Haru Invest suspends withdrawals due to a service partner issue
Haru Invest, a South Korean digital asset management company, has suspended withdrawals from its system due to an issue with one of its service partners. The decision was made to protect customer funds while a contingency plan was developed. Haru Invest, a company known for offering attractive dividend rates, has faced controversy and speculation surrounding […]
Sam Altman CEO of OpenAI urges South Korea to lead AI chip production
During a meeting with South Korean President Yoon Suk Yeol, OpenAI CEO Sam Altman pushed South Korea to lead chip manufacturing for AI technologies. Altman stated his desire to work with significant chipmakers like Samsung Electronics and to finance Korean startups. He stressed how crucial chips are to progressing AI research and creating international standards. […]
Former Coinone executive admits accepting $1.5 million in bribes for listing controversial coin
The former executive of South Korean cryptocurrency exchange Coinone, known as “Mr. Jeon,” has openly acknowledged the charges against him in a high-profile bribery case. The accusations surfaced recently and alleged that Mr. Jeon had accepted bribes totaling a staggering 2 billion won ($1.51 million) in exchange for listing specific virtual assets on the exchange […]
South Korea passes Bitcoin disclosure bill for officials
In an unprecedented move signaling a tighter grasp on cryptocurrency transactions, South Korea’s National Assembly recently passed a landmark bill mandating lawmakers and high-ranking public officials to declare their virtual assets. This pioneering initiative indicates the South Korean government’s increased scrutiny of the fast-growing but largely unregulated cryptocurrency space. South Korea’s pioneering legislation Dubbed as […]
South Korean government approves landmark bill to regulate cryptocurrency assets
South Korean lawmakers have taken a significant step forward in regulating cryptocurrency assets by passing a bill that requires officials to disclose their holdings. The unanimous approval of the bill by the National Assembly signifies the government’s commitment to tackling cryptocurrency-related issues. The amendments to the National Assembly Act and the Public Service Ethics Act […]
South Korea empowers prosecutors with cutting-edge tools to combat crypto laundering across borders
In a bold move aimed at tackling international crypto laundering, South Korea’s prosecution service is set to acquire cutting-edge blockchain analytics software. The innovative technology is expected to empower authorities to apprehend individuals engaged in illicit activities involving cryptocurrencies across borders. With their new arsenal of tools, authorities aim to harmonize the scrutiny applied to […]
Prosecutors appeal bail decision for Terra founder amid allegations of market manipulation
The prosecutors in Montenegro have appealed against a local court’s decision that granted bail to Kwon Do-hyeong, the founder of Terraform Labs, and his associate Han Chang-joon. During the hearing, accusations were made against Do Kwon, the founder of Terraform Labs, stating that he operated and organized a fraudulent cryptocurrency firm in South Korea and […]
Korean politician’s career hits a snag because of crypto
In an unexpected turn of events, the political career of Kim Nam-guk, a revered figure in Korea’s Democratic Party, has taken a controversial dip. The cause? Cryptocurrency. Amid allegations of irregular crypto dealings, Kim has decided to exit the Democratic Party temporarily, a move intended to shield the party from the escalating controversy surrounding his […]
Samsung ventures into CBDC research – Details
In a strategic pivot toward the future of finance, South Korean technology titan Samsung has joined forces with the country’s central bank, the Bank of Korea (BOK), to delve into the field of Central Bank Digital Currencies (CBDCs). This groundbreaking partnership aims to leverage blockchain technology and distribute a digital currency issued directly by central […]
Do Kwon to face extradition to South Korea over $40 billion venture collapse
According to reports, the prosecutors handling the case of Do Kwon, the founder of the now-defunct Terraform Labs, have announced that they recommend Kwon’s extradition to his home country of South Korea. Montenegro’s authorities are detaining Kwon over accusations of traveling with a counterfeit passport. Kwon’s crypto empire had collapsed, and both the U.S. and […]
U.S. and South Korea join forces to make Forex market stable
In an effort to promote financial stability and sustainable growth, the United States and South Korea have announced their intention to deepen their cooperation on foreign exchange (forex) market developments. This commitment was reaffirmed during a recent summit between U.S. President Joe Biden and South Korean President Yoon Suk Yeol, reflecting a heightened level of […]
South Korea’s crypto regulation bill receives initial approval
South Korean lawmakers have approved the initial review of a comprehensive crypto regulation bill, which contains strict sentencing guidelines for violators. The legislation aims to grant the Financial Services Commission the power to oversee digital asset-related activities in the country, including cryptocurrency transactions. New crypto regulation to impose strict requirements for exchanges The bill contains […]
Korea central bank takes charge of investigating crypto
In a significant development for the South Korean cryptocurrency market, the Bank of Korea (BOK) is set to take the lead in investigating virtual assets after the Financial Services Commission (FSC) withdrew its opposition to the move. This change of heart by the FSC comes amid accusations that the regulatory body was seeking to position […]
