South Korea

ICOs, revamped taxation, and investor protection reverse a past crypto reluctance under the incoming administration.

As the Russia-Ukraine conflict rages on, the European Union says that crypto is included in the sanctions against Russia and Belarus. Meanwhile, South Korean President-Elect Yoon Suk-Yeol’s term in office could bring about long awaited changes in the crypto sector.

ICON surged more than 60% in less than half a day as South Korea’s incoming president Yoon Suk-yeol won election on Thursday morning. See related article: Crypto investors are being wooed in South Korea’s tight presidential election Fast facts In a startup forum last December, Yoon minted his signature as a non-fungible token (NFT) on […]

The two leading candidates to become South Korea’s next president entered the metaverse to answer questions from avatars believed to be controlled by voters in their 20s and 30s. See related article: S.Korean presidential candidate issues over 22,000 NFTs Fast facts Ruling Democratic Party candidate Lee Jae-myung and opposing conservative People’s Power Party candidate Yoon […]

The conservative candidate for South Korea’s March 9 presidential election, Yoon Suk-yeol, issued non-fungible tokens (NFTs) featuring images and videos of himself on Monday in an attempt to sway younger voters at the final stages of his campaign.  See related article: Crypto investors are being wooed in South Korea’s tight presidential election Fast facts Yoon […]

As the war in Ukraine enters it’s second week, we take a look at how cyptocurrencies and digital assets can play a role in a conflict.

Upbit, Bithumb, Coinone, and Korbit announced restrictions to block Russian IP addresses on Thursday, bringing the total to five in the nation.  See related article: S.Korean crypto exchange freezes around 20 Russian accounts Fast facts Gopax was the first crypto exchange in South Korea to publicize the restriction, citing efforts to align with Western sanctions […]

Crypto donations on the rise for Ukraine as Russian aggression continues. Meanwhile in Asia, China’s Two Session’s are set to begin – could Ukraine and crypto be a part of the agenda?

South Korean cryptocurrency exchange Gopax announced on Wednesday that it has frozen and blocked Russian accounts and IP addresses from its platform. See related article: Russian ruble plunges; Ukraine DAO aids civilians Fast facts According to local media, the exchange has blocked around 20 accounts belonging to Russian users. Gopax said its restrictions align with […]

Support for Ukraine in the crypto world grows as Russia’s attack continues. Meanwhile, hackers gives American tech giant an ultimatum.

South Korea’s financial regulator revealed Tuesday that 58% of the country’s 5.58 million cryptocurrency traders are in their 30s and 40s. See related article: S.Korea crypto market growing but needs promotion, not just regulation: BCG Fast facts South Korea’s Financial Intelligence Unit released its first report on the local US$45.8 billion crypto market. South Korea […]

Ukrainian Bitcoin ATM developer Intellogate is expanding its services to Asia through a new partnership with two South Korean firms. See related article: Singapore crypto ATMs shut down to comply with central bank rules Fast facts South Korean blockchain service provider Publish and kiosk producer Lincrux signed a memorandum of cooperation with Intellogate to leverage […]

South Korea’s Ministry of Science and ICT announced Sunday a KRW 223.7 billion (US$185 million) investment to build the nation’s metaverse ecosystem. See related article: South Korea wants to be the physical home of the metaverse Fast facts The ministry will use its war chest to develop the decentralized creator economy, nurture talents, and support […]

Trading volume on Ukrainian crypto exchanges triples as Russia continues its attack on Ukraine. Meanwhile, there is still no sign of Russia using crypto to evade sanctions yet,

Around 30 South Korean crypto and blockchain firms have officially started partnering with CODE, a joint venture formed to meet the Financial Action Task Force (FATF) travel rule. See related article: What lies ahead for crypto regulations in 2022 Fast facts FATF’s travel rule is a global set of guidelines for virtual asset service providers […]

The RBI is casting a cloud of regulatory uncertainty over the local digital assets industry, but the nation’s Bitcoin premium shows India wants crypto. 

