Orbit Chain Collaborates with South Korean Authorities for Enhanced Crypto Investigations
Orbit Chain has embarked on a collaboration with the South Korean National Police Agency and the Korea Internet and Security Agency (KISA). The partnership is focused on developing a sophisticated investigation support and cause analysis system, tailored specifically for the complexities of the cryptocurrency and blockchain sector. The initiative represents a significant stride in enhancing […]
South Korea enforces crypto asset disclosure for public officials in 2024
In a significant move to enhance transparency and accountability, South Korea‘s Ministry of Personnel Management has announced that high-ranking public officials must disclose their cryptocurrency holdings starting next year. This development follows the passing of two bills in May, making crypto assets part of the annual disclosure requirement for elected and high-ranking government officials. Crypto […]
South Korean Game Publisher Wemade Launches $100 Million Blockchain Investment Fund
South Korean game publisher Wemade, in partnership with Singapore-based investment firm Whampoa Digital, has announced the launch of a $100 million Web3 fund. The initiative marks a significant step for Wemade, a company adapting to the restrictive anti-blockchain gaming regulations in its home country by targeting international markets. The newly established Wemade Web3 Fund is […]
PERSONA AI Emerges Victorious in GenAI Solution Competition 2023, Unveiling Cutting-Edge KGPT Technology
In a development for the burgeoning field of Generative AI, South Korea’s PERSONA AI secured the coveted 1st place in the GenAI Solution Competition 2023. This triumph catapults PERSONA AI to the forefront of AI innovation, marking a significant milestone in the company’s journey. The GenAI Solution Competition, held at the USC ISI on December […]
South Korea’s Financial Supervisory Service Governor to discuss crypto regulations with SEC
Financial Supervisory Service Governor Lee Bok-Hyeon of South Korea is set to meet with U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler in Washington D.C. next month, according to a Wednesday report by local media news outlet ChosunBiz. However, the meeting will center around crucial discussions on cryptocurrency regulations, addressing growing concerns in the […]
South Korean engineer combats bedbug crisis with blockchain technology—here’s how
In response to a sudden surge in bedbug infestations across South Korea, 29-year-old blockchain engineer Kang Jae-gu has taken a groundbreaking approach, leveraging blockchain technology to map and combat the spread of these bloodsucking pests. The unconventional initiative showcases the intersection of technology and public health, aligning with the global trend of blockchain’s increasing influence […]
South Korea’s central bank urges swift action on CBDC amid growing stablecoin popularity
South Korea’s central bank governor, Rhee Chang-yong, emphasized the urgency of addressing Central Bank Digital Currencies (CBDCs) during the 2023 MOEF-BOK-FSC-IMF International Conference on Digital Money. Stablecoins’ surge raises systemic concerns Governor Chang-yong expressed apprehensions about the burgeoning popularity of stablecoins in the country, warning that their widespread adoption as a digital payment method could […]
IMF chief urges for crypto regulation at Seoul summit
In a landmark address at a digital currency conference in Seoul, Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), highlighted the critical need for comprehensive cryptocurrency regulations. Addressing a global audience, Georgieva stressed the importance of a regulatory framework to counter the potential risks posed by the increasing prevalence of cryptocurrencies while […]
South Korea implements virtual asset user protection regulations
In a significant move to ensure the safety and security of users in the virtual asset and cryptocurrency market, the South Korean government has taken decisive steps to implement the Enforcement Decree of the Act on protecting virtual asset users. The Financial Services Commission is spearheading this initiative alongside accompanying supervisory regulations. This move comes […]
South Korea puts out regulations for virtual assets
In a key move towards bolstering the virtual asset landscape, South Korea’s Financial Services Commission (FSC) has announced specific regulations regarding the enactment of the Virtual Asset User Protection Act. In the meantime, planned to come into effect on July 19, 2024, these regulations aim to ensure a secure environment for users and support integrity […]
China, S. Korea, Japan to collab on blockchain and AI regulations
The digital age is witnessing a new era of collaboration in Asia. China, alongside its regional counterparts Japan and South Korea, is embarking on a groundbreaking journey to strengthen cooperation in the realms of big data, blockchain, and artificial intelligence. This initiative, spearheaded by Chinese Foreign Minister Wang Yi, aims not only to enhance technological […]
South Korean crypto traders power the altcoin bull run – CryptoQuant report
Major crypto coins have experienced a huge surge in their prices, including Bitcoin (BTC), which has surged over 20% in the past month, nearly doubling its price this year. Other altcoins have been affected by the same movements in major currency prices. Taking the lead is memecoins like Dogecoin and other altcoins like LOOM from […]
South Korean NPS’s $20M bet on Coinbase pays off with 40% profit in Q3
South Korea’s National Pension Service (NPS) has made a significant move by investing nearly $20 million in Coinbase (COIN) shares during the third quarter of this year. This decision, detailed in the NPS’ latest stock holding report submitted to the U.S. Securities and Exchange Commission (SEC), marks a historic shift in the pension fund’s investment […]
South Korean investors’ crypto preference is ‘unique’ – DeSpread Research
South Korea has made a name in the crypto world as one of the most innovative and active crypto market players who are located in the region. Bitcoin and Ethereum have been the top cryptocurrencies in the digital market, but this hasn’t convinced most South Korean investors as they opt to trade with other altcoins, […]
