Korea’s five biggest banks, Woori, Kookmin (KB), and KEB Hana, have said they do not want to work with crypto exchanges, claiming the sector is “too risky” – a decision that may well jeopardize the future of even the country’s major exchanges.
Cryptonews.com approached a number...
South Korean Banks ‘Play to Their Strengths’ with Bitcoin Custody Moves
12.1.2021
South Korean commercial banks are now in “fierce competition” with each other in the race to launch bitcoin (BTC) and other cryptoassets custody products that they believe will prove a lucrative market for them, per a new report.
According to media outlet Newsis, industry sources claim that...
South Korean Banks to Launch Crypto Services ‘Before Year Is Out’
17.8.2020
Multiple South Korean banks could launch crypto custody services by the end of 2020 of March next year “at the latest,” after a “significant change in tone” has led the banking sector to move toward crypto business with alacrity.
Per a report from the Electronic Times, crypto custody is now a...
4 of South Korea’s Largest Banks to Provide Cryptocurrency Services
16.8.2020
Four of the top five South Korean banks have reportedly announced their plans to provide cryptocurrency services. The announcements came ahead of the crypto regulation that will soon go into effect in South Korea. Largest Korean Banks Entering Crypto Space South Korea’s largest banks have...
Four of the Top Five South Korean Banks to Offer Crypto Services
14.8.2020
Two more South Korean banks are looking at crypto custody options
Two More Major South Korean Banks Keen on Crypto Custody
14.8.2020
Another two major commercial South Korean banks have expressed an interest in launching crypto custody services – but industry experts said they may be making their moves too late, and are lagging behind the American banks.
As previously reported, two other commercial banks – Nonghyup and Kookmin...
Chainlink Brings FX Rates Data From Top Korean Banks to DeFi
25.7.2020
Chainlink connects a $7 trillion a day industry to the decentralized finance space by partnering with CenterPrime