Binance inked a partnership with an SM Entertainment subsidiary to explore non-fungible token (NFT) opportunities, the second K-pop agency to sign with Binance in February.  See related article: Animoca Brands, K-pop agency Cube form metaverse joint venture Fast facts The pair will build what they call a “play-to-create” ecosystem, which aims to let fans reproduce […]

Hong Kong-based Animoca Brands and K-pop agency Cube Entertainment announced on Tuesday the completion of a new joint venture named AniCube Entertainment, as Korean music labels race to cash in on their loyal fan bases through metaverse and non-fungible token (NFT) projects. See related article: K-pop agency Cube bets big on NFT and metaverse Fast […]

Dunamu, the operator of crypto exchange Upbit, signed a memorandum of understanding with credit card company BC Card on Monday to develop a non-fungible token (NFT) and metaverse-based credit card. See related article: South Korean crypto exchange acquires stake in major bank Fast facts Certain items purchased offline via the Dunamu BC Card will be […]

NH-Amundi Asset Management listed its second metaverse exchange-traded fund (ETF) Tuesday that will specifically invest in metaverse-related companies in the U.S. See related article: Hong Kong gears up for its first metaverse ETF Fast facts The HANARO U.S. Metaverse iSelect ETF follows 20 key players in the U.S. metaverse, virtual and augmented reality, and the […]

NFTs hit resale market in China despite criticism over speculation. Meanwhile, South Korean financial giant plans crypto funds.

South Korea’s KB Asset Management launched a committee on Monday that will develop investment strategies for releasing digital asset products such as exchange-traded funds (ETFs). See related article: South Korean banks find workaround to cash in on crypto services Fast facts The ‘Digital Asset Management Preparatory Committee’ aims to be the first to launch digital […]

While the government cultivates the booming metaverse industry, experts say laws fail to protect youth from abuse within virtual and digital realms.

South Korea’s Hoseo University will issue non-fungible token (NFT) degrees and certificates to all 2,830 graduates of its 2021 batch at its graduation ceremony on Friday. See related article: Samsung-backed university to issue NFTs to select graduates Fast facts The university hopes the pivot from a paper-based degree to NFTs will improve access to administrative […]

Korea’s crypto sector spawns two unicorns, meanwhile Hong Kong is set to be an idea cross-border e-CNY test city.

Two of South Korea’s top cryptocurrency exchanges, Upbit and Bithumb, are among the seven local businesses that achieved unicorn status last year, the Ministry of SMEs and Startups (MSS) reported on Tuesday. Fast facts The nation’s top four crypto exchanges dominated 96% of total deposits in the South Korean market, while exchange GOPAX is attempting […]

South Korean crypto exchange GOPAX revealed Tuesday it has partnered with Jeonbuk Bank to provide clients with real-name withdrawal and deposit accounts, qualifying the exchange to offer cash-to-crypto services. Fast facts After registering its new partnership with Korea’s Financial Intelligence Unit (FIU), GOPAX is set to become the fifth digital asset exchange that offers Korean […]

A South Korean financial watchdog announced it will strengthen monitoring of new trade assets, including non-fungible tokens (NFTs), in its annual work plan released on Monday. Fast facts The Financial Supervisory Service (FSS) said it will prepare countermeasures against factors that cause damage to consumers in the rapidly growing digital assets market. Earlier this month, […]

South Korea’s Sungkyunkwan University will issue non-fungible token (NFT) certificates to three students who won in-school competitions at the institution’s upcoming online graduation ceremony on Wednesday. Fast facts Sungkyunkwan University said NFT certificates can be used any time as official proof of graduation without the risks of losing the original or fear of forged copies.  […]

Reserve Bank of India’s chief sends crypto warning. In addition, Korean crypto execs gets jailed

Seven executives of scam crypto exchange V Global were found guilty on Friday and sentenced to jail time — but it might not be enough to console victims.

Netmarble revealed Thursday that it has formed a strategic partnership with Binance to establish a global blockchain gaming ecosystem. Fast facts Binance will provide its blockchain platform and tech infrastructure to Netmarble. Netmarble will build a new sidechain on the Binance Smart Chain (BSC) for developing GameFi and an initial game offering (IGO) on the […]

Kakao Games announced Tuesday that Friends Games, its subsidiary, will now become Meta Bora to focus on blockchain-based games and entertainment supporting its Bora cryptocurrency. Fast facts “We will work our hardest to help the development of the Web 3.0, such as in blockchain and the metaverse, by integrating Kakao Games’ game industry network and insight […]

