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September 2021

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

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

Black Friday for Korean exchanges; E-CNY launch in final stretch

Black Friday for Korean exchanges while E-CNY launch in final stretch

Black Friday in South Korea as crypto exchanges announce shutdown

All but four platforms in South Korea obligated to announce the suspension of their services by today.

Canaan reports record revenues; Korea says no to crypto tax delay

Canaan reports record revenues meanwhile Korea says no to crypto tax delay

South Korea’s finance minister stands by 20% crypto income tax plan

South Korea’s finance minister Hong Nam-ki gave a firm “no” at the National Assembly to lawmakers asking for crypto taxation to be delayed until the industry is fully prepared. Fast facts Minister Hong insisted the plan to tax capital gains from cryptocurrency transactions should be executed as planned. The amended tax law stipulates that crypto […]

South Korean exchanges close cash-to-crypto trading services as new rules loom

Mid-sized crypto exchange Foblgate announced the closure of its Korean won (KRW) trading functions in advance of a government mandate banning digital asset platforms from operating cash-to-crypto services without a local bank partnership. Fast facts Foblgate announced it is temporarily suspending its KRW withdrawal, deposit and trading market between cryptocurrencies and the Korean won. Instead, […]

FTX hit by hack rumor; Korea updates crypto death note

FTX hit by hack rumor meanwhile Korea updates crypto death note

South Korea’s crypto ‘death note’ updated; 7 more exchanges to survive

Financial authorities reveal an updated list of virtual asset platforms that have complied with new regulations.

‘Pororo the Little Penguin’ NFTs and metaverse theme park underway

The Sandbox, Animoca Brand’s subsidiary for decentralized virtual gaming, announces partnership with animation studio in Korea.

South Korean exchanges facing closure may seek legal action to halt new regulations

At the risk of losing billions, crypto industry officials weigh options to oppose authorities.

Korea crypto damage assessed; Initium’s news based NFTs sell out

Korea crypto damage assessed meanwhile Initium’s news based NFTs sell out

South Korean crypto exchanges in ‘purgatory’ plea for survival

Smaller virtual asset exchanges ask for mercy as a deadline looms to commit to Korea’s new standards.

A crypto trust company certified for the first time in South Korea

Hyperithm, a crypto investment trust company in South Korea, acquired an Information Security Management System (ISMS) certification — a requirement Korean authorities say every virtual asset operating business must secure. Fast facts Hyperithm is the first virtual asset brokerage in South Korea to be certified for information security by a public institution. Hyperithm’s announcement shows […]

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.

Korean exchanges offered lifeline; NFL bans crypto sponsorships

Korean exchanges offered lifeline while NFL bans crypto sponsorships

Deadline looms for Korean exchanges; Doge meme tokenization explodes

Deadline looms for Korean exchanges as Doge meme valuation explodes

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.

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 […]

BSN to launch South Korea portal; Canaan secures huge rig order

China’s BSN to launch in South Korea portal as Chinese Canaan secures huge mining rig orders

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.

China’s state-backed blockchain network to expand to South Korea

As its first international expansion, China’s Blockchain-based Service Network is launching a portal in Korea. Who are the key players, and where else in the world will BSN emerge this year?

August 2021

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 […]

Korea’s love for crypto continues; Crypto exchange Bilaxy hacked

Korea’s love for crypto continues while Crypto exchange Bilaxy hacked

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.

Korea’s new FSC chair speaks; Axie Infinity to work with governments

Korea’s new FSC chair speaks meanwhile Axie Infinity to work with governments

Korea reveals crypto exchange ‘Death Note’: DeFi investment booms

Korea reveals crypto exchange ‘Death Note’: DeFi investment booms

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.

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 […]

Samsung joins South Korean pilot to test CBDC on Galaxy smartphone

Samsung Electronics will participate in the Bank of Korea’s central bank digital currency pilot program to test the practicalities of digital currency remittances without internet availability, according to a report by the Korea Times. Fast facts An unnamed source familiar with the issue told the Korea Times: “Samsung Electronics has recently decided to participate in […]

XRP price rises as GME joins RippleNet to expand remittances between S. Korea and Thailand

San Francisco-based payments technology company Ripple this week announced that South Korean money transfer company, Global Money Express Co. Ltd (GME Remittance), has joined RippleNet to expand remittances between South Korea and Thailand. Fast facts Some 184,000 Thai nationals live in South Korea, and they account for the third largest group of foreign nationals in […]

NFTs and the music industry: K-pop’s new token economy | Part 2

K-pop superstars Brave Girls, Se7en and A.C.E. are among the latest to jump on the non-fungible token bandwagon. Are fans buying it?
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July 2021

India admits no crypto data; Korean crypto investor numbers plummet

Number of new South Korean crypto investors have tanked in the month of June as crypto mining investments boom outside China.

