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New South Wales Treasury Proposes Flexible Regulatory Reform For Blockchain
Australia’s New South Wales is proposing a flexible regulatory reform to accommodate the thriving blockchain and cryptocurrency ecosystem
South Korea Proposes 20% Capital Gains Tax on Cryptocurrency Commodities
South Korea’s parliament has put forward a bill that could see crypto profits taxed by up to 20% as members argue that cryptocurrencies are commodities.
South Korean Bank, KB Kookmin, Shares Blockchain Strategy
KB Kookmin, a major South Korean bank, is planning to adopt blockchain technology into its internal processes.
Unclear Crypto Regulations in South Africa Alarm Entrepreneurs
Cryptocurrency regulation is still largely unclear in South Africa, creating a strenuous business environment for crypto entrepreneurs.
Blockchain-Based Driving Licenses in South Korea Hit One Million Drivers
Blockchain-powered driving licenses were made available as an option in South Korea in May.
South Korea Is Looking to Put Trade Finance on the Blockchain
The South Korean government wants all trade to be on the blockchain, Coindesk reports.
South Korea Contemplates Imposing 20% Tax on Cryptocurrency Proceeds
The South Korean administration might consider categorizing proceeds from cryptocurrency transactions as other income that is subjected to 20% tax, such as prize-winning or lottery.
South Korean Police Raid Bithumb Crypto Exchange Headquarters On Fraud Allegations
South Korean Police have raided the headquarters of Bithumb cryptocurrency exchange as part of an investigation into fraud.
BitMEX Invests in South Africa’s Largest Bitcoin Exchange
In a bold financial move, the parent company of BitMEX cryptocurrency exchange has decided to invest in a South Africa’s biggest Bitcoin exchange, VALR.
S. Korean Regulators Oppose Busan's Regulatory Measures for Foreign Crypto Exchanges
South Korean financial authorities expressed their opposite stance against Busan City to provide special regulatory support for partners to establish digital asset exchanges.
South African Reserve Bank to Strictly Regulate Cryptocurrency in 2020
The South African Reserve Bank (SARB) is planning on introducing new regulations on cryptocurrency, which according to Kuben Naidoo, SARB deputy governor, will be fully implemented and enforced in the first quarter of 2020 and it brings to an end a deliberation that started since 2014.
South Korean Watchdogs Request Interpol’s Red Notice against Do Kwon
The controversy surrounding Do Kwon’s whereabouts continues to grow, given that South Korean prosecutors asked Interpol to issue a red notice against the Terraform Labs’ founder.
WeMade Dismisses Coin Over-Issuance Fraud Claims Amid Investigation
South Korean game developer WeMade counters fraud allegations by the Seoul Southern District Prosecutors, asserting compliance exemptions for its digital asset systems and Phoenix DEX amidst regulatory investigations.
South Korea Advances CBDC Pilot Project: Jeju, Busan, and Incheon Selected as Test Regions
South Korea selects Jeju, Busan, and Incheon for its CBDC pilot project, excluding Seoul. The Bank of Korea aims to test digital currency issuance and distribution.
South Korea’s Jeju Island Leverages Blockchain to Curb Depleted Electric Vehicle Batteries
Jeju Island’s government representatives have revealed that a blockchain-powered electric vehicle waste-battery distribution management system has been implemented based on a multi-year support. It will track the history of receipts of waste-batteries acquired at the Jeju Technopark Electric Vehicle Battery Industrialization Center that opened in June 2019.
$3.6B Worth Bitcoins Scam, Founders of South African Crypto Exchange Africrypt Are Missing
The total value of $3.6 billion Bitcoins disappeared while the founders of South African cryptocurrency exchange AfriCrypt are missing.
FTX and Busan Reaches Deal to Accelerate Blockchain Businesses
The City of Busan and the cryptocurrency exchange FTX signed a business agreement to support the establishment of the Busan Digital Asset Exchange.
Korean Prosecutors Consulting if LUNA Classified "Security"
The probe into Terraform Labs by South Korean prosecutors is taking a whole new twist as watchdogs are making consultations on how best to classify the collapsed LUNA tokens - now known as Luna Classic (LUNC).
South Korea to Pump In a Whopping $12.8 Million into Blockchain Industry
The adoption of blockchain technology is set to reach unprecedented levels in major countries, as recently announced by China’s President Xi Jinping. South Korea intends to follow suit based on the revelation made by the Ministry of Science and ICT that USD 12.8 million will be channeled to blockchain projects in 2020.
Ex-Terraform Labs CFO Extradited to South Korea in Crypto Fraud Case
Han Chang-joon, former Terraform Labs CFO, has been extradited to South Korea for charges of financial fraud in the crypto industry, marking a significant international effort to combat digital asset fraud.
Bithumb CEO Summoned by South Korean Authorities Following Police Raid on Offices
The Chairman of the Board of Directors of Bithumb Holdings, Lee Jung-hoon has been summoned by the Seoul Metropolitan Police Agency's Intelligent Crime Investigation Unit following the unit's incessant raid on the exchange.
Terraform Labs Staff Discloses LUNA's Potential Risk of Crash but Neglected: South Korean Authority
The staff of embattled blockchain startup Terraform Labs have been called for questioning as part of an investigation being carried out by the Seoul Southern District Prosecutor’s Office’s joint financial and securities crime investigation team.
South Korea Enacts Legislation for Public Disclosure of Officials' Crypto Holdings
South Korea has introduced new legislation requiring public officials to disclose crypto assets, aiming to improve governance transparency and address conflicts of interest.
Binance Initiates Stake Reduction in South Korean Exchange Gopax to Comply with Regulatory Norms
Binance plans to reduce its majority stake in South Korean crypto exchange Gopax to address regulatory compliance issues, following its acquisition in early 2023.
SEC Collaborates with South Korea in Probing Terraform Labs and Do Kwon
The US SEC has approved collaboration with South Korea to investigate Terraform Labs and co-founders Daniel Shin and Do Kwon. The investigation focuses on Chai Corporation's use of the Terra blockchain and its relationship statements with Terraform. Shin is charged with fraud, while Kwon faces investigations in both the US and South Korea.
