South Korea

Dunamu, the owner of Upbit, one of South Korea’s biggest crypto exchanges by trading volume, saw a drop of 81.6% in net profit in the third quarter of 2023 compared to the same period last year. The company reported a net profit of 159.9 billion Korean won (KRW), worth aroun ...

The Bank of Korea (BOK) — South Korea’s central bank — has said it will invite 100,000 Korean citizens to purchase goods with deposit tokens as part of its central bank digital currency (CBDC) pilot. The testing will start “around September to October” of 2024 and last for three months.  ...

The United States House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion received an education in the uses of blockchain technology in a hearing titled “Crypto Crime in Context: Breaking Down the Illicit Activity in Digital Assets.” The meeting began with a di ...

The National Pension Service (NPS), a public pension in South Korea and one of the world’s largest pension funds, bought just over 280,000 shares of the global cryptocurrency exchange Coinbase in the third quarter of this year, an investment that has gained 39% in value since the purchase. ...

The Democratic Party of Korea, which holds 167 out of 300 seats in the National Assembly, has made it mandatory for prospective candidates to disclose their virtual asset holdings before next year’s general election.According to the local outlet, News1, the disclosure will be a part of the ...

Crypto exchange Bithumb plans to become the first digital asset company to go public on the South Korean stock market. Local news outlet Edaily reported on Nov. 12 that Bithumb is getting ready for an initial public offering (IPO) on the KOSDAQ — South Korea’s version of the United St ...

South Korean telecom giant SK Telecom (SKT) announced plans to launch a Web3 wallet service, T wallet, in partnership with layer 1 mainnet Aptos Labs and Atomrigs Lab.SK Telecom’s vision to launch a blockchain wallet for cryptocurrencies and nonfungible tokens (NFTs) dates back to Ju ...

A coalition of major social media platforms, artificial intelligence (AI) developers, governments and non-governmental organizations (NGOs) have issued a joint statement pledging to combat abusive content generated by AI.On Oct. 30, the United Kingdom issued the policy statement, which inc ...

The trial of payment platform developer Terraform Labs co-founder Shin Hyun-Seong, also known as Daniel Shin, and seven others got underway in Seoul Southern District Court in South Korea on Oct. 30, according to local news reports. Shin is accused of defrauding investors. Also at issue was wheth ...

Sui’s native SUI token has struggled to regain ground after plunging more than 9% amid allegations from South Korean regulators, which have accused the Sui Foundation of manipulating the supply of the token for its own gain. SUI token gained a little under 1% in the last 24 hour ...

South Korea’s Financial Supervisory Service (FSS) is preparing regulations to supplement the Virtual Asset Users Protection Act passed earlier this year, according to local reports. New regulations should be ready by January, well ahead of the law entering into force, the FSS head said. ...

A South Korean court has sentenced a 70-year-old man to prison for his involvement in a Bitcoin (BTC) fraud scheme. The man, identified only by the initial A, received a one-year jail term for his role in a telecommunications-related financial fraud. According to Kyeonggi Ilbo, the man was recrui ...

In a surprising turn of events, Upbit, South Korea's prominent cryptocurrency exchange, found itself entangled in a fraudulent deposit incident that has thrown its operations into disarray. This unsettling occurrence transpired on September 24 and resulted in a halt to the deposit and withdrawal ser ...

In response to a recent report from its tax watchdog, South Korea is exploring revisions to its tax framework to crack down on unreported overseas earnings, particularly in digital currencies, stocks, and other financial assets. The National Tax Service (NTS) report has revealed that approximatel ...

In South Korea, a recent report from the country's tax organization, the National Tax Service (NTS), highlights the dominance of cryptocurrencies like Bitcoin (BTC) among reported overseas assets. The NTS issued an official announcement on September 20, revealing that 1,432 individuals and corpor ...

In South Korea, a recent report from the country's tax organization, the National Tax Service (NTS), highlights the dominance of cryptocurrencies like Bitcoin (BTC) among reported overseas assets. The NTS issued an official announcement on September 20, revealing that 1,432 individuals and corpor ...

Crypto giant Coinbase seems to be strategically steering its ship amid constant crypto industry turbulence in 2023. The company recently unveiled its lending platform for institutional investors, aiming to fill the void left behind by major players during 2022’s crypto winter, when firms su ...

Artificial intelligence tools such as OpenAI’s ChatGPT will create more problems, bugs and attack vectors if used to write smart contracts and build cryptocurrency projects, says an executive from blockchain security firm CertiK.Kang Li, CertiK’s chief security officer, explained to Cointe ...

One of the largest South Korean banks, Korea Exchange Bank (KEB Hana Bank), is moving to offer digital asset custody services through a new partnership with major cryptocurrency custody firm BitGo Trust Company.KEB Hana Bank has signed a strategic business agreement with BitGo to jointly e ...