South Korean crypto exchanges tighten personal trading rules for employees

Three of the biggest cryptocurrency exchanges in South Korea have tightened restrictions on virtual currency trading by their employees in a move designed to comply with the nation’s crypto regulations. Fast facts Bithumb announced that starting this month, it had banned its employees from trading cryptocurrencies using Bithumb accounts. The exchange has made employees sign […]

June 2021

South Korean crypto exchange Bithumb dismisses ‘listing fee’ claims

Bithumb — South Korea’s second-largest crypto exchange — has rubbished claims that it is charging token issuers fees to list their coins on its platform.

Executives at crypto exchange V Global arrested in US$1.9B fraud case

Four executive employees of South Korean crypto exchange V Global have been arrested on charges of alleged fraud involving more than US$1.9 billion.

Samsung Asset Management launches metaverse fund

Samsung Asset Management, South Korea’s biggest asset manager, has launched a fund tied to a virtual world known as the metaverse.

South Korean crypto exchange fee revelations deal blow to sector’s credibility

Payment for listings raises questions over integrity of cryptocurrencies’ credit scores as compliance deadline nears.

South Korea points to crypto regulation efforts after calls for watchdog to quit

South Korea’s presidential office has reacted defensively to a petition calling for the chief of the country’s main finance sector regulator to step down over comments he made about cryptocurrencies.

South Korean crypto exchange Upbit in dock in trading tech case

South Korean crypto exchange Upbit — the country’s biggest — is facing a lawsuit filed by a university foundation alleging patent infringement.

South Korean crypto exchange Upbit to sue Pica Project after delisting coin

South Korean cryptocurrency exchange Upbit is preparing legal action against crypto coin issuer Pica Project, whose tokens it has delisted from its platform.

S. Korean banks start crypto exchange reviews as contract renewals loom

South Korean lenders have started money laundering risk assessments of the country’s “big four” cryptocurrency exchanges, with which they have contracts to provide real-name accounts.

South Korean crypto exchanges face ban on listing own tokens

South Korea’s Financial Services Commission today revealed plans to ban cryptocurrency exchanges in the country from listing their own coins.

Survival race of SK exchanges; Ethereum powers digital passports in HK | The Daily Forkast

50 crypto exchanges apply for ISMS in South Korea while Hong Kong sees the birth of a blockchain passport for Covid vaccinations.

South Korean crypto exchanges race to comply with strict new rules

Fifty South Korean crypto exchanges have applied for certification under the country’s Information Security Management System — the first step in meeting stringent new crypto exchange regulations.

SK govt assists crypto exchanges; Aus firm accepts crypto for rent | The Daily Forkast

South Korean government is holding on-site visits to help crypto exchanges get regulated while an Aussie business wants crypto for rent.

South Korea cracks down on suspicious crypto exchange accounts

South Korea’s main finance sector regulator has launched an investigation of accounts operated by crypto exchanges under false or third-party names.

Chinese crypto social media crackdown; Seoul tightens rules on crypto | The Daily Forkast

Chinese social media Weibo bans crypto accounts as employees of South Korean crypto exchanges can no longer trade on their own platforms.

South Korean crypto exchange executives face ban from own platforms

South Korea’s Financial Services Commission has announced plans to ban executive employees and exchange operators from trading on their own platforms, prompting a chorus of complaints. Fast Facts: The FSC’s Financial Intelligence Unit recently met with officials from cryptocurrency exchanges to explain upcoming amendments to the Act on Reporting and Use of Certain Financial Transaction Information, […]

South Korea will tax overseas crypto assets starting next year

S. Korea residents with accounts in foreign crypto exchanges may have to report their crypto holdings starting in 2022. Above what amount is taxable?

South Korean crypto exchange Upbit in the dock over botched transfers

Eleven users of Upbit have filed a class action lawsuit against its owner, Dunamu Inc., seeking damages over a suspected technical failure.

May 2021

South Korean finance watchdog set to take over crypto regulation

South Korea is in the process of tasking a branch of the Financial Services Commission with regulating cryptocurrency exchanges.

Huge cryptocurrency scam boosts S. Korea’s crypto crime losses to US$5B

Police in South Korea have arrested 14 individuals in a cryptocurrency fraud case estimated to have cost 69,000 investors a total of US$3.85 billion, taking the country’s losses to US$5 billion over the past five years.

