Forkast.News is now Forkast Labs

Articles filed under

South Korea

509 articles
Page of 8

December 2021

S. Korean blockchain VC Hashed under tax investigation as CEO denies tax evasion

South Korea’s National Tax Service (NTS) recently launched an intensive tax investigation into blockchain and crypto venture capital firm Hashed, while its CEO denies any involvement in slush fund raising or tax evasion, according to local media reports. Fast facts Hashed confirmed that it had cooperated with the 4th Bureau of Investigation from the Seoul […]

Meta says South Korea is top-tier environment for the metaverse

Meta’s South Korea representative says the country has one of the best environments for the metaverse business to thrive in, at its first press conference in Korea after rebranding from Facebook. Fast facts At Meta Korea’s VR (virtual reality) art media showcase, Jung Ki-hyun, the country director, said South Korea is accommodating to the metaverse […]

Crypto crash hits Korean game developers; Rug-pull red flags

Crypto crash hits Korean game developers, also how to spot Rug-pull’s red flags

South Korean regulator jumps to a crypto exchange

Experts expect more disruption as the crypto industry matures and a younger generation places different values on status and job security.

South Korean online game developer KRAFTON invests in metaverse

Signaling a growing interest in business opportunities in the interactive virtual world, KRAFTON, one of South Korea’s major game developers, quietly invested 5 billion Korean won (around US$4.2 million) in Naver Z back in July. Naver Z, under internet giant Naver, services the fast-growing Zepeto metaverse platform. Fast facts KRAFTON told local media that its […]

Japan’s central bank is urged to speed up its digital yen project

With economic security as a top priority, the Kishida administration anticipates the release of competing CBDCs.

Korea Exchange CEO calls for institutionalization of crypto

Sohn Byung-doo, chief executive officer for Korea Exchange (KRX), urged South Korea to prepare an institutional infrastructure as virtual assets have become a major investment asset in the country. Fast facts In his speech at the 2021 Global ETP Conference, Sohn insisted that the “virtual asset market is no different from the capital market in […]

Kimchi Premium hits highest level since May

The Korea Premium Index for Bitcoin reached 7% last Sunday, which may indicate an influx of retail investors.

K-pop agency Cube bets big on NFT and metaverse

The impresario behind superstars BTOB and (G)I-DLE tells Forkast.News there’s ‘no upper limit’ to how much Cube will invest in NFTs and a metaverse for concerts.
and

Crypto tax delay is a chance for South Korea to fix loopholes, experts say

Now that South Korea’s crypto tax is delayed a year, what will the final form look like? Should crypto gains be taxed like stock profits — or winning the lottery?

November 2021

Korea crypto tax postponed; CoinDCX looks to IPO

Korea crypto tax postponed, meanwhile CoinDCX looks to IPO

Hong Kong metaverse developer ViLab partners with Squid Game special effects maker

Hong Kong-based ViLab Limited, a metaverse developer, announced today that it has signed a memorandum of understanding (MOU) with Gulliver Studios, the effects creator behind the Netflix hit series Squid Game, to develop technology that can be used for creating virtual identities and other features for the metaverse. Fast facts ViLab and Gulliver Studios will […]

South Korea’s KB Bank unveils a metaverse bank testbed

KB Kookmin Bank, one of South Korea’s largest financial institutions, announced yesterday that it has developed the KB Metaverse VR Branch Testbed for experimenting with allowing customers wearing a head-mounted VR device to access banking services in a metaverse. Fast facts Simple transactions, such as remittances, can be managed at a teller window, while an […]

South Korea’s 20% tax on virtual asset gains is postponed

A new amendment to South Korea’s income tax law, which includes delaying the taxation on crypto gains by one year, was agreed upon by South Korean political parties at the National Assembly today. Fast facts The ruling Democratic Party and the opposing conservative People Power Party officially made a resolution at the National Assembly Strategy […]

South Korea’s SK Square is 2nd-largest shareholder of crypto exchange Korbit

SK Square, a new investment firm under one of South Korea’s largest conglomerates, SK Group, chose cryptocurrency exchange Korbit as one of its first investments. The two companies aim to upgrade the trading platform’s environment in order to deliver more accurate and trustworthy investment information to users, and plan future businesses in the metaverse and […]

South Korea and Japan grapple with how to define, and tax, cryptocurrency gains

South Korea reaches a tentative agreement to delay a pending tax on virtual assets. Crypto investors in next-door Japan already face taxation up to 55%.