The government of South Korea is reportedly planning to submit a bill that will track and freeze North Korean crypto and virtual assets that are used to fund its capital Pyongyang's illicit weapons program. According to a report by local media outlet JoongAng Daily, multiple anonymous ...

South Korea’s parliamentary ethics subcommittee has voted down a motion to expel Kim Nam-kuk, a former member of the main opposition Democratic Party.A parliamentary ethics subcommittee of South Korea has voted down a motion to expel Kim Nam-kuk, a former member of the main opposition Demo ...

The South Korean city of Cheongju, the capital of North Chungcheong province, has said it intends to begin confiscating cryptocurrency from local tax delinquents. The administration of Cheongju has requested seven South Korean crypto exchanges to inquire into holdings of thousands of tax evaders, ...

Last month, a team of South Korean scientists claimed to have engineered a superconducting material, dubbed LK-99, that works under ambient temperature and pressure. In layman’s terms, the team allegedly created a material allowing electrical currents to flow without resistance or energy lo ...

South Korean crypto lending firm Delio has reportedly raised concerns over whether it can continue to provide normal services to clients after having its assets seized by a local financial regulator. In a July 22 blog post translated from Korean, Delio said an ongoing legal battle wit ...

The South Korean central bank has published its 2022 Payment and Settlement Systems Report. Oversight of the systems was carried out successfully, the Bank of Korea's report said, and it is getting ready for a future with central bank digital currency (CBDC) and is discussing stablecoin regulatio ...

South Korea’s Shinhan Bank has completed its second proof-of-concept using stablecoins for international remittances. Siam Commercial Bank’s SCB TechX unit and an unnamed Taiwanese financial institution also participated in the project.The project carried out real-time settleme ...

Despite facing regulatory scrutiny in the United States, crypto firms continue to innovate, with nearly half of all capital investments flowing towards U.S. crypto businesses, according to a recent report.Published by crypto investment firm Galaxy Digital on July 14, the report stated that ...

Terraform Labs co-founder Shin Hyun-Seong, also known as Daniel Shin, has reportedly had his first hearing for charges related to allegedly illicit profits from the sale of Terra (LUNA).According to a July 10 report from News1 Korea, a trial preparation hearing for Shin and seven ...

A robot graced the stage at the National Theatre of Korea to conduct the Korean National Symphony Orchestra on June 30, marking South Korea’s first robot-conductor public appearance.EveR 6, the android that co-conducted the performance titled “Absence,“ is a design produc ...

According to a report by local news outlet Digital Asset, South Korean crypto lending firm Delio is currently under investigation by the country's Financial Services Commission (FSC) as of June 30. The Commission alleges fraud, embezzlement, and breach of trust related to Delio's unilateral decis ...

The Ethics Investigation Advisory Committee of the South Korean government has reportedly convened to discuss potential disciplinary measures against National Assembly member Kim Nam-kuk for alleged conflicts of interest involving cryptocurrency trades and related legislation. Accordi ...

Terraform Labs founder Do Kwon has been found guilty of using a false passport by a court in Montenegro and has been sentenced to four months in prison.Kwon’s colleague and former Terraform Labs chief financial officer Han Chong-joon was charged alongside him and received the same sentence ...

Delio, a virtual asset manager and lending platform based in South Korea, has announced the temporary suspension of customer withdrawals “in order to safely protect the assets of customers currently in custody.”The company made the decision in response to the recent suspension of digital a ...

On June 13, South Korean yield platform Haru Invest announced that it would be suspending deposits and withdrawals effective immediately. “First of all, the company sincerely apologizes that its latest announcement has caused concerns to our valued investors and customers," Haru said, claim ...

Sam Altman, the CEO of ChatGPT developer OpenAI, met with South Korean President Yoon Suk Yeol on June 9 and urged South Korea to play a leading role in manufacturing the chips needed for artificial intelligence (AI) technology. Altman also expressed an interest in investing in Korean startups an ...

Terraform Labs co-founder and CEO Do Kwon may be subject to multiple sentences in the United States and South Korea, according to a senior South Korean prosecutor heading the investigation.It is understood that Kwon is currently serving house bail in Montenegro after having his bail propos ...

Police in South Korea announced the elimination of two fraudulent cryptocurrency schemes whose organizers managed to lure investors for about $360 million. Suwon County Prosecutor's Office said the originators of one of the scams positioned themselves as a P2P site for tr ...

According to media reports, a South Korean court sentenced a local civil servant to a suspended sentence for embezzling $159,000 he invested in crypto assets from the state budget. The unnamed official was in charge of budget spending at the social welfare administrative ...

The platform will implement a program to block crypto-assets at the request of authorities Previously, 5 local crypto-exchanges introduced the mechanism South Korea is strengthening controls over digital assets The South Korean National Police Agency ...

