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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...
Woori becomes latest major Korean bank to announce crypto custody services
12.7.2021
An increasing number of leading South Korean banks are establishing joint ventures with minor ownership to enter the crypto custody market while complying with local regulations
Get Paid for Excrement: This Eco-Friendly Toilet Pays You in Digital Currency
11.7.2021
An eco-friendly toilet that pays people in digital currency for using it has been installed at a university in South Korea. The toilet is connected to a laboratory that uses excrement to produce biogas, which is used as a source of energy at the university. Get Paid in Digital Currency to Use...
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...
‘Poopcoin’: Korean professor uses bio-waste to mine crypto
9.7.2021
Students in a South Korean college are earning crypto mined from the energy generated from their excrement
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 investigation finds $1.48B in illegal overseas crypto transactions
8.7.2021
More than 30 people are facing fines and prosecution in South Korea for allegedly contravening the country’s ban on overseas crypto transactions
S Korean Regulator to Banks: Stop Grumbling About Crypto Market Risk
8.7.2021
A leading South Korean regulatory chief has repeated calls for banks to stop complaining about absorbing crypto exchange-related risks and accept that any partnerships they undertake with trading platforms must be done so at their own peril.
As previously reported, banks in South Korea have stated...
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
‘Only 4 Korean Exchanges to Be Left Standing’ in September, Warn Banks
5.7.2021
Source: Adobe/Александр Кузьмин
South Korean commercial banks “increasingly believe” only four crypto exchanges will survive beyond a September 24 deadline – after which crypto exchanges will need to adopt anti-money laundering (AML) protocols and find banking partners in order to keep...
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...
South Korean Crypto Exchange Execs Arrested Amid USD 2B Fraud Fears
3.7.2021
Police in South Korea said they fear that the crypto exchange V Global could be at the center of a fraud network that has sucked in some USD 2bn, as investigations into the platform intensify and police officers raided the exchange’s offices.
Per Seoul Shinmun and Hankook Ilbo, police claim that...
New South Korean Reality TV Show Follows Fortunes of Crypto Investors
1.7.2021
Source: A screenshot, Youtube/TVCHOSUN
A South Korean reality television show that focuses on crypto investors, bitcoin (BTC) enthusiasts and miners has debuted on screens across the nation.
The show, which aired for the first time this week on TVChosun, the television arm of the nation’s biggest...
Korean Crypto Exchanges Consider Suing Government Over Banking Requirements
30.6.2021
All cryptocurrency exchanges in South Korea except the largest four may be unable to meet the bank account requirements needed to stay in business. A number of Korean crypto exchanges are considering suing the government and financial authorities, claiming that the country’s crypto law...
South Korean Crypto Exchanges Ready for Legal Fight Amid Closure Threats
28.6.2021
Source: Adobe/david_franklin
South Korean crypto exchanges are preparing lawsuits to sue the government or challenge it in the constitutional court if they fail to meet a September regulatory deadline and are obliged to close.
New regulations for crypto exchanges, which have already passed into...
Crypto exchanges could sue Korean gov't for ‘passing the buck‘ to banks
28.6.2021
With many crypto exchanges in South Korea now on a precipice as a new regulatory framework kicks in, some are threatening to sue the government over its alleged shirking of key responsibilities
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...
Crypto-keen South Korean Thieves Raid GPUs from ‘Love Hotel’ PCs
26.6.2021
Criminals have hatched a fiendish plan to help them build up their token portfolios – by stealing graphics cards from PCs in South Korean “love hotels,” motels that cater to couples craving physical intimacy.
Love hotels can be found all over South Korea and across the sea in Japan – and provide...