South Korea

South Korea’s cryptocurrency market has bounced back during the first half of this year but is still almost 50% below its value at the end of 2021, according to the Korea Financial Intelligence Unit (KOFIU), a government agency that oversees the nation’s anti-money laundering regime. See related article: Hamas crypto donation accounts frozen by Israel […]

South Korea’s central bank will be launching a pilot program for its central bank digital currency (CBDC) to explore infrastructure requirements, according to an Oct. 4 joint statement by the Bank of Korea (BOK), the nation’s Financial Services Commission (FSC) and the Financial Supervisory Service (FSS). See related article: CBDCs are coming. Here’s why you […]

Two former employees at Coinone were sentenced Tuesday for accepting bribes in exchange for listing certain cryptocurrencies on the platform.

NHN Corporation announced Friday that it has partnered with U.S.-based Mysten Labs to launch an on-chain game scheduled for 2024.

South Korea’s top internet company Kakao and leading game developer Com2uS are sizing down their metaverse teams after large losses.

South Korean investors and corporations hold over 131 trillion Korean won (US$97.9 billion) worth of cryptocurrencies in overseas accounts.

The annual Korea Blockchain Week conference in Seoul is running from Sept. 4 to 10. Crypto industry leaders and advocates from around the world have gathered in the South Korean capital to discuss all things blockchain, including the growing regulatory gap between the U.S. and Asia.

As the 2023 G20 Summit is set to kickoff over the weekend, we take a closer look at India’s role in kicking off its crypto regulation agenda.

KEB Hana Bank, one of South Korea’s largest financial institutions, will offer digital asset custody services from the latter half of 2024.

South Korean prosecutors are looking to submit the recent U.S. ruling on Ripple to a Seoul court to prove Luna as financial securities.

Delio halted interest payments for all users on Monday, after announcing difficulties in providing services as usual.

Already home to most of the world’s gamers, Asia has a rich pedigree in seeding and embracing new technologies, writes Robbie Ferguson of Immutable.

The Seoul Southern District Prosecutors’ Office announced that it will launch the Virtual Asset Joint Investigation Unit at the end of this month.

South Korea’s FSC is requiring companies that issue or own cryptocurrencies to provide detailed crypto disclosures from 2024.

Welcome to Forkast IQ, presented by Angie Lau, where we look beyond the headlines to get you insights that power smarter decisions. Coming up on today’s show:

A South Korean academic tracking on-chain data says Do Kwon, the imprisoned founder of the now collapsed Terra-Luna crypto project, seems to have outside help in moving stablecoins from his digital wallets into other cryptocurrencies.

South Korea approved a bill to protect cryptocurrency investors as part of building the country’s first legal framework devoted to digital assets.

In this week’s Forkast IQ with Megha Chaddah, we dive into the U.S. SEC’s crypto crackdown and the state of the East Asian metaverses.

South Korea, China, Japan — East Asia’s three industrial powerhouses are taking their economic rivalry to the virtual world. Each is developing a domestic metaverse in a race to become the region’s industry leader. This first account in a three-part series takes a look at what’s happening in South Korea.

FATF’s travel rule is looming over the crypto industry as an existential threat, writes Jack Jia of Unlimit. Here’s why it’s especially worrying to DeFi and self-custody wallet users.

A former executive at Coinone pleaded guilty on Thursday to accepting bribes in exchange for listing certain cryptocurrencies on the platform.

South Korean lawmakers unanimously approved a new bill requiring public officials to disclose their crypto holdings to be implemented in December.

Only 4.2% of South Korean citizens have said that they regularly use metaverse services, a recent survey results show.

For crypto to grow for the long term, the industry must show greater respect for global standards that combat crime, writes Slava Demchuk of AMLBot.

While U.S. regulators continue debating over whether cryptocurrencies are securities or commodities, the digital assets industry is being pleasantly welcomed by several Asian cities. And the competition is really hotting up now.

A South Korean ruling party lawmaker proposed all public officials and candidates disclose their crypto holdings in a new bill unveiled last Friday.

Investors remain cautious as U.S. debt talks continue despite slowing inflation and large NFT purchases.

South Korean prosecutors have raided Upbit, Bithumb and the crypto wallet unit of Kakao, as part of their investigation into lawmaker Kim Nam-kuk.

Bank of Korea, the central bank, seems uncomfortable with the Financial Services Commission, the country’s regulator, having the mandate over the cryptocurrency industry. The bank is pushing for more say, arguing crypto can influence the stability of the overall financial market and that involves the central bank.

Terraform Labs co-founder Shin Hyun-seung and seven others will face trial on May 26 on charges of fraud related to the Terra-Luna crypto collapse.

A South Korean court has approved prosecutors’ request to freeze assets and properties worth 233.3 billion Korean won that belong to Kwon.

The prosecutor leading Korea’s investigation into the Terra-Luna project said its founder Do Kwon should be extradited to Seoul to face trial.

South Korea’s legislation on how to regulate digital assets passed the first phase of review in the country’s National Assembly on Tuesday.

South Korean exchange GDAC has suspended withdrawals and deposits after losing over US$13.1 million in Bitcoin, Ether, Wemix and USDT in a hack.

