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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
Tech Titans Kakao, Naver and SK in Battle to Test South Korean CBDC
12.7.2021
Some of South Korea’s biggest tech and telecommunications giants will duke it out for the right to pilot the central Bank of Korea (BOK)’s forthcoming digital won.
Per KBS and Chosun, the bidding process has become a “three-way battle” between the search engine and chat app operator Naver, the chat...
South Korean Customs Officers Close Net on ‘Kimchi Premium’ Offenders
9.7.2021
South Korean customs officials say they have intercepted and tracked down scores of illegal, undeclared “kimchi premium” traders and transactions that reaped profits worth around USD 4.38m.
Back in April, customs officials vowed to carry out a “crackdown” on kimchi premium traders – and now appear...
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...
South Korean Politician: North Has Stolen USD 310M in Crypto Since 2019
6.7.2021
A senior South Korean opposition politician has claimed hackers from the North have raided South Korean crypto wallets to the tune of almost USD 310m over the past two years.
According to Chosun, Ha Tae-keung, the former head of the New Conservative Party and currently an MP for the main opposition...
South Korean Shinhan Bank joins Klaytn’s blockchain governance council
5.7.2021
Apart from participating in the co-governance process of Klaytn, Shinhan Bank will also be involved in the development of Klaytn-based digital services
South Korean Crypto Exchange Bithumb Bans Employees from Trading Bitcoin
3.7.2021
One of the largest South Korean cryptocurrency exchanges, in terms of trade volume, Bithumb, has announced that employees are banned from trading bitcoin on the exchange platform. The company’s chief executive officer revealed the decision in a Bithumb newsletter focused on improving...