Donkey, launched Sept. 1, aims to become a DeFi service that brings more South Korean investors into decentralized finance by making their favorite cryptos more scalable and available. Fast facts Donkey is a virtual asset deposit and lending protocol that runs on the Ethereum blockchain where anyone can deposit crypto as collateral and borrow other […]
The multiplayer online role-playing game is widely popular elsewhere, while Korea bans play-to-earn crypto and NFT trading.
Three of South Korea’s four major exchanges have launched a joint venture to develop solutions for complying with the Financial Action Task Force’s (FATF) crypto travel rule. The travel rule sets a global standard for virtual asset service providers to combat money laundering and terrorist financing and requires exchanges to collect information on senders and […]
New data shows increasing deposits made by teens in virtual currency despite new rules that may close down many platforms in less than a month.
A looming deadline for crypto exchanges in South Korea to either meet new compliance requirements or face closure will not be extended, the country’s newly nominated chief financial regulator says. The rules are designed to improve investor protection and transparency in crypto transactions, but many exchanges have been calling for a longer grace period. Fast […]
24 out of 63 digital currency exchanges in South Korea are not expected to meet new compliance requirements and will most likely be shut down in less than a month.
Sandbank, a South Korean bank for virtual assets, says it is in the process of acquiring the necessary certification needed to legally operate in the country. However, the financial authorities have yet to decide whether their requirements apply to crypto banks. Fast facts In an announcement, Sandbank told its customers it has put acquiring the […]
A South Korean professor, formerly a committee member in current president Moon Jae-in’s presidential campaign, has been sentenced to two years in prison for promoting a scam cryptocurrency. Fast facts According to local reports, the professor and former advisor to Moon Jae-in’s 2017 electoral campaign was sentenced to two years in jail on fraud charges […]
Despite a looming compliance deadline, currently there are no crypto exchanges in South Korea that meet the new government reporting requirements to continue operating, according to financial authorities. Fast facts The Financial Services Commission (FSC) revealed through a press release that none of the domestic cryptocurrency trading platforms have successfully complying with the nation’s new […]
K-pop superstars Brave Girls, Se7en and A.C.E. are among the latest to jump on the non-fungible token bandwagon. Are fans buying it?
Busan, the “blockchain city” of South Korea, is in the early stages of building its own platform for digital asset transactions. Fast facts According to Coindesk Korea, Busan city has started setting up detailed plans and strategies in establishing a digital asset exchange. Its plans include building an ecosystem for securities token-based digital asset transactions […]
New data provided by lawmaker Kim Hee-gon shows a significant decline in new users and the amount of transactions on the four largest cryptocurrency exchanges in South Korea. Fast facts The data aggregated by the four largest crypto exchanges in Korea — Upbit, Bithumb, Korbit and CoinOne — shows that their total of new users […]
South Korea’s Financial Services Commission revealed today that it had discovered 14 bank accounts used by virtual asset exchanges that had been registered in names that were not those of the exchanges themselves. Fast facts It is not legal for crypto exchange bank accounts held under other names to accept customers’ funds on behalf of […]
The Korea Fair Trade Commission has advised eight cryptocurrency exchanges to changes terms and conditions in their user agreements that it deems unfair to customers. Fast facts The commission discovered 15 types of terms and conditions that it said were unfavorable to customers. One condition stipulated that balances of less than a minimum withdrawal amount […]
South Korea’s newly amended tax law will allow authorities to collect delinquent taxes hidden in cryptocurrency cold wallets. Fast facts The Ministry of Economy and Finance yesterday announced the 2021 Tax Law Amendment, which grants authorities the power to seize delinquent taxes transferred to crypto holdings. The seized crypto will be sold on exchanges and […]
A cryptocurrency-themed TV drama series with a historical twist is currently in production in South Korea, depicting the make-believe arrival of a cryptocurrency in the country’s ancient Joseon Dynasty. Fast facts “The Age of Money,” as the show will be known, follows a fictional king trying to get to the bottom of an “invisible” brass […]
The cryptocurrency community is watching Ethereum closely, with the EthCC event in Paris having wrapped up, Ether prices showing new strength and the London upgrade just around the corner.
Seoul’s Kansong Art Museum has announced a plan to turn Hunminjeongeum, a book documenting the principles of the Korean alphabet — a national treasure in South Korea — into a limited edition of 100 non-fungible tokens that will be sold for around US$87,000 each. Fast facts On July 22, the Kansong Art and Culture Foundation […]
At EthCC in Paris, Ethereum’s boyish creator lays out a vision for the blockchain’s non-finance uses — like ridding social media of bots and fake news.
South Korea’s central bank has named Ground X, Kakao’s blockchain subsidiary, as its partner in the country’s central bank digital currency simulation project. Fast facts Ground X was designated as the preferred bidder, beating out Naver and SK C&C. Ground X has more experience in blockchain than the other bidders, operating public blockchain platform Klaytn […]
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 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 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 institute building given bio-fuel boost as users poo to accrue.
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 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 […]
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 […]
Customs officers use foreign exchange law to shut down cycle of foreign remittances and arbitrage.
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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.
Payment for listings raises questions over integrity of cryptocurrencies’ credit scores as compliance deadline nears.
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’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 — the country’s biggest — is facing a lawsuit filed by a university foundation alleging patent infringement.
South Korean cryptocurrency exchange Upbit is preparing legal action against crypto coin issuer Pica Project, whose tokens it has delisted from its platform.
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 Korea’s Financial Services Commission today revealed plans to ban cryptocurrency exchanges in the country from listing their own coins.
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’s main finance sector regulator has launched an investigation of accounts operated by crypto exchanges under false or third-party names.
In a talk this week, Vitalik Buterin explains Ethereum’s growing use in enterprise and the importance of building diverse, open-source communities.
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, […]
S. Korea residents with accounts in foreign crypto exchanges may have to report their crypto holdings starting in 2022. Above what amount is taxable?
Eleven users of Upbit have filed a class action lawsuit against its owner, Dunamu Inc., seeking damages over a suspected technical failure.
South Korea is in the process of tasking a branch of the Financial Services Commission with regulating cryptocurrency exchanges.
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.
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.
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.
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.
Newly elected South Korean Prime Minister Kim Boo-kyum appears to be leading an embrace of the cryptocurrency sector among lawmakers.
To improve public trust, South Korea is barring police officers from buying cryptocurrency. Could this presage a broader clampdown on crypto in the country?
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.
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.