South Korean Tax Specialists Advocate for Lowered Crypto Taxation
Members of the Korean Tax Policy Association are calling on the government to consider applying a low-level tax on crypto transactions. The South Korean administration is contemplating taxing cryptocurrencies as part of its tax reform plan for 2021, but specialists feel it requires in-depth conceptualization.
Women in Southeast Asia Leverage AI and Tech Skills for New Career Opportunities
Microsoft's AI and digital skilling programs are empowering women across Southeast Asia, opening doors to new career opportunities.
Tether (USDT) and Xion Global Partner to Boost Blockchain Education in South Africa
Tether and Xion Global have announced a strategic partnership to enhance blockchain education in South Africa, aiming to improve digital transaction capabilities.
Binance Bahrain to Serve South African Derivatives Users
Binance Bahrain B.S.C. (c) will now provide services for South African derivatives users, ensuring compliance with local regulations.
Binance Launches USDT Simple Earn Promotion for MENA & South Asia New Users
Binance introduces a limited-time offer for new users in MENA & South Asia, providing 15% APR on USDT Simple Earn Locked Products for 30 days.
Binance Launches Diwali Promotion for South Asian P2P Merchants
Binance announces a Diwali promotion offering South Asian P2P merchants a chance to upgrade their VIP level and enjoy discounted maker fees.
Binance Introduces Zero-Fee Crypto Buying for Southeast Asia Users
Binance announces a zero-fee promotion for Southeast Asia users, offering up to $3 in USDT rebates on crypto deposits and purchases. Promotion runs from December 4 to December 31, 2024.
Binance Introduces 8% APR BTC Offer for New MENA & South Asia Users
Binance has launched a special offer for new users in MENA and South Asia, providing an 8% APR on BTC Simple Earn products for a limited period.
South Korean Watchdog Uncovers 14 Fake Bank Accounts Used by Crypto Exchanges
The South Korea financial regulator has uncovered 14 fake accounts used by crypto exchanges.
South Korea Passes Comprehensive Law Officially Legalizing Cryptocurrency Trading And Holding
A day after India’s Supreme Court lifted the ban on cryptocurrencies, South Korea has followed in their footsteps as the nation’s National Assembly has amended the Act on Reporting and Use of Specific Financial Information. This move fully legalizes cryptocurrencies in South Korea.
Reebonz Tracks Provenance of its Luxury Products Using a Vechain-Powered Digital Certificate
Reebonz, the biggest luxury e-commerce company in Asia Pacific and Southeast Asia, has incorporated blockchain technology into its ecosystem to determine the provenance of its products.
S Korea's SK Telecom Acquires 35% Stake on Local Crypto Exchange Korbit
SK Square, an investment company owned by South Korean wireless telecommunications company SK Telecom Co Ltd, has invested 90 billion won (about $75.4 million) in the crypto exchange platform Korbit.
South Korean Telecom Giant and City Government Teams Up to Launch Major Digital Currency
KT, the largest telecom company in South Korea is planning to launch its blockchain-based digital currency in the second biggest city in the country, Busan.
UNODC: Surge in Cryptocurrency Misuse and Technology-Driven Crime in Southeast Asia
The UN Office on Drugs and Crime's latest report reveals an alarming increase in cryptocurrency misuse and advanced technological crime in East and Southeast Asia. The study focuses on the challenges faced by law enforcement against the backdrop of evolving online casinos, cyberfraud, and tech-driven underground banking networks.
Kakao Affiliates Face Probe Over Crypto Misappropriation Allegations
Prosecution delves into allegations of cryptocurrency embezzlement & breach of trust against ex-Kakao chairman & affiliate executives, marking the start of a formal inquiry with the examination of the complainant on Oct 11.
South Dakota Governor Vetoes Bill Excluding Cryptocurrencies from State's Definition of Money
Governor Kristi Noem of South Dakota has vetoed House Bill 1193, which sought to exclude cryptocurrencies from the state's definition of money. The governor believes that the bill would put South Dakota at a disadvantage and potentially lead to future overreach from the federal government in issuing a digital dollar.
South Korea's Crypto Tax Delayed Until Jan 2025
Crypto tax on digital assets in South Korea will be further delayed by another two years, according to an announcement from an official of the Ministry of Economy and Finance tax policy.
South Korea's Top Remittance Payment Company Global Money Express Joins RippleNet to Expand Payments into Thailand
Ripple has established a connection with Global Money Express, Korea’s top non-bank remittance payment company to link with Thailand’s Siam Business Bank.
Former South Korean Deputy Minister Yong-beom Kim Joins Blockchain Research Institute
Yong-beom Kim, former first deputy minister of the Ministry of Planning and Finance of South Korea, will join Hashed Open Research, a blockchain and digital technology research institute, as CEO.
South Korean Court Apprehends Crypto Assets of “Nth Room” Ringleader
A South Korean court has frozen 15 cryptocurrency wallets belonging to Cho Ju-bin, the orchestrator of the “Nth Rooms” scandal. It came to the limelight following a national outcry following the sexual exploitation of underage girls by Cho Ju-bin and his team who was named and paraded through the Korean streets to face the public in March.
Chinese Government to Consider Cross-Border East-Asian Stablecoin for Hong Kong Amid Implementing Controversial National Security Law
Chinese officials to consider a cross-border stablecoin in Hong Kong, to facilitate a cross-border payment network between three Asian countries, and four currencies China, Japan, and South Korea. The world’s second-largest economy is aiming to build Hong Kong into an international financial center in the digital economy era. At China’s annual “Two Sessions,” also known as the National People’s Congress, China’s most important annual political event in Beijing, officials set the decision to impose new national security legislation on Hong Kong.
South Koreans transacted $4.3 billion through illegal crypto exchanges
In 2022, South Koreans transacted $4.3 billion through illegal crypto exchanges, comprising almost 70% of all illicit money traffic captured by officers. The transactions aimed to purchase foreign virtual assets to sell in the country later due to the South Korean regulatory regime isolating the local market.
Upbit Becomes the First Exchange to Register with FIU as September Deadline Looms
Upbit has now registered with FIU as other exchanges move to follow this lead before the September 24 regulation deadline.
Shinhan bank Opens Door to Corporate Crypto Accounts, Paving the Way for Institutional Adoption
As the first domestic lender on South Korean soil, Shinhan Bank has rolled out real-name corporate accounts to enable transactions from cash to crypto based on its partnership with cryptocurrency exchange Korbit.