Bithumb, one of South Korea’s largest cryptocurrency exchanges, says it will distribute digital art non-fungible tokens (NFTs) for traders who meet the criteria every time South Korea wins a medal at the Beijing Winter Olympics. Fast facts Held jointly with blockchain-based sports content platform 300FIT, the NFTs will be accessible to traders who have transacted […]

Binance, the world’s largest crypto exchange, has partnered with YG Entertainment, a top K-pop entertainment agency, to develop non-fungible tokens (NFTs), metaverse and gaming projects, despite fans’ concerns over the potential environmental impact. Fast facts Binance announced Tuesday that it will provide the NFT platform and technology support, while YG will supply the content. Helen […]

The beloved Pinkfong Baby Shark franchise is getting its own blockchain-based play-to-earn (P2E) game, set for a worldwide release in the first half of this year, South Korean developer CityLabs announced on Thursday. Fast facts The Baby Shark Bubble Pong Friends game has been teased as a bubble-shooter puzzle game where players transact in cryptocurrencies […]

South Korean game developer Netmarble announced its crypto and play-to-earn (P2E) strategies at a press conference on Thursday, including plans to issue its own cryptocurrency. Fast facts Netmarble CEO Kwon Young-sik said the company is preparing to issue and list a crypto token that would act as a key currency for Netmarble games. Netmarble has […]

Russian Ministry of Finance against the latest crypto ban, meanwhile in Korea, there are plans to protect metaverse users.

South Korea’s media regulation agency has launched a council to discuss user protection on the metaverse, including the issue of sexual harassment targeting minors. Fast facts The council, under the Korea Communications Commission, consists of 30 professionals in media, law, technology and industrial management, and will discuss issues in the metaverse such as violence, sexual […]

Klaytn, a public blockchain platform under South Korean internet giant Kakao, has joined China’s Blockchain-based Service Network’s (BSN) international infrastructure. Fast facts Klaytn’s joins fellow public blockchains Ethereum, Solana, Tezos and Polkadot in BSN International, to become accessible to the 25,000 developers in the ecosystem. The BSN is a Chinese state-backed project that is split […]

Boston Consulting Group (BCG), one of the Big Three global management consulting firms, says the South Korean crypto market will be worth around 1,000 trillion won (about US$835 billion) in 2026, while calling for a brand new regulatory framework. Fast facts The number comes from BCG Korea’s Future of Asset 2022 report, which said South […]

The tech-savvy nation is deemed a prime environment to grow the metaverse. What comes next, and will some be left out by a digital divide?

South Korean police have provided global police agency Interpol with information on a crypto-related voice phishing case after receiving a purple notice on two international crimes that victimized locals, according to local media reports. Fast facts Last May, an individual was reported to be disguised as a public prosecutor to convince a victim to buy […]

Korea will include virtual assets in its financial survey, while China’s central bank hunts for CBDC talents.

South Korea’s statistics bureau announced on Sunday that it will include virtual assets in its annual household finances report, which can set the stage for incoming crypto tax rules next year. Fast facts Statistics Korea (KOSTAT) will sample 20,000 households on their crypto holdings valued on March 31, but the survey results will not be […]

K-pop fans are waging online campaigns against their favorite artists over NFTs, denouncing the technology’s carbon footprint. How polluting are NFTs?

South Korea envisons itself becoming a top metaverse leader, while Russia’s central bank proposes crypto ban.

The top contenders jockey for position on initial coin offerings and other blockchain-based innovations. How did crypto become a critical factor in the race?

South Korea’s science ministry announced on Thursday a five-year strategy to lead the global metaverse race. Fast facts South Korea aims to produce 40,000 experts in the metaverse field to propel the nation into the ranks of the five leading nations in the global metaverse market. South Korea’s Ministry of Science and ICT (MSIT) said […]

Hyundai Card vice president Chung Tae-young said on Wednesday the rise of NFTs (non-fungible tokens) and the metaverse is helping crypto to move past the Dutch tulip mania stage. Fast facts “Although there might be ups and downs, it seems cryptocurrencies are passing the ‘Dutch tulip stage,’” Chung wrote in a Facebook post.  Hyundai Card, […]

South Korean public broadcaster KBS launched a recreation of its Seoul studio compound on Naver’s Zepeto metaverse on Tuesday, to promote coverage of the upcoming March 9 presidential election. Fast facts Visitors can enter and experience the digital replica of the broadcaster’s news studio, stage sets, take quizzes about the election, stroll around the history […]

Australian Opens just opened in the metaverse and a Chinese university launches a virtual campus.

