South Korea

To protect the country’s investors, South Korea’s top five crypto exchanges are forming a joint council to monitor the listing and delisting of cryptocurrencies. See related article: S. Korea finance regulator to audit Terra and related exchanges Fast facts Upbit, Bithumb, Coinone, Korbit and Gopax, five exchanges authorized to provide cash-to-crypto services in Korea, will […]

Litecoin revealed to have broke privacy laws in South Korea. Meanwhile, the Indian government corrects a typo which mistakenly altered a crypto tax.

Litecoin (LTC), the 20th-largest cryptocurrency in the world, is being ousted from South Korean crypto exchanges after its Mimblewimble Extension Blocks (MWEB) upgrade allowed the token to be sent anonymously — which is against local anti-money laundering regulations. See related article: South Korea’s crypto crackdown: What you need to know Fast facts Upbit, Bithumb, Coinone, […]

Hyundai Card, Hyundai Motor Group’s credit card arm, announced a joint venture with South Korean tech startup Like Lion to launch a non-fungible token (NFT) marketplace in the second half of this year. See related article: Hyundai Motor drives into metaverse branding with Meta Kongz NFT project Fast facts The joint venture, coined Modern Lion, […]

Cytown, the metaverse currently being developed under South Korean software developer Hancom and local social media service Cyworld Z, recently received the green light from Google to launch a mobile app on the Playstore. See related article: Be kind, rewind! South Korea’s Cyworld is back in Web 3.0 avatar Fast facts Hancom will launch the […]

Studying in the metaverse is picking up steam among students in South Korea, who feel it helps them concentrate better and keep pace with peers akin to studying together at a library or at a cafe. See related article: South Korea places $185M bet on the metaverse Fast facts Students preparing for school or national […]

South Korean police said Wednesday they arrested a man in his 30s on fraud charges for allegedly stealing about US$658,000 in cryptocurrencies based on personal data leaked on local social media platform Naver Band. See related article: Guilty verdicts handed down in S.Korea’s biggest crypto scam Fast facts The man allegedly stole cryptocurrencies from 90 […]

Singapore announces plans for a digital assets initiative. Meanwhile, Shanghai’s lockdown finally ends, but markets remain hesitant.

In its urgency to reign in the cryptocurrency industry in the wake of the Terra collapse, South Korea will launch a “Digital Asset Committee” by the end of June, according to a local news report. See related article: South Korean authorities cite LUNA debacle to call for speedier crypto oversight  Fast facts The committee will […]

Dunamu, the South Korean fintech company and operator of the country’s largest crypto exchange Upbit, rebutted claims that it profited by over 130 billion Korean won (US$105 million) off of LUNA Classic last year. See related article: S.Korea eyes restraints on crypto unicorn Dunamu over monopoly concerns Fast facts Last week, multiple local media reports […]

South Korea’s smart contract auditing firm Sooho.io is partnering with Lambda256, the blockchain subsidiary of Upbit operator Dunamu, to develop a bridge layer connecting the country’s fragmented decentralized finance (DeFi) and Web 3.0 ecosystem. See related article: Two crypto exchanges reach unicorn status in South Korea Fast facts The new bridge will work as a […]

A hydropower plant in China has been fined for illegally powering crypto mines. Meanwhile, South Korean auditors plan on auditing Terra and other crypto exchanges.

The Financial Supervisory Service (FSS) of South Korea will perform an on-site inspection of Terraform Labs and financial services linked to TerraUSD (UST) or LUNA. See related article: Are we heading for a post-Terra crypto winter? Fast facts The FSS said at an emergency National Assembly meeting on Tuesday that the audit aims to prevent […]

A Terra employee has been accused of embezzlement. Meanwhile, a crypto mining farm has been found in Russia’s oldest prison.

Seoul Metropolitan Police Agency’s Cyber Crimes Investigations Unit revealed on Monday that it has received a report alleging a Terraform Labs employee was involved in embezzling corporate funds, according to local media reports. See related article: Terra’s S.Korean office closure ‘purely coincidental’: Do Kwon Fast facts The police are currently investigating the validity of the […]

Terra co-founder responds to office closure allegations. Meanwhile, China re-emerges as a crypto mining hub despite 2021 ban.

Terraform Labs CEO and cofounder Do Kwon claimed on Saturday that the closure of two offices in South Korea was “purely coincidental,” and not a response to the national tax authorities’ investigation. See related article: LKB, 5 clients file lawsuit against Terra, Do Kwon to ‘Grim Reaper’ Fast facts Terraform Labs closed its two offices […]

Five South Korean Terra (LUNA) investors with an accumulated loss of around 1.4 billion Korean won (US$1.1 million) represented by local law firm LKB & Partners have filed a complaint against Terraform Labs CEO Do Kwon and co-founder Shin Hyun-seung for two charges including fraud, according to local media reports. See related article: Knock, knock […]

The man at the center of one of crypto’s biggest flops is trying to resurrect the Terra-LUNA project as his tribe of followers and out-of-pocket investors want to know what went wrong.

