Danny is a journalist at Forkast.News. Originally from South Korea, Danny has produced content for media companies in Korea, Hong Kong and China. He holds a Bachelor of Journalism and Business Marketing from the University of Hong Kong.
Crypto ‘Michelin Guide’ releases South Korea’s first token ratings report
The Korea Institute of Virtual Asset Valuation has released its first report evaluating the investment outlook for seven South Korean cryptocurrencies. KiVAV founder Park Jae-kyung said some domestic token issuers may be looking for quick money instead of developing their tokens long term. Fast facts KiVAV’s report, released yesterday, gave only the Mass Vehicle Ledger […]
South Korean exchanges have delisted 200 cryptos in 2021, lawmaker says
South Korean cryptocurrency exchanges have delisted an estimated 200 crypto coins this year, according to a lawmaker who also says the country’s financial authorities have not prepared appropriate standards for crypto listings and delistings. Fast facts People Party legislator Kwon Eun-hee made the statement in a proposed bill, asserting that 20 virtual asset exchanges in […]
South Korean exchange Bithumb cuts ties with platforms abroad
South Korean cryptocurrency exchange Bithumb announced today that Bithumb Global and Bithumb Singapore will no longer be licensed to use its name after their contracts expire on July 30. Industry experts say the South Korean business’s severing of links with eponymous operations outside the country is designed to prevent any association with possible future money […]
Science school’s toilets turn dumps into digital currencies
Science institute building given bio-fuel boost as users poo to accrue.
Warner Bros., Nifty’s release ‘Space Jam’ movie NFTs
Non-fungible token platform Nifty’s has announced a partnership with Warner Bros. to launch a giveaway of limited-edition NFTs of characters from the upcoming film “Space Jam: A New Legacy.” Fast facts Space Jam is one of the first major films for which collectible NFTs have been offered. Warner Bros. will give one limited-edition NFT to […]
South Korean crypto exchanges get breather as banks extend contracts
South Korean lenders Kbank, Nonghyup Bank and Shinhan Bank have decided to extend their affiliations with cryptocurrency exchanges until a crypto exchange law compliance deadline of Sept. 24. Fast facts Kbank’s contract ended in June, and Nonghyup and Shinhan’s end in late July. Instead of renewing their contracts with the exchanges, the three banks have […]
South Korean regulators, developers face off over blockchain game NFTs
Regulators in South Korea clashed with blockchain game developers yesterday at an event entitled “The Future of Blockchain Games in Korea,” at which arguments centered on whether incorporating blockchain into gaming could lead to speculation and whether game developers were being discriminated against. Fast facts Blockchain games in South Korea include in-game items represented in […]
US$1.5B South Korean ‘kimchi premium’ crypto scheme prompts 33 arrests
Customs officers use foreign exchange law to shut down cycle of foreign remittances and arbitrage.
South Korea holds firm on AML compliance for banks serving crypto exchanges
The chief of South Korea’s main finance sector regulator has spoken out again against banks that have requested exemptions from anti-money laundering compliance rules in their contracts with cryptocurrency exchanges. Fast facts Eun Sung-soo, the chairman of the Financial Services Commission said yesterday: “Banks should use their own judgement to make decisions and apply for […]
Cryptocurrency tax holiday gets South Korean lawmaker’s vote
A legislator from the ruling Democratic Party of Korea today announced a proposal to defer tax on virtual assets for one year, after which income derived from cryptocurrencies would be treated as financial investment income for tax purposes. Fast facts Noh Woong-rae proposed deferring the levying of tax on income from crypto transactions until January […]
TWICE, 2PM K-pop agency JYP plans foray into NFTs
JYP Entertainment, a South Korean entertainment conglomerate that counts K-pop acts including 2PM and TWICE among its stars, has unveiled a plan to partner with blockchain company Dunamu to set up a non-fungible token platform dedicated to K-pop. Fast facts JYP’s partnership with Dunamu, the operator of Korea’s biggest crypto trading platform, Upbit, will involve […]
South Korean crypto exchanges tighten personal trading rules for employees
Three of the biggest cryptocurrency exchanges in South Korea have tightened restrictions on virtual currency trading by their employees in a move designed to comply with the nation’s crypto regulations. Fast facts Bithumb announced that starting this month, it had banned its employees from trading cryptocurrencies using Bithumb accounts. The exchange has made employees sign […]
Crypto ‘Michelin Guide’ to rate tokens in South Korea
The Korea Institute of Virtual Asset Valuation, launched last month, is set to release its first report in July 15, evaluating 10 domestic cryptocurrencies. The new non-profit organization is aiming to provide information to help protect investors from buying crypto coins based on misleading disclosures. Fast facts At the end of every month, 10 domestic […]
South Korean finance watchdog warns banks over crypto AML compliance
The chief of South Korea’s main finance sector regulator has said that no banks will be exempted from anti-money laundering and counter-financing of terrorism compliance when they sign contracts with virtual asset trading platforms. Fast facts According to South Korea’s crypto exchange regulations, crypto trading platforms must acquire contracts with local banks to provide their […]
Executives at crypto exchange V Global arrested in US$1.9B fraud case
Four executive employees of South Korean crypto exchange V Global have been arrested on charges of alleged fraud involving more than US$1.9 billion.
