Regulation
South Korea expected to allow more crypto exchanges to survive do-or-die regulations
Only 21 out of 60 exchanges are expected to continue their services in Korea.
Danny Park
Contributor
Danny Park
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.
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Regulatory News
Exchanges in South Korea race toward last chance of survival
Crypto trading platforms rush to meet a Sept. 24 deadline, hoping to comply with new rules designed to protect investors.
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DeFi Platforms
New Korean DeFi service launches to increase scalability of ‘Kimchi coins’
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 […]
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NFTs and Gaming
Blockchain game MIR4 gains global popularity despite ban at home in South Korea
The multiplayer online role-playing game is widely popular elsewhere, while Korea bans play-to-earn crypto and NFT trading.
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Compliance Challenges
South Korea’s crypto exchanges join forces for FATF travel rule compliance
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 […]
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Regulation
More teens in South Korea buy crypto despite strict pending regulations
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.
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Regulation
S. Korea crypto exchanges told no grace period for do-or-die reporting deadline
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 […]
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Regulation
South Korea unveils “death note” for crypto exchanges
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.
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Compliance Challenges
Crypto bank in South Korea says it aims to comply with strict but unclear new law
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 […]
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Regulation
Former South Korea presidential advisor sentenced for crypto scam
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 […]
Danny Park