Upbit rules South Korea’s crypto market with 80% share
Upbit is maintaining its stronghold in South Korea’s cryptocurrency exchange market. With an 80% market share, it stands as the unchallenged leader. Despite a temporary slip to 70% in August, the exchange bounced back robustly the subsequent month. Its closest competitors, including Bithumb, Coinone, and Korbit, trail significantly in terms of market influence. Bithumb, holding […]
South Korea’s Defense Industry Transformation Takes Center Stage at ADEX 2023
President Yoon Suk Yeol delivered a robust message at the Seoul International Aerospace & Defense Exhibition (ADEX) 2023, reaffirming South Korea’s commitment to enhancing the competitiveness of its defense industry. The event, held at Seoul Air Base in Seongnam, marks the largest-ever edition of ADEX, bringing together 550 companies from 35 countries and over 30,000 […]
South Korea takes on global banks over short selling
South Korea has made its intentions clear; it’s clamping down on shady financial practices. At the forefront of this assertive stance are two global investment banks that South Korea’s financial watchdog accuses of “routine and intentional” naked short selling. Notably, this alleged misconduct is not just a one-off case of errant trading; it spans two […]
South Korea’s top players collaborate on wholesale CBDC pilot
The Bank of Korea (BOK), along with financial regulators and the Bank for International Settlements (BIS), announced their collaboration in conducting trials for the implementation of Central Bank Digital Currency (CBDC) with the aim of advancing a prospective monetary framework. This CBDC pilot initiative, set to include contributions from both public and private entities, encompasses […]
Ex-Coinone execs sentenced in S. Korea bribery scandal
South Korea’s renowned cryptocurrency exchange, Coinone, is embroiled in a high-profile bribery scandal, highlighting the ongoing challenges in the rapidly growing crypto sector. Two former employees of Coinone, identified as Jeon and Kim, have been convicted for accepting bribes to facilitate listing certain cryptocurrencies on the exchange platform, a practice ongoing since 2020. Jeon, 41, […]
South Korea’s Busan City embarks on ambitious journey to become a blockchain hub
Busan City, South Korea’s second-largest city, has announced plans to develop its own blockchain mainnet. The initiative aims to consolidate various blockchain-based services under a single, city-level platform that is compatible with global blockchain mainnets like Ethereum and Cosmos. Busan City has been a special blockchain regulation-free zone, experimenting with various blockchain-based projects such as […]
South Korea tightens grip on undeclared overseas crypto worth $99B
South Korea’s tax agency has reported that citizens and businesses in the country hold approximately 131 trillion won, or around $99 billion, in overseas crypto assets. This staggering figure accounts for 70% of all offshore assets disclosed by South Koreans this year. Moreover, the tax authority revealed that 1,432 individuals and entities are behind these […]
South Korean Robotic Combat Vehicle Enters Evaluation Phase with U.S. Military
In a significant development for the defense technology domain, South Korean conglomerate Hanwha recently announced that its cutting-edge Arion-SMET (Autonomous and Robotic Systems for Intelligence Off-road Navigation – Small Multi-purpose Equipment Transport) light robotic combat vehicle is slated for field tests at the U.S. Marine Corps training center. This pivotal evaluation comes as part of […]
South Korea unleashes wild new crypto rules
In a bold move to contain the unchecked spread of over-the-counter (OTC) cryptocurrency trading, South Korea’s financial watchdogs are initiating drastic measures. Their main gripe? The rampant misuse of OTC crypto trades in potentially criminal endeavors. Taming the Untamed OTC Market South Korea’s financial regulatory heavyweights, including the likes of deputy chief prosecutor Ki No-Seong […]
BitGo and Hana Bank team up for digital asset custody in South Korea
BitGo, a global leader in digital asset custody, has joined forces with South Korea’s Hana Bank to launch digital asset custody (DAC) services. Targeting the second half of 2024 for the rollout, the partnership aims to navigate South Korea’s rapidly evolving crypto regulatory landscape. BitGo recently closed a Series C financing round, securing $100 million […]
South Korea to “track and neutralize” North Korean digital loot
In a swift response to rising cybersecurity threats, South Korea is drafting legislation to track and freeze North Korean cryptocurrency assets. The move comes amid revelations that North Korea pilfered around $1.28 billion in Bitcoin and Ethereum last year alone as part of a larger haul exceeding $3 billion over the past five years. Drawing […]
Korea Blockchain Week 2023: Where visionaries and innovators converge
Seoul, the vibrant capital of South Korea, is set to become the epicenter of blockchain innovation from September 4th to 10th, 2023. The Korea Blockchain Week (KBW) 2023, co-hosted by Factblock and Hashed, is not just another event on the crypto calendar. It’s a transformative symposium that promises to redefine the contours of blockchain technology […]
South Korean crypto exchanges required to hold $2.3 million in reserves amid regulatory overhaul
Starting in September, South Korean cryptocurrency exchanges will be mandated to set aside at least 3 billion won ($2.3 million) in reserves, according to guidelines released by the Korea Federation of Banks. According to local media outlet News1 today, this move is part of South Korea’s broader strategy to bolster consumer protection measures in the […]
U.S., South Korea and Japan gang up on China
A display of strengthened unity and alignment was evident at Camp David, as the U.S. President Joe Biden convened with Asian allies, South Korean President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida. The key aim? To mount a formidable front against China’s increasing dominance in the South China Sea and nuclear intimidations from […]
South Korea ditches China for the U.S. – Why?
