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. […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
Reportedly, the South Korean government expected to announce more information about its intentions to impose a tax on crypto-asset holders. Seoul will unveil, through an unsourced report by SBS CNBC, a document outlining its proposals in a tax law amendment bill – to be unveiled on July 22. The bill would aim for the first […]
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 […]
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 […]