Korea crypto tax debated; Crypto.com on a tear

Korea crypto tax debated meanwhile, Crypto.com is on a tear

Bill to delay 20% crypto tax in deadlock in South Korea

A bill to delay a pending tax on virtual assets failed to pass the National Assembly’s standing committee at a meeting yesterday, while the topic remains a huge factor in the upcoming presidential election. Fast facts The South Korean National Assembly’s tax subcommittee under its Strategy and Finance Committee had discussed an amendment to the […]

South Korea’s Gamevil acquires blockchain tech company

Gamevil, the South Korean mobile game software developer, has acquired blockchain technology company Zenaad with plans to grow as a platform for blockchain-based games. Fast facts Gamevil revealed yesterday that it has entered the final stage of constructing its blockchain ecosystem with the acquisition of Zenaad. The tech force at Zenaad has been internalized into […]

South Korea’s Upbit launches NFT trading platform; FNC launches K-pop digital collectibles

Dunamu, the operator of South Korean crypto exchange Upbit, launched a beta service of “Upbit NFT,” an NFT (non-fungible token) trading platform, while another K-pop agency, FNC Entertainment, plans to launch its first NFT collection. Fast facts Upbit NFT consists of two sections, Drops and Marketplace. Drops is where NFTs will be put up for […]

South Korean crypto exchange acquires stake in major bank

Dunamu — the owner of Upbit, South Korea’s largest cryptocurrency exchange — became a shareholder of Woori Bank, one of the largest banks in South Korea. Fast facts Dunamu purchased 1% of Woori Financial from Korea Deposit Insurance Corporation, which recently put 9.3% of its shares in Woori on auction. Another 4% went to Eugene […]

South Korea financial authority now says NFTs can be taxed

South Korea’s Financial Services Commission (FSC) says some NFTs (non-fungible tokens) will be taxed from next year, overturning the finance minister’s stance on the topic announced just last month. The scope of taxable NFTs is yet to be determined by the tax authorities. Fast facts The FSC’s vice chairman Doh Kyu-sang said at the national […]

Korea stands firm on NFT games; Laos introduces crypto regulations

Korea stands firm on NFT games, meanwhile Laos introduces crypto regulations

Popular NFT games made in South Korea, and banned in South Korea

Despite the global boom of play-to-earn games, South Korea will still ban blockchain-based video games that reward cashable NFTs.

Crypto exchange Bithumb gets South Korea regulatory approval

South Korea’s Bithumb exchange has been officially registered under the Financial Intelligence Unit (FIU). This makes all four major exchanges of the country licensed to operate virtual assets including cash-to-crypto services. Fast facts The FIU announced on Nov. 19 it has registered Bithumb as an official virtual asset business. The country’s other three major exchanges […]

Crypto market cap plunges; South Korean banks head into metaverse

Crypto market cap plunges as South Korean banks head into metaverse

South Korea’s great crypto mystery: What’s up with Upbit at 9 am?

Every morning at Upbit, the nation’s largest cryptocurrency exchange, a brief and odd surge in random altcoin prices takes place. Which crypto will it be tomorrow?

Major South Korean banks plan virtual branches in the metaverse

The Industrial Bank of Korea (IBK) plans to launch on social media platform Cyworld Z’s metaverse. Other major banks in South Korea such as KB Kookmin, NH Nonghyup and Hana Bank plan moves toward the metaverse as well. Fast facts IBK announced yesterday its memorandum of understanding (MOU) with Cyworld Z. Cyworld Z is a […]

South Korea CBDC development continues: Bank of Korea official

Bank of Korea’s (BOK) deputy governor Bae Joon-suk says its central bank digital currency (CBDC) development is “not one step behind that of any other country.” However, South Korea still has no plan to adopt a state-backed digital currency. Fast facts Bae spoke at Bank of Korea’s online conference on payment and settlement systems yesterday, […]

South Korea a metaverse hub; NFTs go from digital to physical

South Korea a metaverse hub, also NFTs go from digital to physical

TV home shopping in South Korea moves to the metaverse

A ticket to the metaverse is highly coveted in South Korea, whether it’s by an individual, a public company or a city government.

Metaverse ETFs in South Korea bring significant profits for investors

South Korean financial companies bring investors results a month after their metaverse exchange-traded funds were listed, with one fund gathering nearly $170M in net asset value.

