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Why Three Tech Behemoths Are Vying to Test Korea’s CBDC

20.7.2021
South Korean tech giants have lodged three bids to become the first private firms ever to pilot the Bank of Korea (BOK)’s central bank digital currency (CBDC) prototype. As previously reported, the BOK will pick a winner from three consortiums and solo bids submitted earlier this month...

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...

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...

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...

Hope in S Korea as Ruling Party Says ‘Let’s Institutionalize Crypto’

6.7.2021
Korean lion dog statue and the National Assembly building, Seoul. There may be fresh hope for the South Korean crypto sector as the ruling Democratic Party launched a crypto task force – with the new body talking in relatively upbeat terms about the industry and the need to “institutionalize”...

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 Korea’s 4 Biggest Crypto Exchanges to Adopt FATF’s Travel Rule

2.7.2021
The “big four” South Korean crypto exchanges have signed a Memorandum of Understanding (MOU) deal that will see them jointly implement the Financial Action Task Force (FATF)’s Travel Rule. The group of exchanges, which comprises the market-leading Upbit and Bithumb, as well as Korbit and Coinbit...

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