Korea's Financial Services Commission Officials Mandated to Declare their Crypto Holdings
Korea's Financial Services Commission employees are to report their digital currency holdings by May 7, as there have been concerns about insider information.
South Korea Probes OKX for Unregistered Operations
South Korean financial authorities are investigating OKX, a cryptocurrency exchange, for potentially operating without proper registration, following allegations from the Digital Asset Exchange Association.
ApeCoin Experiences Sharp Price Surge on South Korean Exchange
Yuga Labs' ERC-20 token ApeCoin (APE) experienced a brief surge in price on the South Korean cryptocurrency exchange Upbit, with prices reaching $90.00 per token before a sell-off reduced most of the gains. The spike was attributed to retail frenzy and trading restrictions on the exchange.
Prosecutors Raid Crypto Exchanges amid Terra Probe: Report
South Korean regulators have reportedly raided entities that are connected with Terraform Labs as another effort in the ongoing investigation of the case.
Korea’s Jeju Island Introduces Blockchain-Fueled COVID-19 App for Tourism
To recover from COVID-19 tourism losses, South Korea has introduced a blockchain-powered digital app for visitors of Jeju Island to ensure safe travels.
Solana Launches $100m Web3.0 Fund for South Korean Startups
Layer-1 blockchain protocol Solana has launched a $100 million fund to back startups in the South Korea Web3.0 ecosystem through its subsidiaries Solana Ventures and Solana Foundation.
South Korean Gaming Giant Wemade Faces $41 Million Tax Bill for Crypto Operations
South Korean gaming firm Wemade faces a $41 million tax bill for its crypto operations, highlighting the complexities of regulatory compliance in the blockchain gaming industry.
Over 50% Consumers in Latin America Conduct Crypto Transactions, Survey Suggests
Attributed to convenience and flexibility, crypto adoption in Latin America is increasing, according to a study by payments giant Mastercard.
Seoul Prosecutors Reveal Terra's Do Kwon is Hiding in Europe
South Korean prosecutors believe Do Kwon is currently residing in Europe
South Korean Hospitals to Usher in New Healthcare Era Using Blockchain Technology, AI and Big Data
South Korean hospitals intend to set the ball rolling in ushering in a new healthcare era using industry 4.0 technology like blockchain, artificial intelligence (AI), and big data.
South Africa Pioneers Blockchain-Enabled Property Register Pilot Project
The Centre for Affordable Housing Finance in Africa (CAHF) has teamed up with Seso Global, a blockchain property registry company, to develop the first-ever blockchain-powered property register in South Africa.
South Korean University to Present NFT Certificates for Graduates
Sungkyunkwan University (SKKU), a top private university in Suwon, South Korea, seeks to present NFT certificates to three excellent graduates at the graduation ceremony.
Binance's Market Dominance Challenged as OKX and Upbit Gain Ground
The 2023 CEX Market Report shows Binance's dominance diminishing as OKX and Upbit gain market share. Factors like on-chain data, user growth, and social media presence contribute to the evolving CEX landscape.
South Korea's Banking Association Cautions Against Growing Altcoin Influence
The Korea Federation of Banks wants its members to keep track of altcoins that trade on crypto exchanges.
South Korean Police Raid Bithumb Crypto Exchange For Second Time in BXA Token Fraud Case
Bithumb, the largest crypto exchange in Korea has been raided for a second time in five days by the South Korean police.
SEC Files Motion Against Terraform Labs and Luna Founder Do Hyeong Kwon
The SEC has filed a motion in the United States District Court for the Southern District of New York against Terraform Labs and Do Hyeong Kwon. The commission is seeking the court's permission to notice a deposition from Kwon or to preclude the defendants from using a declaration from him. The defendants have until September 26, 2023, at 12:00 pm to respond.
LG Electronics Expands Business in terms of Blockchain Technology & Crypto
As part of its expansion plan beyond home appliances, South Korean tech giant LG Electronics intends to add blockchain, cryptocurrency, and medical devices as new sectors in its corporate charter.
S. Korean Artist Management Firm Hybe Eyes Expansion into NFTs
Hybe, one of S. Korea's top K-pop management agencies, is planning to expand its marketplace for NFTs by collaborating with celebrities not managed by the firm.
South Korean Political Parties Woo Voters with Crypto-Friendly Policies
South Korea's major political parties unveil crypto incentives, with the Democratic Party eyeing ETF liberalization and the People's Power Party proposing a tax delay on digital assets.
South Korea's FSC to Submit Two Crypto-Related Acts to National Assembly
According to Newsis on July 13, the People's Power Party and the Financial Services Commission of South Korea are planning to submit amendments to the Electronic Securities Act and the Capital Market Act to the National Assembly within this month.
South Korea to Introduce 10%-50% Gift Tax on Crypto Airdrops
Users who receive crypto airdrops in South Korea could be taxed at 10%-50%. The virtual asset gains tax will start taking effect in 2025.
Analyst Honored for Exposing South Korean Dark Web Crypto Child Pornography and Blackmail Site
Criminal analyst, Kim Reece, has been named as a finalist for the Samuel J. Heyman Service to America Medal for her role in the takedown of the South Korean ‘Nth Room’ child pornography chat rooms hosting the content of Welcome to Video blackmail sex and exploitation site.
Over 115 Billion USDT Used in Southeast Asia's Illicit Activities in 2022: Revealed Bitrace
Bitrace, a blockchain analytics firm, revealed that 115 billion USDT was involved in illegal cryptocurrency activities in Southeast Asia in 2022, highlighting the transparency of blockchain ledgers.
South Korea to Introduce Blockchain-Powered COVID-19 “Vaccine Passports”
In order to revive cross-border travel and keep infection risks under control, the South Korean government seeks to issue blockchain-backed COVID-19 “vaccine passports” to immunized citizens.
South Korea Plans to Suspend Crypto Taxation Until 2023
Crypto investors in South Korea might have a sigh of relief because the government intends to delay imposing crypto taxation until 2023.
Prosecutors Investigate Do Kwon with Ponzi Fraud Charges amid Terraform Labs Dissolvement
South Korean Prosecutors are investigating Do Kwon if they will file Ponzi fraud charges against him following the Terra crash.