South Korean investors that have been financially damaged by the TerraUSD (UST) and LUNA fiasco are reportedly seeking legal action and applying for property seizure from Terraform Labs CEO Kwon Do-hyung. See related article: S.Korean lawmaker proposes summoning Do Kwon to the National Assembly  Fast facts Local law firm LKB & Partners has made a […]

The Sandbox metaverse has partnered with Studio Dragon, a Korean drama production company behind titles Crash Landing on You, Sweet Home and Kingdom: Ashin of the North, to build a K-drama metaverse. See related article: South Korea wants to be the physical home of the metaverse Fast facts The Sandbox said on Tuesday the pair […]

South Korea’s ruling party lawmaker Yun Chang-hyun said Terraform Labs founder Do Kwon should be called in for a parliamentary hearing on the collapse of the company’s stablecoin and cryptocurrency. See related article: News of LUNA’s demise greatly exaggerated Fast facts Yun at Tuesday’s National Assembly session said investors had been damaged by the debacle […]

Klaytn, South Korean internet giant Kakao’s public blockchain, will build an open-permissioned blockchain for China’s state-backed Blockchain-based Service Network’s (BSN) infrastructure for the Middle Kingdom’s domestic use. See related article: Resist the temptation on NFTs, Chinese state-backed developer says Fast facts Klaytn said on Tuesday it will take part in establishing the Chongqing Chain, a […]

TerraUSD (UST) and LUNA’s crash is causing tension among South Korean play-to-earn (P2E) projects and their tokens, such as C2X, a blockchain gaming project on the Terra mainnet developed by Com2uS. See related article: Do Kwon proposes Terra fork to ditch UST and ‘LUNA Classic’ Fast facts Local gaming giant Com2uS’s P2E cryptocurrency C2X saw […]

Authorities in Asia use the LUNA debacle as rationale for oversight. Meanwhile, the LUNA community offers damage control solutions.

South Korean financial regulators have reportedly begun an emergency assessment of digital assets, geared toward accelerating the establishment of the “Digital Asset Basic Act” — the country’s upcoming regulation on cryptocurrencies. See related article: LUNA pumps and dumps repeatedly in weekend’s roller coaster run Fast facts The LUNA debacle will likely speed up the enactment […]

The wife of the CEO of Terraform Labs sought protection after an unidentified individual visited their home in South Korea, local police told Forkast.

The South Korean National Assembly Research Service (NARS) asserted a 20% tax on cryptocurrency gains set for 2023 must maintain a 2.5 million won (US$1,942.20) threshold, contradicting new president Yoon Suk-yeol’s initiative to raise the limit to 50 million won, according to a report released on Thursday. See related article: S.Korea finance minister nominee wants […]

Terra’s sacrifice of LUNA pushes the UST up to US$0.84. Meanwhile, South Korea plans the institutionalization of crypto.

South Korea’s new administration under President Yoon Suk-yeol announced it plans to establish a new regulatory framework for crypto institutionalization to go into effect by 2024 after proposing legislation in 2023. See related article: A crypto bull wins the presidency: What it means for South Korea Fast facts Yoon’s administration intends to develop a bill […]

South Korea’s kimchi premium dropped to around 3.39% on Wednesday after climbing up to its highest since December, 6.28%, on Tuesday, according to CryptoQuant data. See related article: Korea’s Bitcoin kimchi premium explodes as Kakao rises on Upbit rumors Fast facts Kimchi premium describes the higher price gap between tokens on South Korean exchanges and […]

The Korea Society of Fintech & Blockchain (KSFB) and the Korea Digital Asset Service Provider Association (KDA) labeled President-elect Yoon Suk-yeol’s cryptocurrency policy proposals as disappointing for leaving out crucial objectives. See related article: S.Korea’s incoming administration pushes to end ICO drought Fast facts South Korea’s incoming right-wing administration released 110 national tasks on Monday […]

KakaoBank reviews a partnership with a local crypto exchange. Meanwhile, an Indian travel company launches NFTs of travel landmarks.