Baby Sharks from most-viewed YouTube video released in NFTs

The maker of the catchy children’s song and dance video of Pinkfong Baby Shark is launching NFTs (non-fungible tokens) of its globally beloved characters with upgraded design and music. Fast facts SmartStudy, a South Korean educational entertainment company and the creator of the Pinkfong Baby Shark, announced a partnership with MakersPlace, a digital art marketplace. […]

7 in 10 wealthy South Koreans won’t invest in crypto, survey says

A recent survey in South Korea revealed a majority of its wealthier investors are not willing to make investments in virtual assets, due to concerns over experiencing losses. Fast facts KB Financial Group’s Korea Wealth Report 2021 surveyed 400 South Korean citizens with over 1 billion Korean won, or about US$847,816 in financial assets. Out […]

Animoca Brands dreams big with K-pop agency Cube to build metaverse and NFTs

Animoca Brands, a Hong Kong-based blockchain gaming unicorn, announced today that it has teamed up with Cube Entertainment, a major K-pop entertainment agency, to form a joint venture dedicated to building a music metaverse and issuing non-fungible tokens (NFTs), joining a slew of K-pop labels to make forays into the NFT and metaverse space. Fast […]

South Korea’s crypto exchange Coinone makes the cut, but not Bithumb

The Financial Intelligence Unit (FIU) has accepted Coinone’s compliance report with South Korea’s latest crypto regulations, while Bithumb is left as the only crypto trading platform out of the country’s four major exchanges to not be officially registered under the FIU. Fast facts Coinone became the third official cryptocurrency exchange of South Korea, following Upbit […]

South Korean court favors investors in crypto-hacking lawsuit against exchange

The Seoul District Court made an unprecedented ruling in favor of investors who lost their virtual assets in a hacking incident at crypto exchange Coinrail. Fast facts On Wednesday, the court ruled that Linus Co., the operator of the Coinrail exchange, needs to pay the plaintiffs 380 million Korean won (about US$320,000). The plaintiffs, consisting […]

Crypto surges on US inflation rise; Korean investors win damages

Crypto surges on US inflation rise meanwhile, Korean investors win damages

South Korea’s finance minister still believes in 20% crypto tax for 2022

Despite movement from both the ruling Democratic Party and the conservative party to delay the 20% virtual asset gains tax, South Korean finance minister still thinks it should start as planned for Jan. 1, 2022.

SM Entertainment to invite K-pop fans into their metaverse through NFTs

One of South Korea’s largest entertainment agencies, SM Entertainment, plans to create future content under its SM Culture Universe (SMCU) metaverse in NFTs — according to its founder Lee Soo-man at Solana’s Breakpoint 2021 conference. Fast facts Lee said SM’s own metaverse, the SMCU, needs to be a place for creation where K-pop prosumers can […]

South Korean regulator confirms that NFTs are not virtual assets

The country will follow global crypto guidelines in excluding non-fungible tokens (NFTs) from its categorization of virtual assets — meaning income from NFTs may remain untaxed in Korea.

South Korea presidential candidate mulls a virtual assets government unit

Lee Jae-myung, the ruling Democratic Party’s candidate for the upcoming presidential election in South Korea, may include in his election pledges setting up a government sector dedicated to supervising the virtual asset industry. Fast facts It is reported that Lee is considering including a plan in his presidential campaign to set up a unit similar […]

e-CNY scam investigated; S Korea gets metaverse bug

e-CNY scam investigated meanwhile S Korea gets metaverse bug

K-pop sensation BTS gets ready to sell NFTs, as label looks to cash in on loyal A.R.M.Y fanbase

BTS’ label dreams bigger than just dominating the K-pop world — they want to digitize the IP even more.

South Korea’s Kakao, Com2uS, others race toward the metaverse

Information Technology (IT) firms in South Korea set up shop in the realm of the metaverse, with their first step being non-fungible token (NFT) platforms.

Squid Game crypto rug pull: investors meet deadly ending

It’s a red light for those who bought the controversial token inspired by the Netflix mega-series Squid Game, as its developers appear to have cashed out their investments, leaving SQUID’s price to plunge 99.99%.

October 2021

Squid Game and BTS tokens emerge amid K-culture boom — and warnings to consumers

The wild popularity of South Korean Netflix TV series Squid Game and K-pop boy band BTS prompt parody tokens in the crypto space under circumstances that are being called into question.

Taxing crypto, but not BTS NFTs? Virtual asset tax debate continues in South Korea

The South Korean government pushes forward its plan to tax crypto income beginning in January while investors and lawmakers criticize the pending tax law for its loopholes, with one lawmaker mentioning NFT goods of K-pop mega-group BTS. Fast facts The National Tax Service (NTS) of Korea met with 28 domestic cryptocurrency exchanges earlier this week […]

A virtual K-pop girl group aims for the metaverse

South Korean mobile game developer Netmarble to create a virtual K-pop idol group under partnership with internet giant Kakao group using meta-human technologies.

S. Korea’s top financial regulator accused of giving special treatment to Upbit

A lawmaker claims authorities gave the country’s largest crypto exchange privilege in meeting government requirements.