South Korea Cracks Down on Cryptocurrency, Credit Card Purchases Banned
South Korea intensifies crypto regulations in 2023, targeting illicit flows and tightening credit card use for crypto purchases.
South Africa Classifies Crypto as Financial Assets
The country appears to be developing regulations consistent with those being developed by other regulators in the global market.
South Korea's Crypto Protection Law Advances in Assembly
In a landmark move for South Korea's cryptocurrency sector, the Cryptocurrency User Protection Act (also known as the Cryptocurrency Investor Protection Law) has successfully passed through the Legal Affairs Committee, marking a momentous milestone in the legislative process for digital assets.
S. Korean Presidential Candidates to go Head to Head in Crypto Policies
As South Korea's presidential elections draw to a close, crypto is turning into a political battleground with both candidates set to showcase a number of crypto-related policies.
Binance CEO reportedly made a secret visit to South Korea
Binance CEO Richard Teng reportedly made a secret visit to South Korea to negotiate with financial authorities regarding the "Gopax" issue. The details and outcome of the negotiations are currently unknown.
South Korea Seeks Tech Partner to Build the Pilot Program for CBDC
South Korea's central bank on Monday said it would choose a technology supplier to build a pilot platform for a digital currency, moving a step closer to creating a central bank-backed digital currency.
Binance Acquires Majority Stake in Gopax
Binance returned to South Korea with a controlling ownership in ailing exchange Gopax.
China Leads Pan-Asian Digital Currency Project to Compete with Facebook's Libra
Led by China, four Asian countries are in the early stages of developing a joint digital currency. The currency will help keep the Dollar and Libra in check
South Korea Tightens Regulations on Crypto Mixers Amid Money Laundering Concerns
South Korea's Financial Intelligence Unit (FIU) is set to introduce new regulations targeting digital asset mixers, mirroring similar moves by the US. These measures aim to curb the use of crypto mixers for illegal money laundering.
OKEx to Shut Down Its Crypto Business Operations in South Korea by April
OKEX intends to shut down its crypto branch in South Korea. According to sources familiar with the talks, the move is attributed to new anti-money laundering regulations in the country.
United Africa Blockchain Association Cries Foul of FNB’s Crypto Termination
The United Africa Blockchain Association (UABA) has lamented the decision by First National Bank (FNB) to terminate its banking services to crypto exchanges, as well as intermediaries trading in cryptocurrencies.
Solana and ROK Capital launched a $20 Million Fund to Promote the Ecosystem Expansion in South Korea
The Solana Foundation has cooperated with ROK Capital to jointly launch a $20 million fund, aiming to further expand Solana's blockchain ecosystem in South Korea.
South Korea Arrests 3 Suspects in $3.4 Billion worth Crypto-related Probe
South Korean prosecutors on Thursday arrested three people in a probe of $3.4 billion worth of foreign-exchange transactions for possible connections to illegal crypto-related crimes.
South Korea Top Four Crypto Exchanges Launch Joint Venture To Abide By AML Regulations
The heads of Bithumb, Korbit, Coinone, and Upbit signed a memorandum to form a company with a system, which will enable them to adhere to anti-money laundering regulations.
South Africa Sets Year-End Licensing Deadline for Crypto Exchanges
According to Bloomberg, South Africa has mandated that all crypto exchanges operating within its borders must secure licenses by the end of the year. The Financial Sector Conduct Authority (FSCA), the country's financial regulator, has already received approximately 20 applications since the licensing process was initiated a few weeks ago.
South Korea’s Financial Watchdog to Stamp Out Illegal Crypto Activities
South Korea’s financial watchdog, the Financial Supervisory Service and the Finance Ministry, has teamed up with various financial authorities to crack down on illegal crypto activities.
Australian Government Explores the Viability of Blockchain For Land and Property Conveyancing Transactions
The Australian government is piloting a blockchain database to find out its viability on conveyancing transactions.
LG Electronics to Roll Out Crypto Wallet
As part of plans to expand its business scope to include platforms and software, South Korean tech giant LG Electronics is launching a crypto wallet application dubbed “Wallypto.”
South Korea Plans to Postpone Cryptocurrency Tax Rule to January 2022
South Korea is planning to delay the implementation of its crypto income tax rules to January 2022, extending it from its previous time frame of October 2021.
South African Supermarket Chain Pick n Pay Starts Accepting Bitcoin Payments
The development of Pick n Pay means that South African shoppers can now purchase food and other goods online with Bitcoins.
South Korea’s Financial Services Commission to Ban Privacy Coins from Exchanges
South Korea’s Financial Services Commission (FSC) will ban privacy-centric digital assets or “dark coins” from exchanges as they present a high money laundering risk.
Do Kwon's Fate Remains Uncertain, Prosecutors Completed 'Search and Seizure' Raid
Do Kwon is still under the lens of South Korean regulators as investigations into Terraform Labs and the collapse of the firm’s first tokens, LUNA and UST.
South Korean Car Dealer Launches NFTs to Reduce Paperwork Costs
Han Sung Motor, a South Korean imported car dealer, has rolled out non-fungible tokens (NFTs) to offer customers a secure and convenient experience because they can check car details using their smartphones.
Report on Kwon's Escape to Dubai in Sept is True: Korean Prosecutors
Prosecutors in Seoul have said that a report about crypto fugitive Do Kwon's departure from Singapore to Dubai in September is true. They added that his travel to Dubai is likely a stopover to another destination.
Klaytn Adds Huobi to Growing Blockchain Governance Council
Klaytn has announced that Huobi has signed on as the latest member of its Governance Council for South Korean internet giant Kakao’s public blockchain project.
South Korea Crypto Sector Face Headwind over Stricter Legal Regulations Challenges ahead
Crypto sectors and retail investors face a tough time as the finical regulators in South Korea are about implementing tougher and stricter administrative measurements to supervise the crypto industry.
Incoming South Korean President to Boost Crypto Adoption by Zero-Taxing Gains
Upon taking office in May, South Korean President-elect Yoon Suk-yeol vowed to zero tax crypto trading gains not exceeding 50 million won, approximately $40,000 similar to stock gains.