U.S. grows increasingly agitated over North Korea’s cyber crimes
As tensions rise on the Korean Peninsula, the U.S., South Korea, and Japan have expressed deep concern over North Korea’s “malicious” cyber activities that support its weapons programs. Cryptocurrency funds stolen by North Korean hackers have been a key source for financing the sanctions-stricken country’s weapons programs, officials and experts in the United States and […]
South Korea stops Do Kwon from withdrawing crypto holdings
South Korean authorities have taken action to stop Do Kwon, the founder of the now-collapsed cryptocurrency issuer Terraform Labs, from withdrawing his crypto holdings. Prosecutors have requested that Binance, the world’s largest exchange, block any withdrawal of crypto assets owned by the disgraced crypto figure. The move is part of the ongoing investigation into Terraform […]
South Korea leads the way in metaverse innovation with $30.2 million investment
The South Korean government has recognized the potential of the metaverse to drive economic growth and is taking action to support it. In an official announcement, South Korea’s Ministry of Science and ICT announced investments totaling 40 billion Korean won ($30.2 million) in a fund dedicated to driving metaverse initiatives in the country. This includes […]
Metaverse takes off in South Korea with new government fund
South Korea is investing heavily in the metaverse as a new economic growth engine, with the country’s Ministry of Science and ICT announcing a fund dedicated to driving metaverse initiatives in the country. The South Korean government invested 24 billion Korean won ($18.1 million) to create a fund of more than 40 billion Korean won […]
South Korea shifts focus to crypto staking following the Kraken case
Following recent crackdowns by the US Securities and Exchange Commission (SEC), South Korean financial officials are reportedly planning to review crypto staking services on local exchanges. South Korean officials told local news channel News1 that crypto staking services had been inspected internationally and that local services would be investigated. However, they did not provide a […]
South Korea sanctions North Korean hackers for crypto thefts
South Korea has recently taken a stand against North Korean cyberattacks and crypto thefts with the announcement of its inaugural independent sanctions. Seoul’s Ministry of Foreign Affairs revealed that seven businesses and four notorious individuals—Park Jin-hyok, Jo Myong-rae, Song Rim, and Oh Chung-Seong—have all been placed on the blacklist for suspected involvement in illegal cryptocurrency […]
S. Korean court rejects arrest warrant for Terra co-founder Shin
Some in the crypto community argue that the crash of Terra LUNA and UST opened up crypto for a fall. They are not wrong. Since the collapse of Terra, the crypto community has been on a downward spiral for months. Law enforcement all over the world have been on the hunt for crypto criminals especially […]
South Korea is looking into crypto exchanges to offer native coins
The Korea Financial Intelligence Unit (KoFIU), which is South Korea’s authority on financial matters, has begun an investigation into cryptocurrency exchanges in regard to the listing of its own internally-issued tokens, according to a report from a local media outlet. The governing agency has taken note of the fact that native cryptocurrencies are the single […]
Terra LUNA investigations make progress with an arrest
An employee of Terra-LUNA who South Korean prosecutors apprehended exemplifies the ancient adage “You can run, but you cannot hide.” Investigations into the collapses of Terra LUNA and UST have spanned months and taken up the better part of 2022. Do Kwon has found the past few weeks extremely difficult to bear. Do Kwon is […]
OKEx Korea to shutdown amid regulatory and business challenges
TL;DR Breakdown OKEx Korea is planning to stop operations entirely on April 7. One of the officials cited regulatory and business difficulties. The South Korean branch of the leading Malta-based cryptocurrency exchange, OKEx, has announced plans to close operations in the coming months. An official from the exchange being more specific, cited regulatory and business […]
Korean exchanges warn users against trading LUNA amid price slump
Since this year, Terra (LUNA) has drawn worldwide attention for its status as one of the most powerful cryptocurrencies globally, with its market capitalization growing to become the world’s seventh-largest in March. However, following the crypto’s present downtrend, several of South Korea’s major exchanges have issued cautions about trading LUNA. LUNA’s fall spooks Korean crypto […]
South Korea set to remove ban on ICO, new govt to improve crypto regulation
South Korea has become the latest country to unveil plans to improve cryptocurrency regulation and remove the ban on Initial Coin Offerings (ICOs). Yoon Suk-yeol, South Korean President-elect, is behind the u-turn on harsh cryptocurrency laws in the Asian country as he promised these are one of the many things his government would improve. Improving […]
South Korean banks with crypto patnerships report huge profits for Q2 2021
TL;DR Breakdown South Korean banks have made record profits this quarter when it comes to transaction profits, all thanks to the crypto industry. The bearish trend that had plagued the crypto market seemed to have made no impact on the usage and holding of digital assets. The South Korean banks have shaken hands with the […]
The US collaborates with South Korea to investigate crypto phishing scam
