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US judge approves Terraform’s $4.5B settlement with SEC
14.6.2024
A New York district court judge has rubber-stamped Terraform Labs and Do Kwon’s nearly $4.5 billion settlement with the SEC
Retailers in South Korea withdrawing NFT related activities
13.6.2024
Big time players in South Korea’s retailing sector are pulling down the shutters regarding their non-fungible token (NFT) related activities. These include brands such as Hyundai and Lotte, which is withdrawing its e-commerce wing, Lotte Home Shopping, an NFT trade platform. It has been only...
McDonald’s metaverse in Singapore, South Korea classifies NFTs as virtual assets: Nifty Newsletter
12.6.2024
NFT sales surge volumes across various platforms and blockchains, with Bitcoin-based digital collectibles leading the charge
Ripple launches XRP Ledger Innovation Fund in Japan and Korea
11.6.2024
Ripple, the pioneer in enterprise blockchain and crypto solutions, has come up with a new product: the XRPL Japan and Korea Fund. It will extend support to a wide variety of endeavors to promote technological novelty on the XRP ledger in Japan and Korea. The XRPL Japan and Korea Fund will join...
South Korean Regulator Excludes Certain NFTs From Crypto Regulations
11.6.2024
South Korea’s top financial regulator has issued guidelines clarifying when non-fungible tokens (NFTs) are considered virtual assets. This distinction aims to minimize the risk of widespread user harm. The guidelines will be part of the Virtual Asset User Protection Act, effective July...
South Korea enacts Virtual Asset User Protection Law, issues NFT guidelines
10.6.2024
South Korea is making significant strides in regulating the rapidly evolving cryptocurrency landscape with the implementation of the Virtual Asset User Protection Law. This landmark legislation, now in effect, aims to safeguard users and ensure the integrity of the virtual asset market. Alongside...
South Korea labels mass-produced NFTs as virtual assets
10.6.2024
NFTs considered as virtual assets are eligible to receive interest when deposited to exchanges according to the FSC’s guidelines published in 2023
Bitcoin Premium in South Korea Increases, Reflecting Strong Local Demand
9.6.2024
After falling below $70,000, bitcoin has stabilized above the $69,000 mark. In contrast, South Korea has seen a notable rise in the premium for bitcoin. South Korea’s Bitcoin Premium Rebounds After Hitting Recent Low Recently, bitcoin (BTC) saw its infamous premium in South Korea drop below...
Gold Rush Hits Seoul Streets: Gold Bars Now Sold in Vending Machines
9.6.2024
Vending machines in Seoul, South Korea, are revolutionizing the traditional concept of buying gold by offering gold bars in various sizes. Situated within convenience stores throughout the affluent Gangnam district and other areas, these machines meet the growing demand for micro-investments among...
70% of Korean Crypto Exchanges Fail to Repay Customers After Closure, Regulator Says
8.6.2024
A joint research effort by Korean regulators — the Financial Supervisory Service (FSS) and Korea Financial Intelligence Unit (FIU) — has revealed that seven out of 10 cryptocurrency exchanges in South Korea failed to fully return investors’ money after ceasing operations. “And even if they...
South Korean Universities Face Banking Hurdles in Converting Crypto Donations to Cash
30.5.2024
South Korea’s regulations prohibiting corporations from opening virtual asset exchange accounts are making it impossible for local universities to liquidate their large cryptocurrency donations. Financial authorities cite money laundering concerns as the reason for maintaining the ban. Education...
South Korean Bitcoin Premium Rises to 2.23% Amid Market Volatility
28.5.2024
This week, bitcoin’s price briefly exceeded $70,000 per coin before declining after the movement of Mt Gox bitcoins, yet the premium for bitcoin in South Korea has significantly increased. Having fallen below the 1% range, the premium on South Korean exchanges has now climbed to 2.23%....
South Korea Universities Face Banking Hurdles in Converting Crypto Donations to Cash
28.5.2024
Financial authorities in South Korea are prohibiting universities from opening corporate accounts for coin transactions. This is resulting in their inability to convert cryptocurrency donations provided by certain crypto businesses into cash.
The post South Korea Universities Face Banking Hurdles...
Altcoin Interest Driving South Korean Crypto Craze – Report
28.5.2024
Altcoin interest may be the driving factor as South Korean interest in alternative cryptoassets continues to rise, a new report has claimed.
The post Altcoin Interest Driving South Korean Crypto Craze – Report appeared first on Cryptonews
Binance Sells Gopax’s Genesis Asset Rights at Steep Discount, Leading to Significant Losses
27.5.2024
Binance, which became the largest shareholder of the South Korean cryptocurrency exchange Gopax, recently sold the asset claims of Gopax victims at less than half their face value.
The post Binance Sells Gopax’s Genesis Asset Rights at Steep Discount, Leading to Significant Losses appeared...
South Korea Urged to Follow US Lead on Crypto ETFs After Ethereum Approval
27.5.2024
The US Securities and Exchange Commission's approval of spot Ethereum ETFs last week has ignited pressure on South Korea's financial regulators to greenlight similar crypto exchange-traded funds.
The post South Korea Urged to Follow US Lead on Crypto ETFs After Ethereum Approval appeared first...
US ETH ETF approval pressures Korean regulators
25.5.2024
Unlike their U.S. counterparts, Korea’s FSC and FSS have been cautious about allowing crypto trading on traditional securities markets
Montenegro Court Blocks Do Kwon’s Extradition to South Korea
24.5.2024
A Montenegro appeals court has reversed an order to extradite Do Kwon, the cryptocurrency entrepreneur behind Terraform Labs, to South Korea. Kwon is wanted for his alleged role in the company’s collapse, which caused a $40 billion loss and impacted global crypto markets. Both South Korea and...
South Korean Police Arrest 19 in ‘Reading Room’ Crypto Fraud Bust
24.5.2024
South Korean police have arrested 19 people on fraud charges in a swoop on a social media “crypto reading room.”
The post South Korean Police Arrest 19 in ‘Reading Room’ Crypto Fraud Bust appeared first on Cryptonews
South Korean Police Arrest 28 in Raid on ‘Crypto Investment Fraud Ring’
23.5.2024
South Korean police officers have arrested 28 people they suspected of orchestrating a crypto investment fraud ring.
The post South Korean Police Arrest 28 in Raid on ‘Crypto Investment Fraud Ring’ appeared first on Cryptonews