South Korean president-elect Yoon Suk-yeol’s administration has included approval of initial coin offerings (ICOs) among its 110 national tasks announced Monday. See related article: Crypto is presidential election campaign issue for South Korea Fast facts The right-wing government will prepare a two-lane regulatory framework for ICOs by classifying digital assets as securities and non-securities. The […]

South Korean digital bank KakaoBank announced on Tuesday at its quarterly business performance conference it is reviewing a partnership with a local cryptocurrency exchange. See related article: South Korean banks seek green light on crypto Fast facts “As [crypto] is considered a major asset amongst customers, we are reviewing how we can provide virtual assets […]

Choo Kyung-ho, the yet-to-be-confirmed nominee for deputy prime minister and finance minister, said Monday a planned 20% tax on capital gains from digital asset investments and stock market investment should be pushed back until January 2025. See related article: South Korea’s 20% tax on virtual asset gains is postponed Fast facts During a National Assembly […]

Another crypto exchanges moves out of Singapore into Dubai. Meanwhile, two South Koreans have been charged for treason.

A loophole in South Korea’s recent ‘Travel Rule’ means the North Korean hacker behind the stunning espionage saga involving Bitcoin may evade authorities, Forkast learns.

South Korean asset manager Samsung Asset Management is reportedly set to list a blockchain exchange-traded fund (ETF) on the Hong Kong stock exchange (HKEX), local media reported on Thursday. See related article: South Korea’s largest financial group mulls crypto ETFs Fast facts The ETF set to list in Hong Kong will have the identical structure […]

The Seoul Central District Prosecutor’s Office has indicted a local executive from a cryptocurrency investment firm and an active-duty military officer for violating the National Security Act by leaking military secrets to a North Korean hacker in exchange for Bitcoin and other cryptocurrencies, according to the prosecutor’s investigation report shared with Forkast. See related article: […]

The Seoul Metropolitan Police Agency’s cyber bureau has arrested a 26-year-old man for allegedly defrauding nine investors of 210 million KRW (US$165,798) over the sale of non-fungible tokens (NFTs) of a cat-like character named CatSle. See related article: S.Korean regulators to strengthen watch over NFTs and the metaverse Fast facts According to the police, the […]

Dogecoin skyrockets as Elon Musk’s Twitter deal finalizes. Meanwhile, a Korean music platform registers NFTs patent.

Koong World has been awarded a South Korean patent that utilizes non-fungible tokens (NFTs) and sound source information to enable artists to upload and share their works on its platform without fear of copyright infringement. See related article: What does Music have to do with NFTs? Fast facts The Korean Intellectual Property Office awarded Koong […]

A month after South Korea adopted the Financial Action Task Force’s (FATF) travel rule, two solution providers VerifyVASP and CODE have linked their services on Monday to allow seamless access to exchanges for investors. See related article: DeFi, NFT access at stake as FATF travel rule takes effect in South Korea Fast facts The FATF […]

More crypto players are eyeing the UAE as a hub. Meanwhile, a mysterious map sends Pudgy Penguin NFTs skyrocketing.

Time to dust off your Dotori. The social media platform that once reigned in South Korea is trying to make a grand comeback with in-game crypto, NFTs and the metaverse.

South Korea’s Financial Intelligence Unit (FIU) Thursday said it approved GOPAX as the country’s fifth digital asset exchange to provide cash-to-crypto services. See related article: South Korea’s crypto crackdown: What you need to know Fast facts Cash-to-crypto services on GOPAX starts Apr. 28. Last September, South Korea mandated strict licensing requirements for crypto exchanges to […]

The Korea Fair Trade Commission (KFTC) is reportedly planning to designate local crypto exchange Upbit owner Dunamu as an enterprise subject to limitations on mutual investment, which would add more regulations to the entity. See related article: Two crypto exchanges reach unicorn status in South Korea Fast facts A company with total assets over 10 […]

Hyundai Motor plans to support its own non-fungible token (NFT) community with an initial token release in collaboration with Meta Kongz this week, and a dedicated NFT website to launch in May. See related article: 20,000 line up for South Korean convenience store’s NFTs on White Day Fast facts Hyundai Motor, South Korea’s leading automobile […]

South Korean mobile services company T Scientific announced Monday it will purchase a 60.36% stake in PlutusDS, the operator of local cryptocurrency exchange Hanbitco. See related article: South Korea crypto exchange underdogs: Where are they now? Fast facts T Scientific, a South Korean company specializing in the provision of mobile coupons and mobile commerce services, […]

In India, Mobikwik yanks crypto support. Meanwhile in the cyberspace, a Twitter hack promotes a fake NFT drop.

South Korean president-elect Yoon Suk-yeol is reportedly working with financial authorities to regulate security token offerings (STOs) and initial exchange offerings (IEOs).  See related article: A crypto bull wins the presidency: What it means for South Korea Fast facts STOs, currently being reviewed by Yoon’s Presidential Transition Committee, tokenize traditional securities such as real estate […]

Coinbase’s launch in India is off to a rocky start. Meanwhile, Bitcoin ATMs grow in Hong Kong.