South Korean Banks Earns More Than Double Revenue from Crypto Transactions in Q2
Despite heavy fluctuations in the cryptocurrency market in the second quarter of this year, South Korean banks enjoyed a sharp increase in revenue from crypto transaction fees.
Interpol Issues Red Notice for Terra's Kwon
Terraform Labs co-founder has been issued with a red notice from Interpol, prosecutors in South Korea claim, according to a report from Bloomberg.
Top Banks in South Korea Select CenterPrime And Chainlink To Bring FX Rates Data to DeFi
Top banks in South Korea have selected Chainlink and CenterPrime to bring a blockchain-enabled decentralized finance solution for foreign exchange rates.
Terraform Labs CEO Sent $7 Billion to Law Firm Before Ecosystem Collapse
South Korean prosecutors confirmed that Terraform Labs CEO Do Kwon sent $7 billion to a top South Korean law firm, Kim & Chang, right before the collapse of the Terra ecosystem. The prosecutors believe that Kwon's decision to send the funds was a deliberate move that allegedly reaffirmed his awareness of the impending collapse and anticipated legal problems. The information is expected to help in the ongoing fraud case against Kwon and his associates.
SARB to Introduce Crypto Regulation
South Africa has changed their mind in terms of crypto regulation. The regulator intends to introduce a legal framework to govern the use of cryptocurrencies in the country.
Banks Are Increasingly Starting to Offer Cryptocurrency Services in 2020
Banks have increased their interest in cryptocurrencies. Many of them have decided to join the cryptocurrency market, either by offering investments in cryptocurrency or by exploiting the capabilities of blockchain technology, which is already used in various areas with financial services.
South Korea’s Leading Crypto Exchanges Aid Police in Hunting "Nth Rooms" Blackmail Porn Members
The four primary crypto exchanges in South Korea, namely Coinone, Korbit, Bithumb, and Upbit, have reportedly offered to help police investigate the sexual exploitation of underage girls in the “Nth Rooms” scandal that has sparked a national outcry.
South Korea May Reconsider Stance on Bitcoin ETFs
South Korea's Presidential Office has urged the Financial Services Commission to reconsider its stance on Bitcoin ETFs, indicating a potential shift in the country's cryptocurrency regulation, following initial warnings against U.S.-based spot Bitcoin ETFs.
South Korea Sets Up Panel to Accelerate CBDC Launch
In a bid to keep up with global trends in the development of a Central Bank Digital Currency, South Korea launches a 6-man panel to review regulatory issues
Crypto Staking in South Korea: Balancing Innovation and Regulation
Balancing innovation and regulation in South Korea's crypto industry, with regulators concerned about staking's potential risks to consumers and market stability.
South Korean Companies Adopt NFT Strategy to Attract the Younger Generation
Non-fungible tokens (NFTs) have been endeared in the South Korean market as companies treat NFTs as one of the favourable marketing tools.
South Korean Advocates for Institutionalization of Cryptocurrencies via Bitcoin Derivatives
A South Korean commission dubbed the 4th Industrial Revolution Commission has proposed that the government ought to permit financial institutions to establish cryptocurrency-based products, such as Bitcoin derivatives as they will be instrumental in the long-term institutionalization of cryptocurrencies.
Tencent Cloud Tech to Support Blockchain Digital Records for Travel Amid COVID-19
Tencent Holdings has joined hands with blockchain firm ShareRing to deploy a blockchain-powered digital document and identity management solution.
South Korea Declares Andong City as Blockchain Free-Trade Zone to Boost Medical Hemp Production
The South Korean government has designated Andong City as a free trade zone for hemp production, leveraging a blockchain network.
South Africa's Monetary Authority Ask Banks to Work with Crypto Exchanges
South Africa’s Central Bank has released new guidelines stating that banks in the country may act as a channel for funds tied to crypto asset service providers.
US States Challenge CBDC as Legal Tender
Four U.S. states - Utah, South Carolina, South Dakota, and Tennessee - have filed bills to exclude Central Bank Digital Currencies (CBDCs) from their legal definitions of money, reflecting rising state-level resistance and concerns over privacy and federal overreach.
Over 2.2M Crypto Accounts Set to Trade With Restrictions in South Korea as Exchange’s Deadline Looms
As the South Korea crypto registration deadline looms, over 2 million accounts will be subject to restrictions in trading on multiple exchanges.
South Korea Intensifies Measures Against Unlicensed Crypto Exchanges
South Korea's financial regulators are urging public disclosure of unlicensed crypto exchanges, as part of their efforts to regulate the digital asset market and safeguard investors.
South Korea Sees Surge in New Blockchain Platforms for Trading of Unlisted Stocks
South Korea’s progressive-thinking and liberal attitude on blockchain technology and cryptocurrencies got another boost on May 11. Industry sources revealed the upcoming launch of two new blockchain-based exchanges to bolster the financial trading of unlisted equities.
Crypto Lending Firm Delio Faces Regulatory Sanctions for Compliance Failures in South Korea
South Korean crypto asset management firm Delio has been fined KRW 1.896 billion and suspended for three months by the Financial Services Commission's Financial Intelligence Unit due to non-compliance with financial transaction laws.
Kimchi premium refers to when the price of BTC cheaper
CryptoQuant data shows that South Korea's Kimchi premium has fallen again, fluctuating between -0.24 and 0.01 between Feb. 17 and 19.
South Korea Targets Crypto Major Shareholders with Proposed Financial Law Amendment
South Korea is taking steps to scrutinize the criminal records of major shareholders in cryptocurrency businesses. A proposed amendment to the Special Financial Information Law aims to bring the crypto market under a regulatory framework similar to traditional finance. If passed, the law would require existing crypto businesses to report details about their major shareholders within three months.
South Korea's National Tax Service Advances on Cryptocurrency Oversight with Integrated Management System
South Korea's National Tax Service is set to complete the 'Integrated Cryptocurrency Management System' by 2025, aiming to enhance tax compliance and prevent illicit activities.
Police Search of South Korean Coinbit Crypto Exchange Finds 99% Trade Volume Manipulation
Coinbit, the third-largest crypto exchange in South Korea, has found itself in trouble with the authorities for alleged arbitrage manipulation of the transaction volume.