TL;DR Breakdown South Korea joins hands with America to confront three 2017 crypto phishing scammers. The new collaboration will help the authorities to refund the victims per the Seoul report from earlier today. According to the prosecutors in Seoul, the US and South Korea are working jointly to conclude the crypto scamming case from 2017. […]
South Korea to put crypto taxation move on hold
TL;DR Breakdown: South Korea’s president elect proposing to postpone cryptocurrency tax law by one year The move is in keeping with his campaign promises Crypto market participants are expecting better regulatory clarity from the incoming government Crypto taxation has been a topic of discussion in different countries. This time, South Korea’s government seems to be […]
South Korea’s KB bank set to launch a crypto investment fund
TL;DR Breakdown Kookmin Bank of South Korea is working on becoming the first in South Korea to provide crypto investment services to the general public. The bank goal is to create a crypto index fund and an Outsourced Chief Investment Officer (OCIO) program. The Kookmin Bank of South Korea has announced its intention to provide […]
South Korea begins exploring crypto as household asset
TL;DR Breakdown • South Korean authorities are planning to include cryptocurrency in the annual household finance survey.• This could set the ground for possible taxation of digital assets in the country. The National Statistical Office in South Korea revealed its intention to include digital assets in the annual finance survey beginning this year, meaning cryptocurrencies […]
NFTs to be used by ruling South Korean party to fundraise elections
TL;DR Breakdown Non-Fungible tokens will be issued for the DPK election fundraiser. Former Minister of SME announced its support for NFT Based Funding As per the recent news update, the current Democratic Party of Korea (DPK) is so far the first-ever political party that has announced the issuance of non-fungible tokens (NFTs) with the purpose […]
South Korea set to overturn ICO ban after four years
TL;DR Breakdown After four years, South Korea set to overturn ICO ban. Authorities want ICOs to be closely regulated. Korea banned ICO’s in 2017 owing to financial crimes. After previously placing a ban on initial coin offerings (ICOs) in 2017, South Korea has begun mulling, lifting the ban, and putting in measures to regulate the […]
Crypto taxation: South Korea lawmakers seek extension and tax rate adjustment
TL;DR Breakdown: The People Power Party of South Korea is proposing a further delay and adjustment of the planned tax rate on crypto profits. The Finance Minister had said it’s difficult to delay taxation on crypto, despite the opposing bills. Hong Nam-ki, the South Korean Deputy Prime Minister and Finance Minister, is unflinching about the […]
Crypto income to be taxed in South Korea amidst crackdown
TL;DR Breakdown South Korea to tax crypto income amidst crackdown. Government divided on when to begin implementing crypto income tax policy. Only four exchanges are left in South Korea owing to rigid regulation. Cryptocurrency taxation policy in South Korea is set to come into effect in January 2022 as the government is set impose a […]
Crypto exchanges face extinction in South Korea
TL;DR Breakdown • South Korea regulates cryptocurrencies by following China’s actions.• Crypto exchanges like Gopax are canceled for not complying with the South Korea registration. Some of the most famous crypto exchanges in South Korea have been canceled for not complying with stricter rules. The Chinese government has once again lashed out at the virtual […]
New South Korean rule might oust 40 crypto exchanges this month
TL;DR Breakdown: Majority of South Korean crypto exchanges are on the brink of being shut down this month. The Korean authorities recently introduced a new guide that most smaller platforms found to be daunting. The South Korean government might not have any intention of banning cryptocurrencies in the country. However, they are concerned about the […]
Korea CBDC to pilot CBDC test on Samsung Galaxy phones
TL;DR Breakdown Korea test CBDC on Samsung galaxy phones. Pilot test to help ascertain possibilities of conducting payment through mobile phones. Samsung begins crypto integration on phone hardware. Reports have emerged that South Kora Central bank has started piloting the Korea CBDC on Samsung Galaxy smartphones. This is according to Local reports in Korea. Back […]
Binance Exchange limits product offering in South Korea
TL;DR Breakdown Binance limits product offering in Korea to meet regulatory demands Exchange yet to face any regulatory pressure from Korean regulators Binance exits Malaysia Number one crypto firm, Binance exchange, has said it will limit its services to users in South Korea. In a statement on Friday, the exchange said the reason is to […]
Crypto crackdown bites harder in Korea as authorities shut down 11 exchanges
TL;DR Breakdown Authorities in Korea toughen crypto regulation. FSC set to crackdown on 11 small exchange firms. Exchanges revolt against tough crypto regulation. South Korean authorities have continued to crack down on crypto firms in recent times in an indirect manner with tough crypto regulations. The crypto crackdown in the country has taken another twist […]
South Korea threatens operators of unregistered crypto exchanges with jail time
TL;DR Breakdown Authorities in Korea warns of clampdown on exchange firms again. Says unregistered crypto firm risks 5 years jail term or $43,500 fine. Exchange firms revolt against stringent crypto regulation in South Korea. South Korea has again warned unregistered crypto firms that they risk paying heavy fines or even bagging jail terms if they […]