South Korea forges ahead on its digital currency development

Kicking the digital won’s development into higher gear, Bank of Korea is calling for bids to be a technology supplier for its digital currency (CBDC) project.

S. Korean crypto exchange Bithumb distances itself from scandal-hit ex-chairman

Bithumb, one of South Korea’s biggest cryptocurrency exchanges, is attempting to disassociate itself from its former chairman amid fears that its links to him may pose a threat to its license to operate.

South Korea switches course on crypto amid backlash over regulator’s remarks

Newly elected South Korean Prime Minister Kim Boo-kyum appears to be leading an embrace of the cryptocurrency sector among lawmakers.

S. Korea facing backlash for banning police from owning crypto

To improve public trust, South Korea is barring police officers from buying cryptocurrency. Could this presage a broader clampdown on crypto in the country?

Binance under fire; Internet giant Naver takes on South Korea’s CBDC | The Daily Forkast

The Asian crypto industry reacts to the US Department of Justice and Internal Revenue Service money laundering probe into Binance. In South Korea, the nation’s largest internet company plans to join Bank of Korea’s CBDC ventures. Over in Singapore, Southeast Asia’s largest lender DBS Bank expands its crypto services for its private bank clients by […]

FTX CEO on tokenized stocks; South Korean police officers want crypto | The Daily Forkast

FTX CEO Sam Bankman-Fried joins Forkast.News to share how the exchange is able to provide new financial products while still satisfying regulators.

How S. Korea and Singapore are grappling with crypto investor protection

As retail interest in crypto grows, countries around the world are grappling with consumer protection. Asia offers a window into the array of policy responses.
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“Everyone has been bitten by the Chia bug”; Indian banks puzzle crypto | The Daily Forkast

The Chia craze keeps on going while the Indian crypto industry speaks out against banks blocking crypto transactions.

Dogecoin keeps on barking; Mining for Chia heats up | The Daily Forkast

Dogecoin breaks another ATH while Chinese electronics vendors say that Chia is the hottest mining project in the mainland.

5 US digital dollar pilots launching to chase China’s CBDC lead

The private sector-led Digital Dollar Project is planning CBDC pilots for the US. How are central bank digital currency efforts and progress different in Asia?

April 2021

Binance dives into NFT; S.Korea’s FSC checks staff for crypto trading | The Daily Forkast

Binance announces its upcoming launch of an NFT marketplace while South Korean regulator asks staff to disclose personal crypto investments.

Ant Group shares exclusive database tech to grow China’s CBDC | The Daily Forkast

China’s internet giant Ant Group shares its OceanBase database for the e-CNY project. More investors try out DeFi platform PancakeSwap.

South Korean cryptocurrency industry claps back; Bitcoin’s nosedive | The Daily Forkast

Crypto investors in South Korea stir petitions to unseat the nation’s financial watchdog chief for his anti-crypto remarks.

Korean crypto advocates cry foul and demand FSC chair’s resignation

Angered by cryptocurrency tax laws and a government official’s remarks on crypto investing, over 51,000 South Koreans are trying to push back via petitions.
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Dogecoin frenzy spreads in Asia; Indian exchange logs 15x traffic | The Daily Forkast

Asia adds to global Dogecoin froth, investors buy into the meme-currency ahead of US hours. South Korea kicks off a crackdown on illicit crypto use.

Binance Lists Coinbase Stock Token; Altcoins Reign Asian Crypto | The Daily Forkast

Bitcoin booms to new all-time highs but Asian retail investors are wooed by higher gains in altcoins while Binance tokenizes Coinbase.

Bitcoin skyrockets past US$64,000, hits another all-time high

Ahead of Coinbase’s Nasdaq listing, Bitcoin surged to new highs in Asian trading hours. Ether, ADA and DOGE also reached new ATHs as altcoins soared.

Asian governments urge ‘extreme caution’ before buying cryptocurrency

As Bitcoin and crypto market swells beyond $2 trillion, even crypto-friendly Singapore is warning the public about risks. Are more regulations coming?

Korea’s BTC Premium Nosedives; Officials Take Aim at Crypto | The Daily Forkast

Government dismay at crypto frenzy in South Korea brings the country’s Bitcoin premium down a few notches. But despite threats and policy chills, it’s only got more South Koreans interested in the dizzying crypto world.

Bitcoin’s ‘kimchi premium’ plummets, Upbit exchange suspends services

After surging to 21%, the higher prices that South Koreans pay for Bitcoin are now plunging. What role did Korean regulators and overseas traders play?