South Korea Invests in Metaverse Fund for Economic Growth
The South Korean government has invested 24 billion Korean won ($18.1 million) in a fund dedicated to driving metaverse initiatives in the country, with a total fund of more than 40 billion Korean won ($30.2 million). The Metaverse Fund will support the mergers and acquisitions of various firms in the metaverse ecosystem and help domestic metaverse-related companies compete with global players, as the government sees the metaverse as a new economic growth engine.
South Korean VC Firm Hashed Lost Up to $3.6B to LUNA Crash: CEO
Simon Seojoon Kim, the CEO of South Korean venture capital firm, Hashed has revealed the firm lost up to $3.6 billion when Terra collapsed back in May.
World Vision Accepts Donations in Crypto in South Korea
World Vision has announced the acceptance of donations in cryptocurrencies, enabling the institution to become the first NGO to accept virtual assets in South Korea.
More Troubles for Do Kwon as S. Korea Levies $78M Tax Evasion Fine
Terraform Labs is currently being charged with tax evasion fraud by the South Korean National Tax Service, a move that complicates matters for the startup that is trying to salvage its collapsed ecosystem
SARB governor: CBDCs must tackle a "serious challenge" at WEF 2023.
Lesetja Kganyago spoke at WEF 2023 in Davos, Switzerland. The SARB governor suggested a national discussion before establishing CBDCs. Crypto barely fits two of three currency standards, he said.
NEAR Protocol Partners with ZEP to Enhance Metaverse User Onboarding
NEAR Protocol and South Korea's ZEP are partnering to improve user onboarding and enhance Web3 capabilities, using NEAR's blockchain network and ZEP's metaverse platform.
Korea's Educated Jobless Individuals are Building their Blockchain Expertise
Korea’s surging ahead with its blockchain and crypto aspirations. Weeks after the government announced a $400 million blockchain fund, a prominent university added blockchain curriculum to its coursework.
South Korean Regulators to Harden Punishments for Crypto Fraud Practices
South Korean legislature is mulling plans to tighten its grip on crypto fraud practices
South Korean Court Denies Arrest Warrant for Terraform Labs Co-Founder
A South Korean court denied a request for an arrest warrant for Terraform Labs co-founder, Shin Hyun-Seong, citing unconfirmed allegations and the unlikelihood of Shin being a flight risk. Shin currently faces multiple fraud charges and is accused of hiding risks associated with investing in Terraform Labs' in-house tokens. The recent arrest of Terraform Labs' other co-founder, Do Kwon, has led to extradition requests from both the United States and South Korea.
Bitcoin SV (BSV) Surpasses $100
Bitcoin SV (BSV) has surpassed $100 due to strong technical indicators and market activity, especially in South Korea, influenced by market sentiment, technical analysis, and trading volume dynamics.
S. Korea's Democratic Party Backs Support for Crypto, Metaverse
Song Young-gil, leader of the ruling Democratic Party, stated that the South Korean government should stop the crackdown on the crypto sector and start nurturing it instead.
Four Countries to Conduct Cross Border CBDC Payment Trials
The Bank for International Settlements (BIS) has joined forces with the central banks of South Africa, Malaysia, Singapore, and Australia to kick start a project dubbed Dunbar aimed at testing the use CBDCs in cross border payments.
South Korean Crypto Exchange Fraudsters Sentenced
Six V Global crypto-exchange scam executives received eight-year jail sentences in South Korea. V Global reportedly duped 50,000 investors of $1.5 billion (2 trillion won) in a Ponzi-like scheme. Three executives have not been jailed since they claim innocent and can defend themselves in court.
South Korea's Stance on Virtual Currency Investment and ETFs in 2024
South Korea reaffirms its prohibition of local financial institutions from owning, buying, or investing in cryptocurrencies and businesses offering crypto, including a strict ban on cryptocurrency exchange-traded funds (ETFs).
South Korean Prosecutors Arrest Key Do Kwon's Aid
South Korean prosecutors in charge of the Terraform Labs case have arrested a major employee of the embattled blockchain startup named ‘Yoo’.
Central & Southern Asia Lead in 2023 Crypto Adoption, Chainalysis Reports
The 2023 Chainalysis Global Crypto Adoption Index shows Central and Southern Asia are leading in global grassroots adoption of cryptocurrencies. The index measures countries' involvement in the crypto space using on-chain data and real-world statistics. India leads the index, with six of the top ten countries from the CSAO region. Lower-middle-income countries, including India, Nigeria, and Ukraine, have seen robust recovery in grassroots crypto adoption.
S. Korean Exchanges to be Held Accountable for LUNA Crash
According to the latest reports from local media platform Newspim, the top cryptocurrency exchanges are now likely to be held accountable for failing to implement measures to protect investors from the crash.
ADB Launches Blockchain Project for Cross-Border Securities Transactions in APAC
Asian Development Bank (ADB) is going to initiate a blockchain-powered project to connect securities depositories and central banks in the APAC region.
South Korean Court Clears Former Terraform Labs CEO of Security Violations
A South Korean court dismissed charges of security violations against former Terraform Labs CEO Hyun-seong Shin, ruling that LUNA is not a security under the country's Capital Markets Act. The court rejected the prosecution's appeal for confiscation of Shin's properties and arrest, and stated that Luna is not a financial investment product regulated by the act. However, the prosecution has appealed to the Supreme Court against the verdict of the lower district court.
South Korean Officials Confirm They Sent Team to Serbia to Find Do Kwon
South Korean authorities have increased their search for Do Kwon and deployed state officials to Serbia.
South Korea Regulator Probes Crypto Staking Services
South Korea's Financial Supervisory Service checks exchanges' crypto staking services for legality.
South Korean Kookmin Bank to Launch the First Crypto Fund
The largest banking financial institution in South Korea- Kookmin Bank has announced its plans to launch the nation’s first crypto fund, a move targeted at retail investors.
New clause in South Africa's advertising code for cryptocurrency
South Africa's Advertising Regulatory Board now covers cryptocurrencies. Ads must "expressly and plainly" warn investors of money loss. They must also provide balanced information on product returns, features, advantages, and dangers.
Kimchi premium refers to when the price of BTC cheaper
CryptoQuant data shows that South Korea's Kimchi premium has fallen again, fluctuating between -0.24 and 0.01 between Feb. 17 and 19.
