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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
Bithumb to Ban Foreign Traders Failing Mobile Phone Identification
4.9.2021
South Korean crypto exchange Bithumb said it will deny access to foreigners unable to verify their identities via mobile phone. The decision comes as the trading platform moves to comply with the country’s updated regulations coming into force later this month. Korean Exchange Bithumb...
Leading South Korean telecom firm adopts blockchain for carbon ambitions
2.9.2021
South Korean telecommunication giant KT Corp announced its intent to launch a blockchain digital document initiative to tackle carbon emissions
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...
30-somethings led crypto purchases at South Korean exchanges in 2021
30.8.2021
The increased trading volume comes following the country's Financial Services Commission requiring crypto trading platforms to register as digital asset service providers before Sept. 24
South Korean Regulator Creates New Crypto Exchange Policing Unit
28.8.2021
The South Korean financial regulator is set to appoint a number of new crypto officials, and forms a new crypto department. But its probable new chief has reiterated assertions that there will be no stay of execution for scores of crypto exchanges that could be forced to close as a result of...
South Korea Abolishing Controversial Gaming Shutdown Law
25.8.2021
After ten years, South Korea is banning its “shutdown law” that banned children under the age of sixteen years old from playing video games for a six-hour block after midnight.Read more
South Korean CBDC Pilot is Now Underway and Samsung is Onboard
24.8.2021
The South Korean central bank, the Bank of Korea (BOK), has officially begun testing its prototype of digital KRW.
The bank has decided to carry out a two-stage central bank digital currency (CBDC) pilot, with the first stage running from this week until June next year, tasked with testing focus...
Upbit is First South Korean Exchange to Apply for Operating Permit
23.8.2021
Upbit has become the first South Korean crypto exchange to officially apply for an operating license – with the nation’s financial regulator confident that “at least one or two” others will follow suit before the end of this month.
The move is a major statement from the crypto sector, which...
South Korean Crypto Exchanges Plead for 6 Months of Regulatory Mercy
21.8.2021
Source: AdobeStock / Chee-Onn Leong
South Korean blockchain organizations have told regulators that it will be impossible for the nation’s crypto exchanges to meet a September 24 registration deadline and want six more months to prepare – although it looks like their pleas may have fallen on deaf...
Binance Discontinues Crypto Products and Services in South Korea
13.8.2021
On August 13, the cryptocurrency exchange Binance revealed it is ending a great number of services in South Korea. The company noted in the announcement that it evaluated local regulations and “will discontinue the following offerings in Korea, effective immediately.” Binance Ends...
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
Smaller South Korean Crypto Exchanges Begin to Shutdown, Suspend Services
3.8.2021
A number of smaller South Korean crypto exchanges have announced their imminent closure – throwing in the towel in their struggle to meet a fast-approaching regulatory deadline that is threatening to derail the nation’s crypto trading platform industry.
Per Joongang Ilbo, the latest exchanges...
South Korean regulator to reportedly shut down 11 crypto exchanges
2.8.2021
Sources claim that several mid-sized crypto exchanges in South Korea would not be able to get approval from the FSC
South Korea Proposes Law Allowing Direct Seizure and Sale of Crypto Assets to Pay Overdue Taxes
28.7.2021
The South Korean government has proposed an amendment to the tax code to allow the country’s tax authority to seize and sell cryptocurrencies belonging to delinquent taxpayers. “The revision will allow direct seizing without court-approved change in ownership records. Assets held by...
South Korean Regulators Warn Dozens of Foreign Exchanges to Comply With New Rules
22.7.2021
Overseas crypto exchanges marketing to Koreans will be blocked if they fail to comply with new South Korean regulations. The country’s anti-money laundering body has sent a notice to a number of foreign trading platforms warning them a registration is mandatory in order to provide services...
Bithumb Terminates Trademark Agreements With 2 Foreign-Based Exchanges
18.7.2021
Leading Korean crypto exchange Bithumb is terminating its trademark agreements with two coin trading platforms operating abroad under its brand name. The move comes as digital asset exchanges in South Korea prepare to comply with the country’s stricter regulations for the industry that will...
South Korean Regulator Analyzing 578 Cryptocurrencies
14.7.2021
South Korea is deliberating on four crypto-related bills for the regulation of cryptocurrencies. “We are currently doing groundwork by searching for and analyzing data on 578 coins that have various forms,” the chairman of the country’s top financial regulator reportedly said....
South Korean Bank Woori Financial to Offer Crypto Custody Services
13.7.2021
Woori Financial Group, one of the biggest financial conglomerates in South Korea, will offer crypto custody services. The bank will develop a joint venture effort with Coinplug, a blockchain-based developing company. This conglomerate signals the third bank entering the market in the country, after...
South Korean internet giants bid for central bank digital currency pilot
12.7.2021
The Bank of Korea plans to select an operator to run a blockchain-based CBDC pilot next month that will test a digital won in various use cases