South Korean lawmaker Lee Kwang-jae announced on Sunday that he has started accepting political donations in cryptocurrencies. Fast facts Donors can use Bitcoin, Ethereum, Kakao’s KLAY, media industry-focused NEWS, and payments-focused Paycoin, while receipts can be issued as non-fungible tokens (NFTs), according to Lee’s website.  The first donor was an anonymous professional from the blockchain […]

Korean prosecutors demand life, as HK plans new crypto regulation.

Prosecutors in South Korea are demanding life sentences for seven former executives of a now-defunct cryptocurrency exchange who were charged with defrauding investors of just under US$1.9 billion. The executives are not yet convicted, and the trial judge will deliver a verdict on Feb. 11. Fast facts The executives of V Global allegedly took about […]

Non-fungible tokens (NFTs) based on a wildly popular fantasy action digital comics series backed by South Korean internet giant Kakao have sold out soon after launch on Wednesday. Fast facts The NFTs, launched by Kakao Entertainment, are based on webtoon Solo Leveling, which has amassed a whopping 14.2 billion views globally since its launch in […]

Klaytn, a public blockchain platform under South Korean internet giant Kakao, announced on Monday five partnerships to drive plans to become a global blockchain benchmark for the increasingly competitive gaming and metaverse space in 2022. Fast facts Klaytn is partnering with Japanese tech giant GMO Group, Indonesia’s Innovation Factory, NFT marketplace East NFT, U.S.-based entertainment […]

Hyundai plans to open a “Meta-Factory”, meanwhile crypto divergence ahead for the year 2022.

The ability to display, buy and even mint NFTs is seeping into mainstream products from South Korea’s largest corporations.

Top blockchain and crypto news: CBDCs at the crossroads. A token gesture from Samsung. NFTs survive in China.

In South Korea, a new presidential administration will be chosen in March. Here’s where the four major candidates stand on Korea’s booming virtual asset space.

In South Korea, virtual asset investors with more than 500 million Korean won, or approximately US$418,935, worth of crypto assets in overseas accounts must report to their regional tax authorities beginning in 2023. Fast facts According to a new year guidebook by the Ministry of Economy and Finance, any resident or domestic corporation with overseas […]

A regulatory hurricane swept away half of South Korea’s crypto exchanges in 2021. Who are the survivors — and are there larger lessons for the rest of the world?

Countries acted to encourage — or discourage — cryptocurrency and other blockchain-based assets, sending markets wildly up and down.

Court overturns Korean Bitcoin ruling, also are the days numbered for SWIFT?

An investor who received $1.25M in Bitcoin by accident will not be criminally penalized, raising questions on the legal status of cryptocurrencies.

Asia’s gaming giant Nexon’s US subsidiary supports cryptocurrencies for players in buying items inside its popular online games.

Lotte Cinema, one of South Korea’s largest movie theater chains, is giving away NFTs (non-fungible tokens) of the movie “The Matrix Resurrections” to people who reserve tickets to the latest addition in the popular science fiction series that depicts life in a simulated reality. Fast facts In collaboration with Warner Bros. and NFT tech startup […]

South Korean video game developer WeMade revealed today it has invested in Kasa, a blockchain-based digital asset-backed securities (DABS) trading platform with a focus on prop-tech — where information technology is applied to real estate economics. Fast facts Kasa is a platform where users can invest in commercial buildings with small amounts of money, similar […]

Fast facts Blockchain-based payment platform Danal Fintech announced a new service plan that will allow BMW vehicles to be purchased with Paycoin (PCI) in its new partnership with Samchully Motors, the domestic dealer of the luxury automobile line. The recent announcement makes the first case in South Korea where an automobile can be paid in […]

The transaction, using the Hedera Consensus Service network, bypasses intermediaries, lowering fees.

Hong Kong-based venture capital (VC) firm Chiron Partners announced Wednesday the launch of a US$50 million fund to support the Terra blockchain ecosystem. Fast facts Chiron Partners will use the fund, namely the Chiron Terra Fund I (CTI), to invest in innovative projects built on the Terra ecosystem, such as decentralized finance (DeFi) applications and […]