Coronavirus Tracking and Surveillance May Have Consequences for the Protection of Personal Data Privacy
The World Health Organization (WHO) has recently stated that the coronavirus pandemic is “accelerating,” as 20% of the world’s population goes into lockdown in an attempt to curb the spread of the virus. People are told to stay at home as the world is entering a critical week, with over 381,761 cases confirmed around the world at the time of reporting.
EOS Foundation Signs MoU with Busan City to Boost Blockchain Investments
Following its recent partnership with crypto exchanges such as Binance, FTX, and Huobi to help develop the blockchain infrastructure in the city and the country, Busan, a city in South Korea, has now signed a memorandum of understanding (MoU) with not-for-profit organization, EOS Network Foundation.
New Crypto Fraud Scheme In South Korea: What Rules Are in Place to Stop False Advertising?
The Ponzi scheme disguised as a crypto platform managed to acquire over $380 million USD for the CEO and other company staff. Corner Up was promising estimated returns of up to 200% to investors for each investment made.
South Korea to Delay 20% Capital Gains Tax on Digital Asset Investments until Jan 2025
Before levying income taxes on virtual assets, South Korean lawmakers have called for the government to prepare for effective implementation of new rules.
Asia Crucial to Web3 Gaming Industry
A report by DappRadar highlighted the importance of Asia in the Web3 gaming industry, due to the region's majority share of gamers and gaming revenue, as well as its high interest in blockchain technology. While China prohibits gaming companies from integrating blockchain technology, Japan and South Korea are leading the way in adopting blockchain technology in gaming.
Iran Joins BRICS to Reduce Reliance on Western Economic Systems
Iran joins BRICS, aiming to mitigate US sanctions and challenge Western economic dominance, amidst mixed reactions and uncertain benefits.
As crypto grows across Africa, IMF asks for greater regulation
IMF wants to regulate Africa's crypto marketplaces. Cryptocurrency is a booming market. 25% of sub-Saharan African nations have explicitly regulated crypto, while 2/3 have prohibitions.
Vietnam Favored by Korean Blockchain Companies
Vietnam has emerged as a force to be reckoned with in the worldwide blockchain spectrum. As a result, Korean blockchain firms are seeking to setup base in this nation for the benefits rendered.
South Korea's Police Agency Requests INTERPOL's Assistance for Extradition of Terra's Do Kwon
South Korea intensifies efforts to extradite Terraform Labs CEO Do Kwon by seeking INTERPOL's cooperation after a Montenegrin court rejects U.S. extradition.
Messaging Giant LINE is Developing a Platform for CBDC
Japanese messaging giant Line is developing a platform to aid Asian central banks in their pursuit of central bank digital currencies (CBDC).
Kookmin Bank, South Korea’s Largest Bank Will Offer Cryptocurrency Custody
Kookmin Bank, the largest commercial bank in South Korea, will start offering Bitcoin custody services through a new partnership with crypto trading firm Cumberland Korea and blockchain venture fund Hashed.
Former Bithumb Chairman Lee Jung-Hoon Acquitted in $100M Fraud Case
Lee Jung-Hoon, former chairman of Bithumb, has been acquitted in a $100 million fraud case related to the non-listing of the BXA token, highlighting challenges in crypto industry legal cases.
Crypto Fugitive Kwon Denies Hiding from Authorities
Do Kwon tweeted "yeah as I said I'm making zero effort to hide. I go on walks and malls, no way none of CT hasn't run into me the past couple weeks," denying running away from the authorities.
South Korea Establishes Guidance for Regulating Digital Assets as Securities
The step prepares for security token legalisation in the nation.
One in Four South Korean College Students Has Invested in Cryptocurrencies
A study shows 23.6% of South Korean college students are investing in cryptocurrencies.
South Korean Crypto Exchanges Reveal 'Compensation Reserve Funds'; Upbit Leads with KRW 20 Billion
The disclosure of 'Compensation Reserve Funds' by South Korean crypto exchanges, led by Upbit with KRW 20 billion, reflects the country's broader regulatory strides aimed at ensuring user protection, transaction transparency, and market discipline. This move aligns with the new regulatory framework set to be implemented in 2024, spotlighting the government's agenda to foster a robust infrastructure for digital assets, with the reserve fund mandate forming a cornerstone of this initiative.
South Korea Authorities Investigate Crypto Hacking and Illicit Trading on Exchanges
South Korea authorities are investigating cryptocurrencies hacking and illicit trading, focusing on cracking down on such practices, raising concerns about potential consequences for those involved.
Crypto.com Aims at Expansion in South Korea amid Crypto Meltdown
Singapore-based crypto exchange Crypto.com has been on an expansion drive, with its latest bet being in South Korea.
Woori Financial Group To Provide Cryptocurrency Custody Services
South Korean Woori Financial Group has announced that it will establish a digital asset custody joint venture with Korean blockchain developing company Coinplug.
South Korea’s Crypto Market Gears up to Legitimacy, With Banks Eyeing a Share of the Cake
With the incoming South Korean President, Yoon Suk-yeol, pledging the easing of crypto regulations, the market is on a solid path to being significantly legitimized.
Haru Invest Executives Arrested in $826 Million Crypto Embezzlement Case
South Korean prosecutors have detained three Haru Invest executives for allegedly embezzling $826 million worth of cryptocurrencies from 16,000 users, highlighting regulatory scrutiny over crypto lending practices.
South Korea will Impose a 20% Tax on Capital Gains from Cryptocurrencies Next Year
The South Korean administration is not relenting on its quest to levy a 20% income tax on capital gains from crypto transactions in 2022 despite growing investor concerns for the taxation plan to be delayed.
South Korean Investors Making more than $2,260 from Crypto to be Slapped with a 20% Tax in 2022
The South Korean Ministry of Economy and Finance has announced that investors making at least 2.5 million won, or approximately US$2,260 from crypto trading, will be subjected to a 20% tax from 2022.
South Korea to Provide Blockchain-based Digital Identities to Citizens by 2024
South Korea plans to provide citizens' digital identities encrypted by blockchain with smartphones in 2024 to facilitate its economic development.