The arrested crypto fugitive Kwon Do-hyung has “zero ” identifiable assets in his native South Korea, prosecutors said on Friday.

Alchemy Pay is eyeing expansion in South Korea following its US$10 million funding from blockchain investment firm DWF Labs.

Taking bribes in exchange for listing cryptocurrencies has been common practice among South Korean exchanges, one expert told Forkast.

A former employee of the Coinone exchange was arrested Tuesday on charges of accepting bribes in exchange for listing certain cryptocurrencies.

South Korean singer G-Dragon has launched an NFT collection on OpenSea in collaboration with Fandom Studio.

South Korean prosecutors are investigating Lee Sang-jun, the CEO of Bithumb’s holding company, for alleged bribery in listing certain tokens on the platform.

South Korea is investing 27.7 billion Korean won (US$21 million) into local services looking to utilize the metaverse, the ministry of science announced Wednesday, following Tuesday’s news that it would establish a US$30 million metaverse fund to help startups expand their businesses. See related article: Japanese tech, finance firms sign pact to build metaverse economic […]

The Korea Customs Service has identified US$4.3 billion worth of illegal foreign currency transactions last year involving cryptocurrencies.

South Korea will expand the existing law on voice phishing to include crypto related phone scams.

Lotte Group plans to expand its non-fungible token (NFT) business onto the global market through a partnership with the Polygon blockchain.

South Korean blockchain game developer Wemade’s WEMIX token surged after it was relisted on local crypto exchange Coinone on Thursday.

S.Korean regulators are planning to review crypto staking services on local exchanges following recent regulatory enforcements from the SEC.

2023 could be the defining year for crypto regulation – but who’s leading the race to regulation and what’s the best way about it?

Top blockchain and crypto news: GOPAX deal sees Binance return to South Korea. Inflation fight spooks crypto markets. Chinese liquor giant gives cheers to NFTs.

Prosecutors flew to Serbia earlier this month as part of an investigation into Terraform Labs chief Do Kwon, who faces fraud accusations related to the US$40 billion collapse of his Terra-Luna cryptocurrency project in May last year.

Singapore-based cryptocurrency exchange Crypto.com has partnered with Korean drama distributor Studio Dragon to issue NFTs inspired by popular Korean drama series, including the hit Crash Landing on You, the exchange said on Monday.

South Korea published guidelines on Monday for defining what specific cryptocurrencies would fall under regulations applicable to financial securities.

A South Korean court approved the prosecutor’s request to issue an arrest warrant for Kang Jong-hyun for alleged embezzlement.

South Korea’s Financial Supervisory Service has recommended a unified system for mandatory disclosure from issuers of cryptocurrencies.

The South Korean Ministry of Justice (MOJ) announced Thursday that it will adopt a cryptocurrency tracking system within the first half of 2023.

Prosecutors raided the Bithumb crypto exchange on Thursday on allegations of price manipulation and fraudulent transactions in local tokens,

Busan, South Korea’s second-largest city, announced Thursday that it will launch a digital commodities exchange in the second half of this year.

S. Korea’s capital city opened the first stage of ‘Metaverse Seoul’ on Monday, which it claims is the first city-backed public metaverse in the world.

A South Korean court ruled against the release of a blockchain P2E game last Friday after determining that in-game NFTs promote speculation.

Lee Byung-gul, the CEO of V Global, will serve 25 years in prison after his conviction was upheld by the Supreme Court of Korea on Friday.

South Korea’s attempts to extradite the founder of the collapsed Terra-Luna stablecoin will remain hamstrung while the courts in Seoul dispute the charges against him.

PayProtocol, the South Korean issuer of payments-focused cryptocurrency Paycoin (PCI), will reapply for a local license to stay in business.

Binance declined to comment on reports in local media that it is in late stage talks to acquire South Korean digital asset exchange GOPAX.

A group of S.Korean hackers stole 8.5 billion Korean won (US$6.7 million) worth of cryptocurrencies from Kim Jung-ju, the late founder of Nexon.

South Korea took a real shine to the metaverse in 2022, with the central government, regions and cities all interested in getting a piece of the virtual reality pie, despite criticism that the technology has a long way to go.

As crypto investors move towards self-custody following FTX’s collapse, Brian Paik wonders whether it could teach people the true value of Bitcoin, beyond hype and price speculation.

Busan announced the steering committee for its flagship exchange, but it didn’t include global partners earlier linked to the project.

South Korea’s Gyeongbuk Province plans to use the metaverse to expand economic and other relations with Vietnam.

An official in the South Korean city of Busan said the authorities have received no confirmation that Binance has pulled out of a partnership to establish the country’s first city-backed crypto exchange, as reported by local media.

Wemade Co. filed an immediate appeal against the court’s Dec. 7 decision that rejected the developer’s request to disallow four of the nation’s largest crypto exchanges from delisting its native cryptocurrency, WEMIX.

S.Korean authorities may mandate companies to pursue direct approval from regulators to list their crypto on local digital assets exchanges.

Interpol fugitive Kwon Do-hyung flew to the Republic of Serbia last month, South Korean prosecutors told Forkast, confirming local media reports.

Wemade, a S.Korean blockchain game maker, announced that it will buyback and burn US$10 million worth of its WEMIX token to stabilize its value.