The geopolitical landscape is shifting as South Korea moves away from China and aligns more closely with the U.S., a tectonic shift with potential consequences for the global economic balance. While the shift may seem gradual, it’s as clear as day and backed by hard facts. South Korea’s journey from being intertwined with China to […]
Crypto platforms in South Korea called to bolster compliance capacity
South Korean authorities have stepped up their efforts to combat crypto-related crime. Without specific laws addressing these challenges, the government has taken proactive measures to assist virtual asset service providers in complying with regulations and curb criminality in the crypto space. The Financial Services Commission’s recent statement revealed that the Korea Financial Intelligence Unit (KoFIU), […]
South Korea bolsters crypto oversight with LEI integration & a crime unit
South Korea has taken decisive action by forming an interagency investigation team to address the growing concerns over cryptocurrency crimes. The crypto market has grown increasingly popular and drawn a wide range of investors, but it has also become a haven for illegal activity. This action represents a significant step towards enhancing national crypto regulation. […]
Hana bank leads South Korea’s quest for secure monetary solutions
The banking sector in South Korea has been actively exploring alternatives to stablecoins and Central Bank Digital Currencies (CBDCs) as they search for secure and efficient monetary options. Leading banks in the region have shown a keen interest in Certificate of Deposit (CD) accounts, indicating a growing trend towards blockchain-based monetary solutions proposed by the […]
Upbit releases translated version of EU’s MiCA: will South Korea follow suit?
South Korea’s largest cryptocurrency exchange, Upbit, has recently made a significant move by releasing a comprehensive Korean-language version of the European Union’s Markets in Crypto-Assets (MiCA) legislation. This development suggests that Korean exchanges are keeping a close eye on the regulatory landscape in Europe and preparing for the potential adoption of rules based on MiCA […]
South Korea implements new accounting rules for cryptocurrency sector
South Korea’s Financial Services Commission (FSC) has unveiled new regulations to increase transparency and bolster investor confidence in the cryptocurrency market. Starting in January 2024, corporations that issue or hold cryptocurrencies must disclose comprehensive information in their financial statements. Under the new rules, cryptocurrency issuers must publicly disclose details regarding the quantity and characteristics of […]
South Korea ushers in banking revolution, inviting new entrants for the first time after 30 years
South Korea, one of the world’s most vibrant economies, is witnessing an unprecedented shift in its banking industry. This comes as the government, to stimulate competition, is opening doors for new entrants into the banking sector for the first time in three decades. This move follows criticism of large bonuses paid to banking employees while […]
Robot conductor EveR 6 takes center stage in South Korean orchestra performance
In a groundbreaking event that captivated audiences at the National Theatre of Korea, a robot named EveR 6 took centre stage alongside conductor Soo-Yeoul Choi to co-conduct the mesmerizing performance of “Absence.” The android co-conductor, created by the Korea Institute of Industrial Technology (KITECH), marked a significant milestone in robotics and music. Demonstrating its humanoid […]
Regulators target South Korean crypto lender Delio
The storm clouds are gathering over Delio, the prominent South Korean cryptocurrency lending platform. In the wake of the company suspending deposits and withdrawals on June 14, the nation’s Financial Services Commission (FSC) is now launching a thorough investigation into serious allegations including fraud, embezzlement, and breach of trust involving the platform. The regulators move […]
South Korea bans Haru Invest executives travel amid crypto fraud investigation
In a significant turn of events for the crypto sector, South Korea has banned the management of notable crypto business Haru Invest from leaving the country. Concerns about investor safety and regulatory compliance in digital assets prompted this action following a fraud probe against the company. This decision sends a solid message to would-be wrongdoers […]
KT announces ambitious $5.3 billion investment plan for AI advancement by 2027
KT, a South Korean mobile carrier, has made a ground-breaking declaration, announcing its aim to invest $5.3 billion in artificial intelligence (AI) technologies by 2027. By utilizing AI’s enormous potential to spur innovation and revolutionize numerous facets of the economy, the company wants to firmly establish itself as a leader in the field, which is […]
Banking giants in South Korea embrace the future of digital assets
In a significant development, several influential lenders in South Korea have now become part of a bank consortium. This consortium, led by Seoul’s NongHyup, centers around the exciting new world of security token offerings (STOs). These STOs, unique to South Korea, are essentially traditional investments with a twist. They exist on blockchain or DLT, representing […]