Shinhan Bank became South Korea’s first domestic lender to trial real-name corporate accounts for cash-to-crypto transactions, paving the way for an institutional crypto boom in the peninsula. See related article: South Korean banks find workaround to cash in on crypto services Fast facts Local regulations permit only licensed and bank-partnered crypto exchanges to offer cash-to-crypto […]

South Korea’s Kakao Group acquires SEBC. Meanwhile in India, an MP reveals the government’s plans for the crypto industry,

Kakao Piccoma, the group’s Japanese digital-comics subsidiary, acquired a major stake in Sakura Exchange BitCoin (SEBC) as part of its global expansion. See related article: Kakao Games rebrands subsidiary to focus on crypto, blockchain, Web 3.0 Fast facts Kakao Piccoma bought out SEBC Holdings’ stake for an undisclosed amount and said it will incorporate crypto […]

India’s long-awaited crypto tax comes into effect. Meanwhile, China expands the digital yuan program.

The Korea Federation of Banks (KFB) may request South Korea’s incoming presidential administration to approve local banks servicing cryptocurrencies, according to a leaked draft report. See related article: South Korea’s largest financial group mulls crypto ETFs Fast facts KFB, the largest body representing domestic lenders, wrote in its report that banks should be permitted to […]

South Korea’s Ministry of Science and ICT (MSIT) is recruiting extended reality, artificial intelligence, and non-fungible token (NFT) experts for its upcoming boot camp designed to train future metaverse professionals.  See related article: South Korea wants to be the physical home of the metaverse Fast facts MSIT is launching what it calls the nation’s first […]

Russia considers a bitcoin for oil proposal. Meanwhile, crypto markets make gains after weeks of volatility.

Flexibility allowed in new rule requiring crypto companies to comply with anti-money laundering guidelines leads to some confusion.

South Korea’s financial watchdog has passed on the compliance of private cryptocurrency wallets to exchanges, as the Financial Action Task Force (FATF) travel rule went into effect on Friday. See related article: FATF updates regulatory guidance for crypto industry Fast facts “The travel rule only regulates transactions among individuals. There isn’t any rule pertaining to […]

South Korean megacorporation SK Group’s information technology-investment arm, SK Square, is preparing to launch a cryptocurrency this year to build a blockchain-based virtual economy that would link its group of information and communications technology (ICT) businesses. See related article: South Korea wants to be the physical home of the metaverse Fast facts SK Square established […]

The Korea Forest Service is starting a tree-planting campaign in the metaverse in conjunction with fintech company Dunamu — for every tree planted in the metaverse, it will plant two trees in the fire-affected mountain forest of Andong. See related article: South Korea places $185M bet on the metaverse Fast facts An event is planned […]

South Korea prepares for the imposition of FATF travel rule heat up. Meanwhile in Australia, reforms are set to be introduced for the crypto sector.

Financial Action Task Force (FATF) travel rule compliance service providers VerifyVASP and CODE have signed a memorandum of understanding to link their services before the rule goes into full effect in South Korea this Friday. See related article: South Korean crypto businesses scramble to meet FATF travel rule Fast facts The two entities are backed […]

South Korean financial institution Shinhan Financial Group’s credit card subsidiary announced Friday that all of its employees are headed to the Gather.town metaverse for training on data usage in business operations. See related article: S. Korean, S. African banks team up for stablecoin-based remittances Fast facts Shinhan Card employees will complete missions on the metaverse […]

Ukrainian President signs a digital assets bill into law. Meanwhile in China, Cannan plans to buy back shares.

South Korean digital asset experts gathered at the National Assembly on Thursday to discuss president-elect Yoon Suk-yeol’s crypto campaign promises, which included his plan to bring back initial coin offerings (ICOs). See related article: A crypto bull wins the presidency: What it means for South Korea Fast facts The head of crypto exchange Upbit’s investor […]

LG Household & Health Care is minting 3,000 non-fungible tokens (NFTs) on OpenSea to promote its beauty brand Belif with plans to further expand linkage with the metaverse. See related article: TV home shopping in South Korea moves to the metaverse Fast facts LG’s Klaytn blockchain-based NFT collection consists of 12 characters from the Belif […]

Ripple, a blockchain-based digital payment network, has made a proposal for South Korea to make clear distinctions in cryptocurrencies between payment tokens, utility tokens, and security tokens, in a policy paper released on Tuesday. Read related article: Amid SEC lawsuit, Ripple buys back stock and raises value to US$15B Fast facts Ripple’s policy paper says […]

Singapore’s image as a “crypto hub” may soon change as the country doubles-down on it’s stance that crypto currency is “not suitable for the general public”. Meanwhile, Korean convenience store giants CU launch their White Day NFT competition.