South Korea

cryptocurrency

11 cryptocurrency exchanges in South Korea reportedly shut down

The Financial Services Commission, South Korea’s top financial regulator. Reportedly planning to shut down a dozen local cryptocurrency exchanges due to fraud allegations. According to the local news agency The Korea Herald. The FSC will shut down at least 11 mid-sized crypto exchanges in South Korea due to alleged illegal activities. And fraudulent collective accounts. […]

crypto, crypto exchanges

South Korean crypto exchanges bracing for a legal battle amid threats of closure

If they fail to meet a regulatory deadline in September and are forced to close. South Korean crypto exchanges are preparing to sue the government or challenge it in the constitutional court. New crypto exchange regulations, which have already been enacted into law, will take effect on September 24. However, none of the country’s 60 […]

South Korea

South Korea is taking steps to ban crypto exchanges from cross trading

The Financial Services Commission of South Korea has moved to prohibit cross-exchange trading on crypto exchanges in the country. The move is part of a slew of changes to the country’s Financial Transaction Information Reporting and Use Act. Cross-trading is the practice of offsetting buy and sell orders for the same asset (at the same […]

‘Alarm' rings as crypto trading outpaces the South Korean stock market

‘Alarm’ rings as crypto trading outpaces the South Korean stock market

For the first time in South Korean history, crypto trading volumes have outperformed stock market activity, with crypto trading growing at an alarming rate, according to some. Crypto trading volume figures peaked at USD 21.5 billion per day on April 15, according to Yonhap and Segye Ilbo, as well as Kyunghyang Shinmun. In March, the […]

South Korean

South Korean MP Calls on Seoul to ‘Urgently’ Boost Crypto Innovation

A politician called on South Korea to “urgently” prioritise the development of crypto security technology. Stating that for the country, and the rest of the world, blockchain-powered finance is now an inevitable reality. At a Blockchain National Government Project event, sponsored by the Legislative Policy Research Group of the Parliament. And jointly hosted by Lee […]

blockchain

South Korean Bank NH launches Blockchain-Powered Document Wallet

Over a dozen forms of digital certificates have been issued by South Korean financial services provider Nonghyup (NH Bank) using a blockchain-powered system and an e-wallet that can hold hundreds of types of blockchain-verified authentication forms. The bank’s e-wallet received official government approval earlier this month, according to the Electronic Times, and today launched an […]

blockchain

South Korea to fund Blockchain Platform for Apartment Dwellers

The South Korean government has pledged USD 1.27 million in funding for a contact-free. Blockchain-based service platform for residents of the country’s apartments. Which operators say will allow residents to participate in electronic voting, manage parking spaces, etc. The South Korean Ministry of Science and ICT has selected a domestic company named Ksign as the […]

Bithumb

Bithumb Exchange Owns More Assets Than Its Customers

Leading South Korean exchange Bithumb’s own assets are, by a due diligence analysis, higher than the combined total of its customer holdings. The report was part of a recent audit conducted by Seoul-based auditor Jungin Accounting, according to Sports Seoul. The auditor found that the balance of both Bithumb’s own fiat (KRW) and crypto reserves […]

Blockchain Development Across South Korea

South Korean Government to Grant $3.2M to Blockchain Companies

Two South Korean ministries have announced their support for the blockchain industry in the country with plans to allocate up to $3.2 million in funding to local startups to encourage the use of such technology. The Ministry of Science and ICT (Information and Communications Technology) and the Ministry of Information and Communication Industry Promotion will […]