Government officials in the Republic of Korea believe it is necessary to add cryptocurrencies to the list of assets to be declared by the authorities. Prime Minister Han Duck-soo's initiative will be discussed soon by the country's parliament. ...

Central Bank of the Republic of Korea together with South Korea's largest electronics manufacturer Samsung will test the possibility of offline payments with the state digital currency. On Monday, May 15, the Central Bank of South Korea (BOK) and Samsung Electronics signe ...

Han Chang-jung was released along with him The bail for the two was approximately $870,000 It was paid by the defendants' wives Scandalous Terraform Labs co-founder Do Kwon has been released from jail pending trial after posting $436,000 bail. This ...

This included luxury housing, bank deposits and cars The crook won't need them anytime soon A South Korean court has granted the local prosecutor's request to freeze Do Kwon's domestic assets and property worth 233.3 billion Korean won ($176 million). The asse ...

Universities in South Korea, Japan and Taiwan are increasing investment in virtual reality despite skepticism surrounding meta-universes Educational institutions in Japan, South Korea and Taiwan are betting on virtual reality (VR) despite mixed progress around the meta-universe concept. Nikkei As ...

Financial Services of South Korea reported to the local prosecutor's office a series of suspicious cryptocurrency transactions made by an MP from the opposition party. Democratic Party of Korea representative Kim Nam-kuk allegedly withdre ...

South Korean authorities seek Kwon's extradition Most of the evidence is held in the fraudster's home country The scandalous co-founder and CEO of Terraform Labs Do Kwon risks 40 years in prison. South Korean authorities are also seeking Kwon's extradition. Pr ...

South Korea is vying with U.S. prosecutors for the right to extradite former Terraform Labs co-founder Do Kwon to its territory, where he will face fraud charges. In a media interview in South Korea, the prosecutor leading the Do Kwon investigation said he believes extradit ...

The company provides Metaverse education to HoYuCollege The company has integrated with Indexgamehk The Sandbox, a virtual game world where players can create, own and monetize their gaming experience, announced a partnership with Hong Kong's first metaverse agen ...

Final work could be completed this year The country is introducing a set of rules and penalties for market participants South Korea's National Assembly has held its first round of reviews of digital asset legislation. This is a package of rules that regulates ...

South Korean officials have leveled accusations of capital markets law violations against a group of Terraform Labs personnel, including co-founder Daniel Shin. Along with seven others, Shin faces charges of illegal trading, while two others are charged with breach of trust. According to prose ...

The South Korean Central Bank is taking steps to increase its oversight of virtual asset service providers (VASPs) and cryptocurrency issuers. To better monitor these entities, the Bank of Korea will now request transaction data from cryptocurrency exchanges, a move that has been approved by the ...

Reports indicate that Gdac, a South Korean cryptocurrency exchange, was the target of a recent cyberattack. The hackers managed to withdraw around $14 million, which accounts for 23% of the total assets that the exchange holds. The stolen funds included 61 BTC, 350.5 ETH, 10 million Wemix toke ...

KBS, a South Korean broadcaster, reported on the attempts of the Republican prosecutor's office to seize profits earned by businessmen in the Terra (Luna) ecosystem at Terrafarm Labs. Journalists revealed that Do Kwon and his assistants owned a massive sum of 415.5 billion South Korean won, equiv ...

According to a report from KBS broadcaster, law enforcement agencies in South Korea have arrested three suspects in connection with the murder of the creator of an unidentified cryptocurrency project. The victim, a 48-year-old woman, was taken from her home and killed in a suburb of Seoul. Police ...

According to reports from KBS News, South Korean law enforcement agencies have confiscated assets worth approximately 200 billion won ($153.6 million) from former employees of Terraform Labs. The Financial Crime Investigation Team of the Seoul Southern District Prosecutor's Office has seized the ...

During a recent press conference in Podgorica, Montenegro, Justice Minister Marko Kovac announced that Do Kwon, the former CEO and founder of Terraform Labs, along with his business partner Hon Chang-joon, were arrested on March 23 while attempting to flee to Dubai with false documents. According ...

Montenegro's law enforcement authorities made headlines when they apprehended the CEO and co-founder of Terraform Labs at the airport in the capital city. Filip Adzic, the foreign minister of the Balkan country, revealed that Do Kwon had turned into one of the most sought-after criminals on the r ...

The Seoul Southern District Prosecutor's Office has apprehended a former staff member of the Coinone cryptocurrency exchange on allegations of receiving bribes in exchange for featuring specific digital assets on the platform. Recent reports from South Korean media suggest that the said ex-employ ...

South Korean financial authorities are exploring the possibility of implementing a ban on staking services offered by domestic virtual asset exchanges. They held a meeting in Seoul to discuss global trends in cryptocurrency regulation and plans to support and stabilize the national financial market ...