South Korean Regulators Order Seizing 3313 BTC Linked to Do Kwon
The South Korean regulators have issued a directive to KuCoin and OKX to freeze the total of 3,313 Bitcoins worth approximately $67 million linked to Do Kwon.
South Korea Strengthens the Supervision of Crypto Exchanges,Nearly Two-thirds of Exchanges Forced to Close with $2.6B in Losses
Financial Times reported the South Korean Financial Services Commission (FSC) has begun to tighten the supervision of local and overseas cryptocurrency trading platforms in South Korea, resetting a new deadline on September 24.
Korean Prosecution Investigates Cypto Coin WEMIX Issuer WeMade and Hyperism Simultaneously
The Korean prosecution has simultaneously raided WeMade, the issuer of the cryptocurrency WEMIX, and Hyperism, the asset management company responsible for WEMIX's market making. This incident comes right after South Korea’s parliament passed the Virtual Asset Protection Act, which aims to crack down on illegal illegal trading practices such as market price manipulation and insider trading.
South Korea probes crypto exchanges for local tokens
Korean Financial Intelligence Unit (KoFIU) launched a probe into crypto exchanges in relation to listing their in-house, self-issued tokens. While Korean crypto exchanges are barred from issuing native tokens, KoFIU's probe into the same is to ensure regulatory adherence for investor's safety. Initial investigations revealed that all crypto exchanges performed lawful operations across South Korea.
South Korea May Have to Postpone Crypto Taxation, Lawmaker Declares
A push from one of the South Korean top lawmakers may stir the postponement of the crypto taxation billed to commence on January 1, local media reported.
South Korea Authorities Seize $47M in Crypto from Tax Evaders
South Korean authorities have made the largest crypto seizures in the country's history. $47 million in digital currencies have been confiscated.
South Korea Intensifies Blockchain in Banking but Rules Out Digital Fiat Currency
Wide application of blockchain technology is expected to affect people’s lives, business, education, governance, and other sectors. That is the reason, many countries explore and even deploy the huge potential of this technology. But the latest trend of the technology seems to have taken a new twist in South Korea. Now let’s find out why South Korea continues adopting blockchain in banking but rejects rolling out digital fiat currency.
Former Tmon CEO faces arrest for taking bribes to promote Terra Classic
According to South Korean authorities, advertising raised the price of Terra Classic token LUNC.
South Korea’s Central Bank Launches Central Bank Digital Currency Pilot Program in Case of Future Necessity
South Korea’s central bank recently announced that it has launched a pilot program assessing the issuance of a central bank digital currency (CBDC). The Bank of Korea has stated that there are no immediate plans to launch a CBDC, however, the pilot program will allow the central bank to be prepared in the future if the changing market conditions require its issuance.
South Korea Postpones Proposed 20% Crypto Tax until 2025
South Korean lawmakers have once again postponed the implementation of the crypto tax law until 2025.
South Korean Stakeholders Opposes the Proposed "Know-the-Sender" Rule
Some stakeholders are pushing back against the proposed Know-the-Sender (KTS) rule that the South Korean parliament is looking to pass into law.
South Korea Embraces Blockchain: New Digital Asset Act, K-Culture Tokenization, and More
South Korea passes the Digital Asset Basic Act, Shinhan Financial Group invests in digital asset custody, and K-culture goes blockchain.
S. Korea Presidential Campaigns Support Crypto as Young Investors see Growth
South Korea’s presidential campaigns have all supported cryptocurrencies as there is a growing number of young crypto investors in the country.
Samsung Securities Files Paperwork to Launch A Crypto Exchange
Samsung Securities is one of the seven major South Korean securities companies planning to establish cryptocurrency exchanges in the first six months of next year.
16 Crypto Platforms Including KuCoin Serving Illegally in South Korea: Regulator
The Korea Financial Intelligence Unit has released warnings against the 16 overseas crypto trading platforms, which it said are not authorized to offer any financial services in the nation.
South African Regulator to Unveil Consumer Protection Regulations in Early 2022
The South African Financial Sector Conduct Authority is on track to unveil an encompassing regulatory framework that is targeted at protecting consumers from scams emanating from the digital currency ecosystem.
Billion-Dollar Southland Credit Union Rolls out Bitcoin Trading Services
Southland Credit Union, a $1 billion credit union serving more than 60,000 members in the U.S., has teamed up with NYDIG to offer Bitcoin (BTC) buying and selling services.
South Korea’s Presidential Nominee to Raise Campaign Funds by Using NFT
The campaign office of Lee Jae-myung, a South Korean Presidential aspirant, has announced the plans to raise funds through a blockchain-based digital platform with plans to issue a Non-Fungible Token (NFT) to donors afterwards.
South Korea and U.S. Set for High-Level Crypto Regulatory Talks in January
South Korea's FSS Chief, Lee Bok-hyun, is set to meet with SEC Chair Gary Gensler in January to discuss cryptocurrency market regulation in light of global market changes.
South Korea Grants Central Bank More Power Over Crypto
The Bank of Korea (BoK) has been given more power to investigate cryptocurrency service providers, including the ability to request transaction data from crypto exchanges. The move comes amid ongoing discussions on virtual asset legislation in South Korea, with the Financial Services Commission (FSC) holding the final say on the regulation of the digital asset sector. The two institutions have been at odds for several years over crypto regulations.
South Korea Launches “Emergency” Inspection of Crypto Exchanges Following Terra Crash
To boost investor protection following the recent collapse of LUNA and TerraUSD (UST) tokens, financial authorities in South Korea have beefed up crypto exchange inspections.
Blockchain-Powered App to Seamlessly Assist Patients Request Medical Care and Insurance Cover
Seoul Medical Center is set to launch a blockchain-enabled medical information mobile app dubbed Seoul Care this month. This app will help patients plan medical treatments, look up prescription details, and check test results using their smartphones.
Major Korean Exchanges Delisting Litecoin Subject to New Privacy Feature Concerns
Five major South Korean crypto exchanges issued investors’ advisories concerning Litecoin. These exchanges said they are committed to preventing money laundering and crime through technology.
Top Four South Korean Banks Announce Plans to Provide Cryptocurrency Custodial Services
Two of South Korea’s top banks have recently announced that they were looking into providing cryptocurrency custodial services to their clients.