South Korean theme park Lotte World opens on metaverse

Lotte World Adventure, one of the most popular South Korean amusement parks, is opening a virtual replica on Naver’s Zepeto metaverse. Fast facts Lotte World Adventure constructed “Magic Island,” its outdoor section of the park, onto the Zepeto metaverse, which opens tonight at 6 p.m. Korea time. Upon entering the Lotte World map on the […]

South Korean crypto exchanges look for new revenue sources

After iron-fisted regulations closed down many exchanges, remaining trading platforms look for alternatives to transaction fees.

Samsung Next, others grow blockchain portfolio despite tightened South Korea regulations

Conglomerates including Samsung continue to invest in blockchain and crypto startups despite a government crackdown on the industry.

20% crypto tax is critical issue in next South Korea presidential election

Candidates and possible contenders in South Korea’s next presidential election call for delaying a plan to tax virtual assets — currently scheduled to begin in January — in a bid to appeal to millennial and Generation Z voters. Fast facts Lawmakers from both the ruling democratic party and the opposition party have spoken out against […]

Crypto tax critical to Korean election: China crackdown continues

South Korean presidential hopefuls lean towards delaying crypto tax to impress younger voters.

‘Squid Game’ NFTs being traded on OpenSea

An unidentified NFT (non-fungible token) creator with user name 9194C0 on digital marketplace OpenSea has created nearly 2,000 NFTs that replicate the globally popular Netflix series ‘Squid Game’ with some being traded for more than 1 ETH. Fast facts The NFTs replicate a card that appears on the television series inviting the protagonist to join […]

Blockchain technology to aid journalists in South Korea

A South Korean tech company is partnering with the largest organization of professional journalists in the country to develop digital tools and techniques to tackle problems in the journalism industry. Fast facts Media technology developer PUBLISH recently announced signing a memorandum of understanding (MOU) with the Journalists Association of Korea (JAK), which represents over 11,000 […]

NFTs and the music industry: Flatten the learning curve | Part 3

Singers and musicians are embracing non-fungible tokens, but will their non-crypto active fans buy it?

South Korea calls for legal review on DeFi businesses

As South Korea’s ongoing efforts at regulating cryptocurrency continues, a top financial services official said DeFi (decentralized finance) businesses need legal review before they are officially recognized as providers of financial services such as loan-for-consumption. Fast facts At the National Assembly’s annual review, lawmaker Oh Gi-hyoung, member of the National Policy Committee, asked Jeong Eun-bo, Korea’s Financial […]

CoinSwitch Kuber becomes unicorn; Australians reminded over crypto tax

Coinswitch Kuber becomes unicorn meanwhile Australians reminded over crypto tax

Crypto miners blamed for Kazakhstan’s power shortages; Bitcoin on the up

Kazakhstan blames its newly settled crypto miners for power shortages as South Korea’s largest exchange is accused of listing faulty tokens for profits.

Top South Korean exchange accused of listing faulty tokens for fees

A lawmaker claims Upbit earned hundreds of millions by listing sketchy cryptocurrencies, while the exchange rebuts that it follows fair and strict standards.

Petitioners oppose looming 20% crypto tax in South Korea

Crypto investors say virtual asset gains will be taxed on uneven grounds compared to stock capital gains.

Illegal foreign exchange transactions using crypto in South Korea break record, grow fortyfold

The country sees a rise in the amount of illegal currency transactions across the border while the use of virtual assets makes it almost impossible to track down.

September 2021

South Korean game developer, crypto exchange team up for next level gaming

Mobile game company Gamevil buys a large share of crypto platform Coinone, planning to develop blockchain-based gaming.

South Korean banks find workaround to cash in on crypto services

NH Nonghyup is the third bank in South Korea to invest in a virtual asset custody service while they are prohibited from running their own.

China fallout hits mining; Korea digital custody competition heats up

China fallout hits mining meanwhile Korea digital custody competition heats up

Damage to South Korean crypto market limited despite mass closure, regulator says

South Korea’s virtual asset industry is expected to withstand major regulatory reconstruction

Fewer South Korean crypto exchanges remain in business under new industry regulations

Around 35 virtual asset exchanges will vanish as of midnight Friday, as the country imposes new rules designed to protect consumers.

South Korea’s crypto crackdown: What you need to know

The country’s crypto industry has been turned upside down with stricter operating rules that take effect tomorrow.

Upbit becomes South Korea’s first newly registered crypto exchange

Upbit can operate as a virtual monopoly as it becomes the country’s first licensed business to handle cryptocurrencies.

Upbit passes Korea crypto race post; P2P transactions surge in India

Upbit passes Korea crypto race post meanwhile P2P transactions surge in India