Samsung Asset Management launches metaverse fund
Samsung Asset Management, South Korea’s biggest asset manager, has launched a fund tied to a virtual world known as the metaverse.
South Korean crypto exchange fee revelations deal blow to sector’s credibility
Payment for listings raises questions over integrity of cryptocurrencies’ credit scores as compliance deadline nears.
What will Ethereum’s London hard fork do as an upgrade?
A major Ethereum upgrade via London hard fork — which experts call a ‘seismic shift’ for the industry — is coming soon. Are ‘Ethereum killers’ doomed?
South Korea points to crypto regulation efforts after calls for watchdog to quit
South Korea’s presidential office has reacted defensively to a petition calling for the chief of the country’s main finance sector regulator to step down over comments he made about cryptocurrencies.
South Korean crypto exchange Upbit in dock in trading tech case
South Korean crypto exchange Upbit — the country’s biggest — is facing a lawsuit filed by a university foundation alleging patent infringement.
South Korean crypto exchange Upbit to sue Pica Project after delisting coin
South Korean cryptocurrency exchange Upbit is preparing legal action against crypto coin issuer Pica Project, whose tokens it has delisted from its platform.
S. Korean banks start crypto exchange reviews as contract renewals loom
South Korean lenders have started money laundering risk assessments of the country’s “big four” cryptocurrency exchanges, with which they have contracts to provide real-name accounts.
South Korean crypto exchanges face ban on listing own tokens
South Korea’s Financial Services Commission today revealed plans to ban cryptocurrency exchanges in the country from listing their own coins.
South Korean crypto exchanges race to comply with strict new rules
Fifty South Korean crypto exchanges have applied for certification under the country’s Information Security Management System — the first step in meeting stringent new crypto exchange regulations.
South Korea cracks down on suspicious crypto exchange accounts
South Korea’s main finance sector regulator has launched an investigation of accounts operated by crypto exchanges under false or third-party names.
Vitalik Buterin: Why Eth2 will propel Ethereum’s use in enterprise
In a talk this week, Vitalik Buterin explains Ethereum’s growing use in enterprise and the importance of building diverse, open-source communities.
South Korean crypto exchange executives face ban from own platforms
South Korea’s Financial Services Commission has announced plans to ban executive employees and exchange operators from trading on their own platforms, prompting a chorus of complaints. Fast Facts: The FSC’s Financial Intelligence Unit recently met with officials from cryptocurrency exchanges to explain upcoming amendments to the Act on Reporting and Use of Certain Financial Transaction Information, […]
South Korea will tax overseas crypto assets starting next year
S. Korea residents with accounts in foreign crypto exchanges may have to report their crypto holdings starting in 2022. Above what amount is taxable?
South Korean crypto exchange Upbit in the dock over botched transfers
Eleven users of Upbit have filed a class action lawsuit against its owner, Dunamu Inc., seeking damages over a suspected technical failure.
South Korean finance watchdog set to take over crypto regulation
South Korea is in the process of tasking a branch of the Financial Services Commission with regulating cryptocurrency exchanges.
Chinese crypto traders dodge clampdown in move to OTC, P2P platforms
Since Beijing’s announcement of tighter restrictions on cryptocurrency trading earlier this month, investors have found a workaround in over-the-counter and peer-to-peer transactions.
Huge cryptocurrency scam boosts S. Korea’s crypto crime losses to US$5B
Police in South Korea have arrested 14 individuals in a cryptocurrency fraud case estimated to have cost 69,000 investors a total of US$3.85 billion, taking the country’s losses to US$5 billion over the past five years.
South Korea forges ahead on its digital currency development
Kicking the digital won’s development into higher gear, Bank of Korea is calling for bids to be a technology supplier for its digital currency (CBDC) project.
S. Korean crypto exchange Bithumb distances itself from scandal-hit ex-chairman
Bithumb, one of South Korea’s biggest cryptocurrency exchanges, is attempting to disassociate itself from its former chairman amid fears that its links to him may pose a threat to its license to operate.
South Korea switches course on crypto amid backlash over regulator’s remarks
Newly elected South Korean Prime Minister Kim Boo-kyum appears to be leading an embrace of the cryptocurrency sector among lawmakers.
S. Korea facing backlash for banning police from owning crypto
To improve public trust, South Korea is barring police officers from buying cryptocurrency. Could this presage a broader clampdown on crypto in the country?
How S. Korea and Singapore are grappling with crypto investor protection
As retail interest in crypto grows, countries around the world are grappling with consumer protection. Asia offers a window into the array of policy responses.
Korean crypto advocates cry foul and demand FSC chair’s resignation
Angered by cryptocurrency tax laws and a government official’s remarks on crypto investing, over 51,000 South Koreans are trying to push back via petitions.